National legislators' group urges monetary overhaul
Boston — Congress is being urged anew to ''arrange for a complete audit'' of the nation's money management system. Asserting that ''no other issue affects our states and our people more directly'' and questioning how well the Federal Reserve System is working, lawmakers from across the country, meeting in Boston, also ordered their own investigation. This action, approved on voice vote by delegates to the National Conference of State Legislatures (NCSL), is designed to check out ''serious charges'' against the Federal Reserve Board that:
* The Fed ''has failed to achieve the objectives laid down when it was established.
* The ''system has operated in the interest of the large banking interests, instead of the interests of the people.''
* The agency's ''debt-money system works to the disadvantage of the people and results in ever-increasing interest rates for people, business, and government.''
* ''Violations of prudent bank-management practice by large US banks in making loans all over the world have placed this nation, our banking system, and our taxpayers in dire jeopardy.''
* ''Congress has been unwilling, or unable, to face that issue squarely and and to protect the US from further abuses.''
Whether or not Congress responds to its plea for the ''independent audit,'' the NCSL's staff will proceed with its inquiry to determine the Fed's assets, how they were acquired, and the ownership of the stock and assets within the system.
The NCSL also called for Congress and the Reagan administration to ''step up'' negotiations with foreign consumer nations on long-term agricultural export agreements. It urged creation of a national commission to carry forth a ''comprehensive study of the programs and policies that comprise US agricultural trade and export policy'' and recommend ways in which such programs can be ''made more effective.''