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1
HOUSE RESOLUTION

 
2    WHEREAS, The Illinois House of Representatives believes
3that the actions of the Federal Reserve impact every citizen in
4the United States, not just Illinois; and
 
5    WHEREAS, An important component of a strong economy is
6maintaining a transparent one; and
 
7    WHEREAS, For nearly ten years, members of the United States
8Congress have introduced the Federal Reserve Transparency Act,
9which calls for the United States government to audit the
10Federal Reserve; and
 
11    WHEREAS, The Federal Reserve is a large force in the United
12States and the global economy and has gone largely unchecked
13for decades; and
 
14    WHEREAS, The Federal Reserve maintains nearly $1.6
15trillion in circulation at any given time; in fiscal year 2018,
16the Board of Governors of the Federal Reserve submitted an
17order for approximately 7.4 billion Federal Reserve notes,
18valued at more than $233 billion; and
 
19    WHEREAS, The Federal Reserve is able to enact policies that
20can affect Americans far more than tax law and fiscal plans and

 

 

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1can cost the citizens of the United States trillions of dollars
2by keeping interest rates artificially low and making
3destructive investments that can result in housing, market, and
4employment slumps; and
 
5    WHEREAS, The Federal Reserve was created by the United
6States Congress in 1913 as a means to centrally control the
7monetary system of the United States in order to avoid
8financial crises, but current law does not allow for Congress
9to audit the Fed's monetary policies; and
 
10    WHEREAS, While many believe that the Dodd-Frank Act of 2010
11mandated a Federal Reserve audit, the Act only applied to
12emergency credit facilities and procedures, rather than
13substantive transaction details; and
 
14    WHEREAS, The original Federal Reserve Transparency Act was
15introduced in 2009 in response to the 2008 financial crisis,
16where it was never called for a vote in the House of
17Representatives; and
 
18    WHEREAS, On January 3, 2019, Representative Thomas Massie
19introduced the sixth iteration of the Federal Reserve
20Transparency Act; therefore, be it
 
21    RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE

 

 

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1HUNDRED FIRST GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that
2we urge the United States Congress and President Donald Trump
3to pass the Federal Reserve Transparency Act of 2019; and be it
4further
 
5    RESOLVED, That suitable copies of this resolution be
6delivered to President Donald Trump, U.S. Senate Majority
7Leader Mitch McConnell, U.S. Senate Minority Leader Chuck
8Schumer, U.S. Speaker of the House of Representatives Nancy
9Pelosi, U.S. House of Representatives Minority Leader Kevin
10McCarthy, and all members of the Illinois Congressional
11Delegation.