The Federal Reserve System was created in 1913 under the Woodrow Wilson administration.
The Fed is a private organization that prints our money and then lends it to the U.S. Treasury with interest. Taxpayers pay back the interest.
All of the operations of the Fed are done in secret without a single elected official involved.
However, in 2011 U.S. Rep. Ron Paul was finally able to push through the first-ever audit of the Fed, which revealed $16 trillion in secret bailouts to big foreign banks.
Even more amazing: This was only a partial audit.
This month the Federal Reserve Transparency Act (H.R. 259 and S. 202) will be voted on in the U.S. Congress to fully audit the Federal Reserve.
But in order to make this happen, we need our elected officials to pass this legislation to find out what else is going on behind the scenes.
I have criticized U.S. Rep. Bill Shuster in the past, but I applaud him in this matter because he has been a co-sponsor of the Federal Reserve Transparency Act since March 2011.
However, U.S. Sens. Robert Casey Jr. and Pat Toomey have not committed to auditing the Fed. So I strongly encourage you to call, email and write to them.
Tell Casey and Toomey that you want to know what else is going on in the private organization that prints your money.
Darren R. Brown