At its Convention on Saturday, the California Republican Party adopted the following resolution:
Whereas, the California 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 California 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;
Therefore, BE IT RESOLVED, that the California Republican Party, in defense of the United States Constitution, STRONGLY URGES the representatives of the 111th United States Congress to support the Federal Reserve Transparency Act of 2009 as set forth in H.R. 1207 and S. 604.
The Alameda and Sonoma County Republican Parties recently submitted a resolution in support of auditing The Federal Reserve to the California Republican Party. The resolution was introduced by two RLC supporters, Jerry Salcido and Michael Erickson.
In addition, RLC-endorsed Congressman Tom McClintock, Assemblyman and U.S. Senate candidate Chuck DeVore, and Congressional candidates John Dennis, Paul Smith and Jon del Arroz have all thrown their support behind the proposed resolution. In fact, Chuck Devore even spoke passionately on behalf of the resolution before California GOP delegates.
RLC members — such as Matthew Heath, John Dennis, David Latour, Walter Stanley, and David Ewing — were the primary movers and shakers pushing for resolution adoption. More information on the resolution is available HERE.