ACRP RESOLUTION 2009-01

SUPPORT of H.R. 1207 - The Federal Reserve Transparency Act of 2009

Submitted by: David LaTour, Asst. Treasurer

Walter Stanley, Vice Chairman
Brian Eschen, Asst. Secretary
Andrew Dirks, Member

Status of Proposal: Resolution Passed by Committee – 3/17/09

Sponsors of Legislation, H.R 1207: 32 Co-Sponsors, 26 House Republicans, 6 House Democrats

Description of Legislation, H.R. 1207: A Bill - To amend title 31, United States Code, to reform the manner in
which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the
United States and the manner in which such audits are reported.

Status of Legislation: H.R. 1207 introduced 2/26/2009; referred to Committee on Financial Services

Resolution as Approved by Committee Vote

Whereas, we, as Members of the Alameda County Republican Party applaud transparency and
accountability in government and reject 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, we, as Members of the Alameda County Republican Party, believe 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;

Therefore, BE IT RESOLVED, that we, the Members of the Alameda County Republican Party, in
defense of the United States Constitution, STRONGLY URGE the representatives of the 111th United
States Congress to support the Federal Reserve Transparency Act of 2009.