Please read William Greider’s article in The Nation in its entirety. Here are a couple of pastes to wet your whistle:

This awkward reality explains the dilemma facing the Fed. It cannot stand too much visibility, nor can it easily explain or justify its peculiar status. The Federal Reserve is the black hole of our democracy–the crucial contradiction that keeps the people and their representatives from having any voice in these most important public policies. That’s why the central bankers have always operated in secrecy, avoiding public controversy and inevitable accusations of special deal-making. The current crisis has blown the central bank’s cover. Many in Congress are alarmed, demanding greater transparency. More than 250 House members are seeking an independent audit of Fed accounts. House Speaker Nancy Pelosi observed that the Fed seems to be poaching on Congressional functions–handing out public money without the bother of public decision-making.

A few months back, I ran into a retired Fed official who had been a good source twenty years ago when I was writing my book about the central bank, Secrets of the Temple: How the Federal Reserve Runs the Country. He is a Fed loyalist and did not leak damaging secrets. But he helped me understand how the supposedly nonpolitical Fed does its politics, behind the veil of disinterested expertise. When we met recently, he said the central bank is already making preparations to celebrate its approaching centennial. Some of us, I responded, have a different idea for 2013.

“We think that would be a good time to dismantle the temple,” I playfully told my old friend. “Democratize the Fed. Or tear it down. Create something new in its place that’s accountable to the public.”

The Fed man did not react well to my teasing. He got a stricken look. His voice tightened. Please, he pleaded, do not go down that road. The Fed has made mistakes, he agreed, but the country needs its central bank. His nervous reaction told me this venerable institution is feeling insecure about its future.

It’s time – once and for all – dismantle the FED.  The bank’s power must be castrated.

This is why we need the Federal Reserve Transparency act.  The Federal Reserve is lobbying Congress to manage its future. The banks own too many senators already for their FED to be lobbying Congress.  Reuters:

The U.S. Federal Reserve is on track to hire a veteran lobbyist to help manage its relations with Congress at a time of heightened attention to its role in national affairs, a source familiar with the situation said on Friday.

She is currently head of government, community and public relations at The Johns Hopkins University in Baltimore, said the source, who spoke on condition of anonymity because the hiring process was not complete.

The Fed believes it will be useful to add to its resources at a time when there is great public and congressional interest in the institution, the source said.

Rep. Alan Grayson asked House Dems to co-sponsor the Federal Reserve Transparency Act (HR1207). The bill calls for the GAO to audit the Federal Reserve. Ron Paul was the original author.   Zero Hedge has the link where readers can lend their support to this bill. Yves Smith has a more complete post about this effort:

It’s been obvious to anyone who bothered paying attention that the Fed is increasingly acting as an extension of the Administration, without the oversight and disclosure to which the Executive Branch is subject. For instance, only the Federal Reserve Board of Governors appears to be obligated to honor to Freedom of Information Act requests (the Board of Governors has a FOIA office). The New York Fed, which is the where the alphabet of new programs is domiciled, argues that it is a private organization and has made only limited. voluntary disclosures.

It truly is time to limit the FED. Go to the link and support the bill!  Also, be aware that the fight is just beginning in the Senate, where true persuasion will need to be accomplished (later)…only one senator is sponsoring the effort…Swamp Report suspects that the FED and it’s minions, like Goldman Sacks, Rapes and Pillages, have substantially more control over the Senate than they do of the House.