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This paper is presented in an historical context and is indicative of the various rants, raves, treatises, etc., that were prevalent in the old BBS (Bulletin Board Service) days. Content has not been changed, though formatting changes may have taken place to make it more presentable. (Spelling, sentence/paragraph structure, etc.) Wherever possible, credit is given to the originating source.

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The SPOTLIGHT 
December 7, 1992

REP. GONZALEZ TAKES ON THE FEDERAL RESERVE SYSTEM
By Nerle Naylor

The populist maverick Rep. Henry Gonzalez (D-Texas) is planning to focus the spotlight of attention on the Federal Reserve System, which he has long condemned as un-Constitutional. Advocates of congressional action to audit and reform the Federal Reserve banking monopoly got exciting news on November 19 when Rep. Henry B. Gonzalez (D-Texas), the chairman of the House Banking Committee, announced he personally plans to submit a comprehensive new package of legislation to Congress which would substantially reform the Federal Reserve banking monopoly.

Gonzalez also announced he intends to hold hearings on his proposed legislation, sparking a comment by the banker-controlled Wall Street Journal that the hearings "could keep the secretive central bank under a legislative microscope for many months." Gonzalez's proposal would:

* Permit the congressional General Accounting Office to audit all Fed operations; Bring the Fed's $30 billion foreign-exchange fund under congressional scrutiny;
* Require that videotapes of the Fed's Open Market Committee meetings promptly be made public;
* Require that the Fed's 12 regional bank presidents be subject to Senate confirmation; and
* Strip the Federal Reserve Board of its banking regulatory powers.

Although Gonzalez has been a longtime critic of the Fed, he had never personally introduced such comprehensive legislation. In the three preceding congresses, Fed audit-and-reform legislation had been introduced by others, yet Gonzalez, inexplicably, never signed on as a co-sponsor of the legislation.

Now, however, Gonzalez is leading the charge. In making his announcement, Gonzalez outlined a comprehensive package which would broaden popular control of the Fed and make it more responsive to the national interest.

 

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