Letters To The Editor (10/13/08)
Last Updated on 2/11/2012
Published on 10/12/2008
By Dr. James E. Dunn
The legal rules set up by the federal government, which the Federal Reserve System is required to follow even today, were pretty much set up during the second decade of the 20th century under then President Woodrow Wilson, and some more rules were added by Franklin D. Roosevelt in the mid-1930s.
In fact, as I have read many times before, during the Wilson Administration in the rather early part of the 20th century, the Congress of the United States passed many of these laws when the Congress was supposed to be on a vacation, and many of the elected legislators actually were not in Washington, D.C., to vote on these legislative enactments!
While the federal government passed more laws during the Great Depression under the tutelage of then President F.D.R., it remains that the federal government has almost no control, what-so-ever, over what the Federal Reserve does and/or doesn't do; in fact, "We, the People ...." actually have no knowledge of just what the Federal Reserve is doing during their official meetings, because the minutes of the monthly meetings of the Federal Reserve are not made public for over a year after the meeting actually takes place!
I suggest, then, that from this time forward, Congress pass a bill which requires that all meetings of the Federal Reserve Board be made very public at the timer of the meeting, with news reporters attending each gathering; and that any ruling by the Federal Reserve Board may be overturned by a two-thirds vote of both Houses of the Federal Congress!
This will give "We, the People ...." some actual control over OUR financial system!
This is a democratic republic you must remember.
Congressman Henry Brown of South Carolina's District #1, and South Carolina Senator Lindsey Graham, are you both listening to US?
You are both up for re-election this November you know!
Dr. James E. Dunn is a resident of Garden City
