Full Text of HR0065 101st General Assembly
HR0065 101ST GENERAL ASSEMBLY |
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| 1 | | HOUSE RESOLUTION
| 2 | | WHEREAS, The Illinois House of Representatives believes | 3 | | that the actions of the Federal Reserve impact every citizen in | 4 | | the United States, not just Illinois; and
| 5 | | WHEREAS, An important component of a strong economy is | 6 | | maintaining a transparent one; and
| 7 | | WHEREAS, For nearly ten years, members of the United States | 8 | | Congress have introduced the Federal Reserve Transparency Act, | 9 | | which calls for the United States government to audit the | 10 | | Federal Reserve; and
| 11 | | WHEREAS, The Federal Reserve is a large force in the United | 12 | | States and the global economy and has gone largely unchecked | 13 | | for decades; and
| 14 | | WHEREAS, The Federal Reserve maintains nearly $1.6 | 15 | | trillion in circulation at any given time; in fiscal year 2018, | 16 | | the Board of Governors of the Federal Reserve submitted an | 17 | | order for approximately 7.4 billion Federal Reserve notes, | 18 | | valued at more than $233 billion; and
| 19 | | WHEREAS, The Federal Reserve is able to enact policies that | 20 | | can affect Americans far more than tax law and fiscal plans and |
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| 1 | | can cost the citizens of the United States trillions of dollars | 2 | | by keeping interest rates artificially low and making | 3 | | destructive investments that can result in housing, market, and | 4 | | employment slumps; and
| 5 | | WHEREAS, The Federal Reserve was created by the United | 6 | | States Congress in 1913 as a means to centrally control the | 7 | | monetary system of the United States in order to avoid | 8 | | financial crises, but current law does not allow for Congress | 9 | | to audit the Fed's monetary policies; and
| 10 | | WHEREAS, While many believe that the Dodd-Frank Act of 2010 | 11 | | mandated a Federal Reserve audit, the Act only applied to | 12 | | emergency credit facilities and procedures, rather than | 13 | | substantive transaction details; and
| 14 | | WHEREAS, The original Federal Reserve Transparency Act was | 15 | | introduced in 2009 in response to the 2008 financial crisis, | 16 | | where it was never called for a vote in the House of | 17 | | Representatives; and
| 18 | | WHEREAS, On January 3, 2019, Representative Thomas Massie | 19 | | introduced the sixth iteration of the Federal Reserve | 20 | | Transparency Act; therefore, be it
| 21 | | RESOLVED, BY THE HOUSE OF REPRESENTATIVES OF THE ONE |
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| 1 | | HUNDRED FIRST GENERAL ASSEMBLY OF THE STATE OF ILLINOIS, that | 2 | | we urge the United States Congress and President Donald Trump | 3 | | to pass the Federal Reserve Transparency Act of 2019; and be it | 4 | | further
| 5 | | RESOLVED, That suitable copies of this resolution be | 6 | | delivered to President Donald Trump, U.S. Senate Majority | 7 | | Leader Mitch McConnell, U.S. Senate Minority Leader Chuck | 8 | | Schumer, U.S. Speaker of the House of Representatives Nancy | 9 | | Pelosi, U.S. House of Representatives Minority Leader Kevin | 10 | | McCarthy, and all members of the Illinois Congressional | 11 | | Delegation.
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