Madame Speaker,
I rise to introduce the Federal Reserve Transparency Act. Throughout its nearly 100-year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar. Since 1913 the dollar has lost over 95% of its purchasing power, aided and abetted by the Federal Reserve’s loose monetary policy. How long will we as a Congress stand idly by while hard-working Americans see their savings eaten away by inflation? Only big-spending politicians and politically favored bankers benefit from inflation.
Serious discussion of proposals to oversee the Federal Reserve is long overdue. I have been a longtime proponent of more effective oversight and auditing of the Fed, but I was far from the first Congressman to advocate these types of proposals. Esteemed former members of the Banking Committee such as Chairmen Wright Patman and Henry B. Gonzales were outspoken critics of the Fed and its lack of transparency.
Since its inception, the Federal Reserve has always operated in the shadows, without sufficient scrutiny or oversight of its operations. While the conventional excuse is that this is intended to reduce the Fed’s susceptibility to political pressures, the reality is that the Fed acts as a foil for the government. Whenever you question the Fed about the strength of the dollar, they will refer you to the Treasury, and vice versa. The Federal Reserve has, on the one hand, many of the privileges of government agencies, while retaining benefits of private organizations, such as being insulated from Freedom of Information Act requests.
The Federal Reserve can enter into agreements with foreign central banks and foreign governments, and the GAO is prohibited from auditing or even seeing these agreements. Why should a government-established agency, whose police force has federal law enforcement powers, and whose notes have legal tender status in this country, be allowed to enter into agreements with foreign powers and foreign banking institutions with no oversight? Particularly when hundreds of billions of dollars of currency swaps have been announced and implemented, the Fed’s negotiations with the European Central Bank, the Bank of International Settlements, and other institutions should face increased scrutiny, most especially because of their significant effect on foreign policy. If the State Department were able to do this, it would be characterized as a rogue agency and brought to heel, and if a private individual did this he might face prosecution under the Logan Act, yet the Fed avoids both fates.
More importantly, the Fed’s funding facilities and its agreements with the Treasury should be reviewed. The Treasury’s supplementary financing accounts that fund Fed facilities allow the Treasury to funnel money to Wall Street without GAO or Congressional oversight. Additional funding facilities, such as the Primary Dealer Credit Facility and the Term Securities Lending Facility, allow the Fed to keep financial asset prices artificially inflated and subsidize poorly performing financial firms.
The Federal Reserve Transparency Act would eliminate restrictions on GAO audits of the Federal Reserve and open Fed operations to enhanced scrutiny. We hear officials constantly lauding the benefits of transparency and especially bemoaning the opacity of the Fed, its monetary policy, and its funding facilities. By opening all Fed operations to a GAO audit and calling for such an audit to be completed by the end of 2010, the Federal Reserve Transparency Act would achieve much-needed transparency of the Federal Reserve. I urge my colleagues to support this bill.
111th Congress – 1st Session
H.R. 1207
A BILL
To amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes.
1. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the “Federal Reserve Transparency Act of 2009″.
SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
(a) IN GENERAL. – Subsection (b) of section 714 of title 31, United States Code, is amended by striking all after “shall audit an agency” and inserting a period.
(b) AUDIT. – Section 714 of title 31, United States Code, is amended by adding at the end the following new subsection:
“(e) AUDIT AND REPORT OF THE FEDERAL RESERVE SYSTEM. -
“(1) IN GENERAL. – The audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) shall be completed before the end of 2010.
“(2) REPORT -
“(A) REQUIRED. – A report on the audit referred to in paragraph (1) shall be submitted by the Comptroller General to the Congress before the end of the 90-day period beginning on the date on which such audit is completed and made available to the Speaker of the House, the majority and minority leaders of the House of Representatives, the majority and minority leaders of the Senate, the Chairman and Ranking Member of the committee and each sub-committee of jurisdiction in the House of Representatives and the Senate, and any other Member of Congress who requests it.
“(B) CONTENTS. – The report under subparagraph (A) shall include a detailed description of the findings and conclusion of the Comptroller General with respect to the audit that is the subject of the report, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate.”.
Sponsor
Rep. Ronald Paul [R-TX]
Cosponsors
The number of co-sponsors keeps growing! Check out the latest list here.
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In my opinion, the ways used by politicians and bureaucrats to put their hands in the pocket of the citizens are:
1. Taxes
2. Monopoly of public services
3. Inflation
and then
4. Corruption
5. Mafia
God bless you Mr. Ron Paul
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[...] [...]
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[...] [...]
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[...] February Representative Ron Paul (R-TX) introduced his Audit the Fed legislation. Congressman Paul, author of End the Fed, has been a long time opponent of the [...]
»crosslinked«
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[...] the Fed…02/2009: Ron Paul introduces bill to Audit the Federal ReserveOn February 26, 2009, Ron Paul introduces HR 1207, the bill to audit the Federal Reserve:I rise to introduce the Federal Reserve Transparency Act. [...]
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[...] his underlying message is spot on. In calling for transparecy in the Federal banking system, Paul said on the floor of Congress: Since its inception, the Federal Reserve has always operated in the shadows, without sufficient [...]
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Is there anyone who would help me get results for a credit card company’s outrageous behavior and analogous for holding me at gunpoint with their LEGAL BUSINESS right to charge me for being late–not a missed payment, just late, after years upon years of 100% perfect pay standing no matter what over ten years, up to 12/15 I have been with this Co. where reps rarely speak English and do not follow through or help. I digress. I just had triple bypass; a single disabled sr. female who has had not ONE missed or late payment ever with these guys; I was not able to plan for this procedure–it was a near-miss heart attack on Jan 22, surgery the 24th on Sunday; flown up by plane to a great facility out of this county due to living alone, I was not able to go home (Im trying to keep this brief, but it is difficult) for over three weeks in a place after ICU Cardiac, so there was no spouse, no secretary, family to help with bills. I was cut off from my home and responsibilities the longest I was ever, and my normal payment is around $30.00, I always send more, often a lot more over minimum, have pd it off more than once; we have had a perfect relationship since the onset. due to my being opened up from sternum to stem, also having to have my carotids done when i am sufficiently healed from this bypass open heart. i am alone, 100 lbs, and have taken good care of myself and my reponsibilities for over 30 years. If a citizen did this, it would be as if they (SS soldiers) sp? came to my door with gun in hand and robbed me, they;d be arrested. but corps can do it all they want to anyone, my story speaks for many, many people, this is not just for myself, i am a staunch supporter of Mr Dr Paul for a very long time and our thoughts and ideas are identical. i have been severely mistreatead (in criminal ways) by a county full of corrupt doctors, too, but there are good drs, too; i just don’t have acess to them. I need the entire story out there if someone can help me get it told. I am overwriting because my ire is so itense, but usually am a good strong writer, a born freedom “fighter” not the best word as i am a pacifist, so I am not whining, it is not about the money in that I could pay it, but of course, it is not the point. somehow, this has to be regulated, the rampant, blatant greed is out of control. With my perfect record I refuse to pay any of this.(except normal, a agreed)– they gave me no credit for the min. payment I did send a few days late as I was inhouse healing 24/7 medical watch, and in the kind of pain that keeps one quite out of it. This has to stop and I am not afraid to fight this. I have a strong following in my writings and editorials and trying to fight injustice; i was a detective for fraud most especially, but other works, too; now that i am 62 suddenly I am stupid, nobody and dispensible, but my skills did not go away with declining health issues. Please help me. I will be able to contribute to your/peers, etc. for payment, and have been ready for years.a9and I will keep working for these causes even if you can’t help me–one does not have to do with the other– I want and need to do this for myself, yes, but for all the thousnds/millions? who are victims of these tactics. they aren’t even US companies as if it matters any longer. I want to remain as anonomous as possible as long as a journalist or some one can know I am for real and I have the proof and info. I can hold my own, but i need credibility and support from those whose passion for TRUE change is equal to mine— and why are we allowing thsese things to happen to us and do nothing? Excuse the poor construction, but I am very — well, you know, i am sure. I need some help to get this all told and it is one heck of a story, there is so much more. I’m writing all about the corruption in a certain powerful group of people just in this county alone, but for starters, this paper I received for this card company today, all in red, with outlandish charges for first time, I want and need to be involved and have been, but not anywhere near deeply enough. I believe I have the skills (not recognized now that I am physically limited) my mind is stronger than ever. my writing skills can be very powerful; I’ve already ticked off some big shots locally. to me, a form of flattery. Can you help at all? I can and will give back, of that I am certain. Did not plan to write a novel my first letter. I’ll get some rest. I’m only 5 weeks out of surgery and doing well on my own now, i do have to hope this does not sound crazy; I’m just overwhelmed and fed up. Sincerely, and thanks in advance, just in case. . Please excuxe my redundancies and repetitions.., for obvious reasons, I hope. I’m just worn to shreds. Linda
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I wonder if Ron Paul realizes that a good argument for his bill to audit the fed is based in the constitution? If so why hasn’t he brought it up? “Article 1. Section 9. No money shall be drawn from the Treasury, but in Consequence of Appropriations made by law; and a regular Statement and Account of the Receipts and Expendatures of all public Money shall be published from time to time.” The fed’s secrecy is another in your face violation of the Constitution. In other words audit the fed is already fundemental law, but like so many other things is being ignored by the federal government.
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[...] While I expect Bernanke will be reappointed, there is growing opposition from three groups, all of which are concerned about the Fed’s commitment to fight inflation. The first group is libertarians such as Ron Paul: [...]
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[...] about the Fed’s commitment to fight inflation. The first group is libertarians such as Ron Paul: Throughout its nearly 100-year history, the Federal Reserve has presided over the near-complete [...]
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[...] specifically, the Ponzi scheme that is the Federal Reserve needs to be eliminated. Our new special interest-free government should be able to take over supervision of the Federal [...]
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[...] Dr. Ron Paul Introduces Bill to Audit the Federal Reserve [...]
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Check this out! State governments are pushing back!
IDAHO
http://www.legislature.idaho.gov/legislation/2009/HJM004.pdf
WHEREAS, Congress has inappropriately delegated its monetary authority to the private federal reserve bank, thus failing to protect and provide a sound monetary system as defined and mandated by the Constitution of the United States, forcing an unstable currency on us resulting in the past, and the current, economic perils; and
WHEREAS, a number of proposals from past and present Administrations and Congress may violate the Constitution of the United States.
NOW, THEREFORE, BE IT RESOLVED by the members of the First Regular Session of the Sixtieth Idaho Legislature, the House of Representatives and the Senate concurring therein, that the state of Idaho hereby claims sovereignty under the Tenth Amendment to the Constitution of the United States over all powers not otherwise enumerated and granted to the federal government by the Constitution of the United States
at the state sovereignty site
http://www.tenthamendmentcenter.com/2009/02/23/state-sovereignty-resolutions/
Not all of the state’s petitions read exactly alike. Check out your state.
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[...] — “Ron Paul Introduces Bill To Audit The Fed.” RonPaul.com. 2008. 19 May 2009 http://www.ronpaul.com/2009-02-28/ron-paul-introduces-bill-to-audit-the-fed/ [...]
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Ya, both ponzi schemes and non intrinsic value currency systems are always based on a system of IOU’s, and that is what FED notes really are, IOU’s to energy producers. Every ponzi scheme is based on the same thing, and to keep going you must always issues more and more debt, so in that sense they are both one in the same.
This is where this “spend more is good” concept comes from. People spend more which means barrowing more, and as long as energy producers keep on trading their energy products in the currency barrowed on which is a storage vessel, or bank volt rather of IOU’s it can maintain. This ponzi system can maintain because there are two investment avenues for this keep functioning “absorption channel” & “capital account channel” and this is why, so called, “free trade” is such a big deal. You must keep expanding empire to maintain. Thing is the FED is setting the American people up to be Bernie Madoff, and anyone else barrowing Federal Reserve Notes. The Euro among others are also petro ponzi IOU currency systems too.
Just a note here, I have figured out what the filter programs stop, and what grabs the attention of moderators of major media message boards and blogs when I post about such a topic. Anytime “energy producers” or “oil producers” is posted with “FED” or “RFB” “Reserve Notes” exedra and “U.S. Government” within the same content together it seems to be taboo. Oh, and “protection racket” is bad too.
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I am not allowed to post how the macro dynamics of FED Notes operate. Not on Youtube, and not on major media blogs and or message boards. This below in quotes is what I am not allowed to post, or anything like Quote> “The 1 2 3 & 4 parts of Real World Economics 1>FED Notes would be worthless unless 1st demanded by energy producers 2>Energy producers would not demand FED Notes unless they’re protected by the U.S.Gov. in their ownership of energy production, and protect the places where they store their savings 3>The U.S.Gov. would not be able to protect :energy producers :the FED that issues FED Notes nor places where energy producers store their savings unless 4>the U.S.Gov. can finance a 1st class military” <End Quote
This is not about fait currency dynamics which is only relevant on a micro scale, but without the above macro dynamic currency would have no faith behind it on a day to day bases.
P.S. I am never given an explanation why the posting is so controversial to the point that I am not allowed to ever post such information.
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I don’t know…Because their PONZI scheme might collapse?
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The Federal Reserve Bank is a consortium of 9 associated banks with the Rothschilds at the head: (Mostly Foreign Owned)
$1. Rothschild Banks of London and Berlin
$2. Lazard Brothers Banks of Paris
$3. Israel Moses Seif Banks of Italy
$4. Warburg Bank of Hamburg and Amsterdam
$5. Lehman Brothers of NY
$6. Kuhn, Loeb Bank of NY (Now Shearson American Express)
$7. Goldman, Sachs of NY
$8. National Bank of Commerce NY/Morgan Guaranty Trust (J. P. Morgan Bank – Equitable Life – Levi P. Morton are principal shareholders)
$9. Hanover Trust of NY (William and David Rockefeller & Chase National Bank NY are principal shareholders). Here & Here
TIME LINE OF THE FOREIGN-OWNED FEDERAL RESERVE BANK
1791-1811: Rothschilds’ First Bank of the United States
1816-1836: Rothschilds’ Second Bank of the United States
1837-1862: Free Banking Era – no formal Central Bank through the efforts of President Andrew Jackson
1862-1913: System of National Banks through the efforts of President Andrew Jackson
1913-Current: Federal Reserve Act effects a consortium of privately held Jewish & associated banks called the Federal Reserve Bank. The largest shareholders of the Federal Reserve Bank are the Rothschilds of London holding 57% of the stock which is not available for public trading
On May 23 1933, Congressman Louis T. McFadden brought impeachment charges against the members of the Federal Reserve Bank. A smear campaign against McFadden ensued and he was poisoned 3 years later.
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[...] – Audit the Fed Ron Paul Introduces Bill to Audit the Fed | Ron Paul .com [...]
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Dear Mr. Paul
It’s all said in two words,Thank You
Please don’t stop fighting, We’re All behind you and the numbers are growing.
We will win. We run this country,We the people,I think that Washington forgot that,Remind them for us.
Mitchell
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I called, and wrote, my district rep (D) in DC strongly urging sh/im to cosponsor HR 1207. Don’t be afraid to do the same, even if you think your rep is rabidly migrating in the other direction (like mine is). These bailout bonzo’s need to get constant bombardment from people like us who are tired of supporting every tom dick and jane who doesn’t want to work for a living, or who doesn’t have the courage to take a job in the private sector. I hear about young folks almost every day who join the military and get sent off to Iraq and then to Afghanistan before their term is up (and sometimes when it’s almost up!), as well as those going to work for govt agencies that will have them spying on their fellow citizens, as well as their own families. Do we need to be harrassed to death when we’re just minding our own business working and trying to support our families? I really can relate to the guy who said he used to be in the middle class but no longer is because of our tax-paid terrorists whose tax code even they can never get their minds wrapped around. If you are not clever enough, the taxman will surely put you in the poor house. Beware and keep good track of your expenditures, receipts, etc. Keep good records so that you don’t fall victim to the tax-paid theives and thugs. Try using TurboTax or hiring a good CPA. It is worth the peace of mind and can result in a refund instead of a payment. Don’t be forced into borrowing money to pay taxes, or anything. Start saving and paying cash instead of using credit. Freedom comes from being free of debt. The bailout situation is resulting in keeping the interest rates too low for way too long. I keep hearing that the crash has not happened yet, but when it does, have your backyard garden going, as well as raising a few hens. Democrats/Socialists are all for population control, e.g., abortion, but if several million of us starve in the next few years, they won’t even shed a tear. They supposedly love the environment and animals, but humans they could care less about–we are expendable. We need more people like Ron Paul. I hear his son may run for congress, also keep your eyes on folks associated with the Mises Institute (as is Dr. Paul), as well as Classical Liberals (more conservative than your average republican) and folks from the Constitution Party. Many of these people used to be registered as democrat and republican (myself included) over the years but never felt quite like they’d really made a change.
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After all this time finally the lames in Congress get behind a Ron Paul bill. RP has been consistent all these years, now finally some of the brain washed congresspeople (who normally swing votes in the favor of their financial overlords) are feeling the pain of the peoples voice and the potential loss of votes and campaign funding. It will be interesting to see how the banks try and shoot this down, as they most definitely will try.
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[...] the Chairman , was well aware of Representative Pauls HB 1207. For complete details go to http://www.ronpaul.com/2009-02-28/ron-paul-introduces-bill-to-audit-the-fed/ And at last count has over 100 co sponsors. Calling for a audit of the Federal Reserve,. A [...]
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[...] Act written by Frank Williams – May 2nd, 2009 A specific piece of legislation discussed today was Congressman Ron Paul’s bill to audit the Federal Reserve (HR 1207, the Federal Reserve Transparency [...]
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