Mr. DeFAZIO. In 1989, I sponsored a bill, along with 11 other Democrats, to audit the Federal Reserve.
The Wall Street Journal wrote an editorial saying we would destroy the American economy if we audited the Federal Reserve. Well, guess what? Eighteen years later, Wall Street destroyed the economy of the United States of America--Wall Street, the big banks--and then they were bailed out secretly by the Federal Reserve. We don't know how many trillions of dollars the Federal Reserve committed to them. We know their profits were billions, tens of billions on the bailout they got. So it's past time to audit the Federal Reserve.
Today we'll take up a bill, finally, Ron Paul's bill, to audit the Reserve. I strongly support it.
I also urge Members to support my bill, which would establish conflict-of-interest rules for the Federal Reserve and take the two-thirds of the Federal Reserve that is controlled by Wall Street banks, take those people off the board and put citizen representatives who represent the taxpayers and the consumers of the United States, not the big banks, on that board.