Fed most in need of transparency

With the current state of the economy being what it is, it becomes very easy to be distracted by minor symptoms, but what we need to do is focus on the main causes - chief among them is the Federal Reserve. Most people know nothing about it other than they're supposed to cheer when it lowers interest rates. While controversy over executive bonuses brings impassioned outrage, the Fed is busy printing trillions of dollars, destroying our currency, and no one seems to notice.

One reason for this is that no one, not even our representatives, knows what is going on behind their doors, as there is no Congressional oversight or approval. To that end, there needs to be a full and comprehensive audit of the Fed. Last February, Ron Paul introduced H.R. 1207, the Federal Reserve Transparency Act of 2009, which would do just that. The bill has bipartisan support and more than 50 co-sponsors, yet not one from Illinois. Isn't it time for Illinois to become a leader in pressing for transparent and accountable government, rather that continuing to wallow in the shadows of Blagojevich, Ryan, and the rest? If President Obama meant his promise of transparency, he would have no better place to start than with the Fed.

Gregory T. Janetka

Naperville