It's time to audit the fed using the Freedom of Information Act (FOIA)
According to George Gammon and well-respected constitutional and free speech lawyer Robert Barnes, it's time to audit the Fed!
It's time to audit the fed using the Freedom of Information Act (FOIA) against both the Federal Reserve and the individual banks that are members of the Federal Reserve.
George Gammon, a well-respected entrepreneur, and real estate investor, with more than 300K followers across his social media presence, is putting up his own money and matching community contributions to cover the legal expenses.
There is a gofundme page to support this very important and historical lawsuit against the Fed. You can participate by contributing to the lawsuit right now. Every dollar matters. Click here to contribute.
The Federal Reserve Act of 1913 was designed to prevent a financial crisis. Since 1913, the Fed and its central bank counter-parts have run amuck imposing one failing “kick the can down the road” fiscal policy after another, with no accountability whatsoever.
What is unknown to most hard-working Americans is that the Federal Reserve withholds a range of information that it deems nonpublic information.
The FED stores its nonpublic information with the individual constituent member banks that make up the Fed. The Fed then claims these member banks as private entities, which they believe, deems them off-limits and not subject to FOIA.
In 2010, Bloomberg Sued the New York Fed and won
Back in 2010, the New York Fed lost a similar case to Bloomberg when they tried hiding their window guidance operations with struggling banks in need of cash during the Great Financial Crisis of 2008.
Nonpublic information that's stored by private members banks is not a strong enough argument to deny access to said information through the freedom of information act (FOIA).
Simply put, when you're doing work on behalf of the Fed, or it's an inter-agency memorandum, or you're acting as their agent in any capacity, then those records are all subject to FOIA.
Since 2010, there have been several more court decisions to reinforce the initial decision. However, there has never been a full, historical audit of the Fed.
“What's incredible is that no one has followed up beyond those limited cases”, say's Barnes.
“They've only been sued I think a total of five times under FOIA in the last 10 years for relevant pertinent records.”
Why Previous lawsuits have failed to fully audit the Fed.
Previous lawsuits only ask for contemporary things. They don't ask for everything historically. It's practically guaranteed that the Fed has all these important records going way back, just ripe for the picking.
To give some analogous context, you've got to figure out what to put into the lawsuit when going after them. If you don't, then you're limiting yourself. Nobody thinks to audit the historical record, which is the first important step.
According to Barnes, years ago he was researching both the Federal Reserve and an income tax issue for a client. In terms of being able to defend his client, he had to grasp the historical understanding of the law he was confronting. So Barnes went to the New York Public Library in New York City in search of historical context for the case.
“As it would turn out, a lot of old law firms and accounting firms would give away their old documents and internal memorandums to various libraries, and Universities,” say's Barnes.
“There's a golden trove of information at the New York Public Library in New York City.”
And to no surprise, he found plenty of old records where the Fed would say one thing in writing but tell the public something different.
Can the Fed Prove they are acting Legally?
The first goal is to confront the fed and get them to admit that they are acting in accordance with the Federal Reserve Act. Then we want them to show us statutory proof that they are acting legally.
In other words, if the Fed claims what they are doing is legal, then they should be able to provide the statutes they are acting on.
If they don't provide proof, it's likely they are hiding the truth. And the Fed believes those documents are not vulnerable to FOIA since these records are not “government records” since they are in the hands of a private member bank.
This is wrong. They've already been sued and have lost for this exact same reason.
Under the context of the law, providing secret window guidance to struggling banks, as they did during the GFC, is just as illegal as setting up special purpose vehicles to buy corporate and junk debt, which is blatantly against the Federal Reserve Act.
If the Fed acts on the economy, then those actions must be backed by statute. The Fed must support its actions with written authorization. If the Fed is unwilling to provide an authorized statute, then they are not acting in accordance with the law and must be held accountable.
George Gammon and Robert Barnes intend on suing the Federal Reserve for similar reasons Bloomberg did back in 2009-10.
The first part of this lawsuit aims to get access to historical records, so they can compare what was said in the past, with what they are doing today.
The goal is to trap the Fed where they either have to hand over their records or create an admission that they're doing a bunch of illegal stuff to the economy. For better or worse, the first lawsuit opens doors to a separate, equally important lawsuit later.
There is a strong case to go after the Federal Reserve and hold them accountable. Every dollar that goes to this case will be used to fight the Fed.
George Gammon and Robert Barnes need your help to audit the federal reserve
Every dollar counts and no amount is too small. Do your part to Audit The Fed.
- Bloomberg L.P. v. Board of Governors of the Federal Reserve System
- NY Times – Appeals Court Rules Fed Must Release Loan Reports
- 12 CFR § 261.22 – Nonpublic information made available by the Board to governmental agencies and entities exercising governmental authority
- 12 CFR § 261.15 – Exemptions from disclosure
- Using The Freedom Of Information Act To Sue The Federal Reserve
- Visit our media page for media related to this lawsuit