Resolutions › Floor Resolution: First-Full Audit Of The Federal Reserve System
WHEREAS, the South Dakota Republican Party applauds transparency and accountability in government and rejects government secrecy involving monetary policy that impacts the entire economy; and
WHEREAS, serious discussions of proposals to oversee and audit the Federal Reserve are long overdue; and
WHEREAS, the Federal Reserve can enter into agreements with foreign governments and foreign central banks and the United States Congress is prohibited from overseeing these agreements; and
WHEREAS, the South Dakota Republican Party believes agreements made by the Federal Reserve with foreign powers and foreign banking institutions should be subject to Congressional oversight; and
WHEREAS, the United States Constitution, gives the United States Congress the authority to coin Money and regulate the value thereof and does not give Congress the authority to delegate control over monetary policy to a central bank; and
WHEREAS, auditing the Federal Reserve will allow Congress to assert its constitutional authority over monetary policy and help to protect the value of the United States dollar; and
WHEREAS, South Dakota Congresswomen Kristi Noem has signed on to support and co-sponsor H.R. 459 requiring a full audit of the Board of Governors of the Federal Reserve System and the Federal Reserve banks by the Comptroller General of the United States before the end of 2012, and for other purposes.
WHEREAS, South Dakota Senator John Thune has signed on to support and co-sponsor S. 202 requiring the same full audit.
Therefore, BE IT RESOLVED, that the South Dakota Republican Party, in defense of the United States Constitution, STRONGLY URGES the representatives of the United States Congress to support the Federal Reserve Transparency Act of 2011 as set forth in H.R. 459 and S. 202.