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Senator "Bailout Bob" Corker has introduced a bill to audit the Federal Reserve. At first glance this might seem like a step in the right direction, except that he is behind the curve because there is already a bill in the US Senate to audit the Federal Reserve. It's called The Federal Reserve Sunshine Act of 2009 or S604. Its counterpart is HR1207 which already has significant grassroots and Congressional support with 303 and 30 sponsors in the House and Senate respectively.
What is wrong with simply co-sponsoring the pre-existing S604 bill that calls for a full audit of the Federal Reserve system?
The bill that Senator "Bailout Bob" Corker has introduced is a watered down and neutered version of S604. His bill allows for an audit of TARP and other bailouts (which by the way he voted for) but unlike S604 his bill does not allow for a full audit of the Federal Reserve, particularly it's inflation of the money supply or its agreements with other foreign central banks. The value of our currency is at the hands of the Federal Reserve and to turn a blind eye to what the Fed is doing under the cover of secrecy and darkness is both irresponsible and dangerous.
So the question becomes why Senator "Bailout Bob" Corker is so eager to compromise on an audit of the Federal Reserve? Why is Senator "Bailout Bob" Corker against monetary transparency? What's he trying to hide? Who is he trying to protect?
It is interesting to note that some of Senator "Bailout Bob" Corker's top contributors consist of PACs and employees from the following companies:
UBS/AG
Merrill Lynch
Regions Financial
First TN Bank
Also worth pointing out that the financial / insurance sector was the largest of all the sectors giving to Senator "Bailout-Bob" Corker's campaign at $3 million; again no relation to his position is implied. See http://www.opensecrets.org for more details on who is backing Sen Corker and others.
You may consider contacting Senator Corker's office and asking these questions.
The assistant to Senator Corker's Chief of Staff can be reached at: hallie_williams@corker.senate.gov
Or you can call his office at this link- http://corker.senate.gov/public/index.cfm?FuseAction=ContactInformation.StaffDirectory
And officially the Campaign for Liberty issued a press release on this today:
http://www.reuters.com/article/pressRelease/idUS232687+20-Oct-2009+BW20091020
Also relevant to the back story are my two previous posts relating to Senator "Bailout Bob" Corker's views on the unconstitutional Federal Reserve:
Senator Corker (R-TN): "Federal Reserve should remain independent"
and