Nevertheless, there have been a steady trickle of senators who've decided to attach their names as co-sponsors. The list of 32 co-sponsors to date includes both Alaska Senators Lisa Murkowski and Mark Begich; Begich is the only Democrat on the list. Mudflats recorded Begich's explanation:
“I have long been an advocate for transparency in government in general and the Federal Reserve in particular...I believe in the independence and dual mandate of the Federal Reserve to control inflation and lower unemployment, but its actions should not be shrouded in mystery. The American people have a right to understand the inner workings of their central bank.”
It's unlikely that Begich's action will trigger a stampede of Democrats to co-sponsor S.202, but one commenter to the Daily Paul noted that Senator Maria Cantwell (D-WA) supported similar legislation in 2010. Senate Majority Leader Harry Reid (D-NV) previously has been receptive to the idea as well.
It is certainly a welcome development to see both of Alaska's senators of different political parties supporting legislation to promote greater accountability by the Federal Reserve. The Federal Reserve has acted like a law unto itself for far too long now. This may explain why the House version of this bill, H.R.459, passed with a landslide 327-98 vote on July 25th, 2012. Alaska Congressman Don Young not only voted for the bill, but was also one of 274 co-sponsors.
Congressman Ron Paul (R-TX), who authored H.R.459, has long sought to dismantle the Federal Reserve based on arguments that the Fed's power to create money has devalued the dollar. He also maintains the Fed hurts Americans by making them vulnerable to Fed-induced housing and stock market bubbles, and more recently, that the Fed reacted to the recession by creating billions of dollars to bail out financial institutions.
Ron Paul hasn't let up, either. In response to an announcement by the Federal Reserve on September 13th that it is is launching its third attempt to revive the U.S. economy by printing more money (referred to as Quantitative Easing III or QE3), Paul said, in part, ..."this latest decision to provide more quantitative easing will only prolong our economic stagnation, corrupt market signals, and encourage even more misallocation and malinvestment of resources. Rather than stimulating a real recovery by focusing on a strong dollar and market interest rates, the Fed’s announcement today shows a disastrous detachment from reality on the part of our central bank. Any further quantitative easing from the Fed, in whatever form, will only make our next economic crash that much more serious”.
Contact information for all U.S. Senators is available HERE, whether you want to thank them for co-sponsoring the bill, or prod them into adding their names to the list.