Is it time for a federal audit?

Congress shall have the power to coin money and regulate the value there of according to Article I of the Constitution.

Before 1913 various forms of money were tried. So in 1913 the Federal Reserve Act was formed. Many members of Congress were away for the Christmas holidays and the appointed board was made up mostly of bankers.

The national debt was just over $1 billion dollars. By 1920, after World War I, the debt had risen to $24 billion. By 1960, after World War II and the G.I. Bill, the debt had reached $284 billion, or $1,575 per person.

The Federal Reserve system had never been audited so during April 1975 hearings (a bill. H.R. 4316 to require an audit) was introduced in Congress. Many favored this resolution but with a great deal of pressure from the banking lobbyists, it was not passed.

By 1981, our Federal debt had passed $1 trillion and was growing exponentially as the interest rates tripled.

By 2012, our Federal debt has reached $15 trillion and is growing at a rate of a trillion per year in round figures.

We will hit our debt ceiling limit in October ($16+ billion) at which time Congress will have to step in and vote to extend it again. When this happened before our world credit rating dropped one notch and this caused a higher rate to borrow money.

Is it time for an audit?

Gerald W. Ray, Spokane