Last week, Senator DeMint became the first Republican to support S. 604, The Federal Reserve Sunshine Act of 2009. This week he has taken to the airwaves to help build momentum for this bill, including a nationally televised appearance today on Fox News’ Glen Beck Show.
S. 604 is the companion to H.R. 1207, legislation introduced in the House of Representatives by Congressman Ron Paul, which currently stands with 237 cosponsors, a majority of the House.
“The Federal Reserve wields tremendous power and is at the center of our current economic storm of deficits, debt and bailouts.”
“Senator Jim DeMint understands that in order to solve our problems, America needs transparency and accountability at our nation’s central bank,” said Campaign for Liberty President John Tate.
“By supporting S. 604, Senator DeMint is standing up for both South Carolina and the American People. The Campaign for Liberty applauds Senator Jim DeMint for strong leadership in the fight to restore our Liberty.”
“H.R. 1207 has tremendous momentum in the House, and S. 604 is now picking up steam in the Senate,” continued Tate.
Senator David Vitter (R-LA) also cosponsored S. 604 shortly after Sen. DeMint signed on and other Senators are soon expected to follow Senator DeMint’s lead.
S. 604 and H.R. 1207 would open up the Fed’s funding facilities, such as the Primary Dealer Credit Facility, Term Securities Lending Facility, and Term Asset-Backed Securities Lending Facility to Congressional oversight and an audit by the non-partisan Government Accountability Office. Additionally, audits could include discount window operations, open market operations, and agreements with foreign central banks, such as ongoing dollar swap operations with European central banks.
H.R. 1207’s 237 cosponsors includes nearly every House Republican, as well as 71 Democrats and encompasses Representatives from a wide variety of ideological backgrounds, including conservatives, liberals, libertarians, moderates, and Blue Dogs. For example, Lynn Woolsey (D-CA), former head of the Progressive Caucus and Tom Price (R-GA), Chairman of the conservative Republican Study Committee, are both early supporters.
Campaign for Liberty was formed to build on the momentum generated by Ron Paul’s presidential bid that won over 1.3 million votes in the GOP primaries, while setting one day internet fundraising records and pulling in $34.7 million. Campaign for Liberty has attracted over 200,000 members and is conducting grassroots lobbying and educational campaigns to motivate millions of Americans to push for transparency at the Federal Reserve.