Congressman John Shimkus voices support of ‘Audit the Fed’ bill

April 22, 2009
By Greg Bishop
Guest Columnist

The Federal Reserve Transparency Act, also known as the 'Audit the Fed' bill, may have another co-sponsor.  Congressman John Shimkus of Illinois’ 19th Congressional District attended the Tea Party in Springfield at the Capital building on Tax Day.  Though he was not there to appear on stage, he was there talking with his constituents and with reporters.

Currently there are 55 co-sponsors for the Audit the Fed bill and none are from Illinois.  If Shimkus chooses to co-sponsor the bill, he would be number 56, a high number according to the congressman.  Shimkus says “that’s a pretty good number for a bill.” 

The Republican lawmaker was unsure which committees HR 1207 would fall into, but said it could stay stagnate if there is not sufficient support.  “It sits there until there is enough co-sponsors or angry members of congress to push the chairman to move the bill.”

“If it doesn’t get a hearing, then the Democrat majority is trying to bury the bill, and that is what I project will happen,” Shimkus said. 

Playing to partisan politics, the southern Illinois Congressman says, “it does call out the Democratic majority and the President on the hypocrisy of their transparency statements if they’re not supportive of a bill that talks about the transparency of the Fed.”

Shimkus seemed very cynical about the passage of the bill, accusing Democrats of sitting on their hands.  “They’re not going to move this bill, they’re not even going to recognize that it’s been dropped, so that it will take public outcry, kind of what you all are doing now [at the Tea Party], to move members to say lets move this bill.”

Speaking to the growing discontent for a nontransparent government, Shimkus believes “it’s the times that are causing that.”

Shimkus voted against the government bailouts and stimulus packages of the past because of the lack of transparency.  “The fed is doing the same thing.  They’re just pushing out all this money and no one really know who and what and where and why.  So I think it’s got a lot of merit.”

The Federal Reserve is the central bank for the United States.  It is a government entity but with private components.  The US Code states the Government Accountability Office shall audit the Federal Reserve, but it explicitly excludes the Fed’s dealings with foreign banks, monetary policy decisions, and internal meetings.  

HR 1207 would call for a complete audit of the Federal Reserve.  The Federal Reserve Transparency Act was introduced into the House by Texas Congressman Ron Paul. 

Greg Bishop is a full-time student at the University of Illinois at Springfield, the host of Saturday Session with Bishop and the Sangamon County Coordinator of the Campaign for Liberty.