According to many economists, the Federal Reserve Board caused the recession we are now in. For years, it inflated money and credit, leading to an unsustainable increase in housing prices, a financial bubble whose inevitable bursting has devastated the economy and disrupted millions of lives.
More recently, the Fed has spent trillions of dollars to bail out selected financial institutions and their well-paid executives. And under current law, the Fed is not required to disclose how much of this money -- our money -- it gave, to whom, for what purposes or with what results.
Now President Barack Obama, with the Post-Gazette's enthusiastic support ("Mind the Money," June 21 editorial) wants to give the Fed even greater unaccountable powers over the U.S. economy. How does that make sense? Shouldn't we first find out how well it's used the powers it already has?
U.S. Rep. Ron Paul has introduced the Federal Reserve Transparency Act, which would require a full audit of the Federal Reserve System. Congressmen and senators need to hear that their constituents want this bill passed. If it becomes law, Congress and the people will finally get the information needed to judge whether the Fed has done more harm than good. Until then, Congress shouldn't even consider giving it any additional powers.