Who was it that created the Fed? A conservative? Actually, it was Woodrow Wilson, a welfare-state liberal. And to my knowledge, the only Congress members who have actively pursued greater transparency in the Federal Reserve system are Republicans. Ron Paul has introduced legislation to this end on several occasions.
http://www.ronpaul.com/legislation/audit-the-federal-reserve-hr-1207/
Obama campaigned on transparency, but broke his campaign promise, and Democrats BLOCKED Senator DeMint's attempt to push it through the Senate.
http://ezinearticles.com/?Senate-Le...s-Federal-Reserve-Transparency-Act&id=2666521
Democrats, fiscally conservative? Is that why we have a $1.4 trillion deficit?
If you are going to forward your belief that to save a drowning person you throw them a rock, you need to justify it. You need to explain what led to the Aldrich–Vreeland Act, the National Monetary Commission and the Federal Reserve Act. Then tell us what YOU would have done to remedy a major crisis like the Panic of 1907.
Then, please tell us how YOUR plans and remedies would have vaulted the US dollar to international currency vs the pound, franc and mark without the Federal Reserve Act.
The REAL irony; were these issues and events occurring today, you would be siding with the Aldrich plan. It would have been just another version of the health care debate, where you would have sided with the private sector over a public plan.
The banking and currency reform plan advocated by President Wilson in 1913 was sponsored by the chairmen of the House and Senate Banking and Currency committees, Representative Carter Glass, a Democrat of Virginia and Senator Robert Latham Owen, a Democrat of Oklahoma. According to the House committee report accompanying the Currency bill (H.R. 7837) or the Glass-Owen bill, as it was often called during the time, the legislation was drafted from ideas taken from various proposals, including Aldrich bill. However, unlike the Aldrich plan which gave controlling interest to private bankers with only a small public presence, the new plan gave controlling interest to a public entity, the Federal Reserve Board, with a measure of autonomy to Reserve Banks which, for a period of time, were allowed to set their districts' own discount rates. Also, instead of the proposed currency being an obligation of the private banks, the new Federal Reserve note was to be an obligation of the U.S. Treasury. In addition, unlike the Aldrich plan, membership by nationally chartered banks was mandatory, not optional. The changes were significant enough that the opposition to the proposed reserve system reversed itself, and came largely from the more business-friendly Republicans instead of from the more populist leaning Democrats.
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