Ron Paul: Audit the Federal Reserve!




Ron Paul’s bill to audit the Federal Reserve continues to gain momentum. Last week’s announcement quickly became one of the most popular articles here at RonPaul.com, and H.R. 1207 now has eleven co-sponsors! (Now up to 28, check out the latest list here!)

If you too would like to see Ben Bernanke squirm and finally discover what the Fed has been up to behind the scenes, call and write your representative and ask that they support the “Federal Reserve Transparency Act H.R. 1207″.

Capitol Switchboard: (202) 224-3121

Here’s a sample letter you can use:

Dear Representative,

Please co-sponsor and/or support H.R.1207, an effort to audit the Federal Reserve.

Recently, it has come to light that there is little to no accountability to the people on the part of the Federal Reserve. While the citizens of this country are required by law to give an accounting of every penny they come in contact with, the Federal Reserve has never been held to the same standard. During this time of extreme economic crisis, the people deserve an accounting of where our money is going.

Currently there are 11 co-sponsors for this legislation, and it is enjoying bi-partisan support. Your efforts in supporting this important legislation would go a long way in proving to your constituents that you not only hold the Federal Reserve to the same standard as you do your constituents, but it would also show that you believe in transparency. Anything less than support for this resolution suggests that you are in favor of secrecy and a lack of accountability to the people who pay the bills. We pay the tab; we have a right to know where our money is going.

Unlike recent bills that you voted in favor of that had hundreds of pages and just a few hours to read, this bill can be read in under 5 minutes. I encourage you to take the time to read it, and then move to support it.

Thank you in advance for your attention on this important legislation. I have every expectation that you will do right by your constituents and support this measure.

Sincerely,

Auditing the Fed is only the first step towards exposing this antiquated insider-run creature to the powerful forces of free-market competition. Once there are viable alternatives to the monopolistic fiat dollar, the Federal Reserve will have to become honest and transparent if it wants to remain in business.

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.

»crosslinked«

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85 Comments:

  1. The only panic Sean will be from within the Fed.Congress has the power to issue currency.In fact it is against the US constitution for anyone other than Congress to do so.[Study up on Woodrow Wilson 22 Dec 1913]

    If Congress does issue a new currency that is backed by the country's resources,then the Fed's money would become worthless.Who would need them when Congress can generate and loan money through their own Central banking system?

    With the Fed printing more money,eventually the $ US will collapse.This could be part of their North Americn Union Plan whereby the Amero will replace the currencies of US,Canada and Mexico.It will be just an extension of the Fed's power base and the people of these countries will be further enslaved by this evil system.

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  2. I think that the church's are way more evil than the federal reserve. We provoke hatred because we endure religion.. There will not be peace as long as there is a God.. You should read about the orgins of the church. There has been way more corruption involved with the church than there has been corruption with the people in charge of our banking system... Seriously, if you can't trust elected officials to run the federal reserve and our banking system, than who do you trust? I guess you want to become straight up socialists and place the government in charge.

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  3. It would be soooo sweet to see the Fed audited. It's very encouraging to hear Ron Paul talk about the support he's getting from other members of Congress.

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  4. Is this true:
    http://jewishworldreview.com/0209/west021309.php3

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  5. All this bill is designed to do is cause widespread panic. We are going to realize that we need the fed more than ever.

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    • if your going to make transparency acts, you should make a transparency act for church's!

      Christianity is the most perverted system that ever shone on man.
      -Thomas Jefferson

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    • Oh, poor, poor, Sean. You need to read up on the origin of the Fed Reserve and stop quoting out of context Tommy Jeff.

      Mary

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      • I've read all about the federal reserve.. They help us finance our oil addiction. They are VERY much needed. You have to understand that most government policies are made for oil consumption.. All wars were fought for oil (foreign policy), we got rid of the gold standard because of oil (monetary policy), and we got rid of protectionism (trade policy) because of oil.. Your pointing your finger at something without even understanding its purpose.. You should read up on oil imperialism to understand whats really going on.

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        • What do you think our national deficit is intended to do? it is used to even out our trade balance. We started running out of oil in the sixties so we got rid of the gold standard and opened up free trade so we could import all we wanted to maintain our country... We get away with importing fuel by exporting securities (national debt).. And i doubt anybody knows that the securities have legal tender laws. This means that all debt must be spent in America. Once other countries buy our debt, it becomes american money, only allowed to be spent in america.

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          • If you really think that we should be focusing on the federal reserve without realizing what props them up, than nothing will get acomplished. If a rabbit (OPEC) comes and steals all your carrots(MONEY), complaining about the soil(Federal reserve), or whatever helps the carrots grow, isn't going to stop the rabbit.

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  6. Congressman Paul,
    Thanks for making everything so clear. I did not see the light in the last election. But I am listening now. I will support this HR bill to audit the Fed. I actually agree with everything you say. Where was I? So sorry. I love your experience as a dad, a gfather, doctor and congressman. I love the fact that you have never had your face smeared all over a newspaper with dishonorable actions. You actually have morals. Free market rocks, SS sucks, war is Hell, and the UN should be eradicated!
    (I despise cliches). No, I am not one of the smart, young followers who admire you. I am a gmother and teacher and lover of our country and CONSTITUTION.

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  7. Harish Padmasola

    This is a great bill. If not for anything else, its brief and to the point. Anyone can read in a few minutes and understand what it is about. I think every bill should be in this style. I hope this gets more traction.

    Harish

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  8. Join us for a modern day tea party that is spreading across the US. It is scheduled for July 4th in a major city near you.

    Go to reteaparty.com or marchforliberty.org for further details.

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  9. What fascinates me is the counter measures the Fed are mustering to protect their realm of power.How do you know when an audit is done that the information is real?The Fed has enough money and power to buy or intimidate any individual.So what safe guards can Congress put in place to counter this?

    The process will not be easy or simple.I think that a lot more public awareness about the Fed needs to be done otherwise transparency will be lost.

    Where are the Hollywood glamours with their $ millions,who are
    against all sorts of injustices?Most are strangely silent.This is the biggest human rights issue now confronting both the US and the world,since the Fed is just an extrapolation of the world Res banks,eg The Bank of Inernational Settlements,IMF and World Bank.

    Be rest assured,the dirt brigade will be doing their best to discredit Ron Paul.Already we see many posts on his sites trying to achieve this.

    As this movement gains momentum,you have to anticipate their moves and devise counter measures to defeat them.Remember that the Fed has enormous financial pockets since they conjure money from cyber space.

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  10. samuel selvarajan

    Here here all for accountability go get em Ron!

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  11. Go get em Ron! Your our only hope :)

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    • Help us Obi Wan Knobie, you're our only hope. Ron Paul is not the saviour of the world. The Federal Reserve is already audited and publishes that audit on the web. Educate yourself. Ron Paul doesn't have the first d**n clue.

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  12. Pingback: Ron Paul Introduces Bill to Audit the Fed | The Cause of Liberty

  13. Roland C. Woodaka

    The panic overnight manipulation of the Bear Stearns collapse, the Carlyle Group involvement and subsequent takeover reeks with the foul odor of a suspiciously corrupt act!

    If the audit of the Federal Reserve covers THAT smelly act...

    ...I am all for the audit!

    Roland C. Woodaka

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  14. Pingback: Audit the Federal Reserve « Wingnuts United!

  15. To answer the thread: Go for it!

    To answer Searching above: No this is not what the Jeffersonians had in mind. Whether it is right is in question.

    Only farmers have a chance to live up to Jeffersons standards. Would you be able to live by the fruit of your own labor (I don't remember the words he used)?

    In the spirit of John Locke's 'Treatise on Commonwealths', this may just be the evolution of individuals-- individuals and families banding together because of common interests.

    Unfortunately, unless "the people for the people" agree 100% all decisions will be against someones will and therefore against the will of the people. The answer is a well balanced government, not one that is true to ancient principles that do not hold for this many individuals. The balancing act may result in representatives which can be seen as the roots of an oligarchy.

    What I say to pure/Greek/Platonian democracy is very similar to what I say to communists/socialists/statists: I would love to live as one if I knew everyone in the commune.

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  16. Where is Dennis Kucinich? I'm going to have to write him a letter.

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  17. Pingback: Audit the Federal Reserve - VolNation

  18. Do you think Our Fore Fathers had this in mind?

    We the people, for the people, by the people.

    Oligarchy (Greek Ὀλιγαρχία, Oligarkhía) is a form of government where power effectively rests with a small elite segment of society distinguished by royalty, wealth, family, military influence or occult spiritual hegemony. The word oligarchy is from the Greek words for "few" (ὀλίγος olígos) and "rule" (ἀρχή arkhē). Such states are often controlled by politically powerful families whose children are heavily conditioned and mentored to be heirs of the power of the oligarchy. This type of power by its very nature may not be exercised openly[citation needed]; the oligarchs preferring to remain "the power behind the throne", exerting control through economic means.[citation needed] Oligarchies have been tyrannical throughout history, being completely reliant on public servitude to exist. Although Aristotle pioneered the use of the term as a synonym for rule by the rich, for which the exact term is plutocracy, oligarchy is not always a rule by wealth, as oligarchs can simply be a privileged group. Some city-states from Ancient Greece were oligarchies.

    Capitalism as a social system is sometimes described as an oligarchy. Socialists argue that in a capitalist society, power - economic, cultural and political - rests in the hands of the capitalist class. Communist states have also been seen as oligarchies, being ruled by a class with special privileges, the nomenklatura.

    Russia has been labeled an oligarchy because of the power of certain individuals, the oligarchs (often former Nomenklatura), who gained great wealth after the fall of Communism. Critics have argued that this happened in illegitimate ways and was due to corruption. Russia ranked 143rd out of 179 countries in the 2007 Transparency International Corruption Perceptions Index.

    The concept of an "oligarchic democracy" is one which some scholars attribute to Ancient Rome and the United States. Marxist Ellen Meiksins Wood writes, that it "conveys a truth about U.S. politics every bit as telling as its application to ancient Rome. It is no accident that the Founding Fathers of the U.S. Republic looked to Roman models for inspiration in making the Federalist case, adopting Roman names as pseudonyms and conceiving of themselves as latterday Catos, forming a natural aristocracy of republican virtue. (Americans today still have a representative body called the Senate, and their republic is still watched over by the Roman eagle, albeit in its American form.) Faced with the distasteful specter of democracy, they sought ways to redefine that unpalatable concept to accommodate aristocratic rule, producing a hybrid, "representative democracy," which was clearly meant to achieve an effect similar to the ancient Roman idea of the "mixed constitution," in fact, an "oligarchic 'democracy."'[1] However, the constitution and state laws have since been modified, with the removal of the original property requirements for voting, as well as giving the vote to women and blacks.[2]

    A number of critics argue that the United States political system is, itself, an oligarchic structure. Third party candidates stand little chance of election to national office, due to the enormous monetary capital needed to purchase advertising time and to make other key connections in order to gain sufficient attention from the electorate. Since large donors fuel national political races, expecting due compensation in return for funding the winners' campaigns, it is difficult to distinguish between the current situation and societies most commonly recognized as oligarchies. It is, many feel, a return to aristocratic rule, in which the common people have little control over their political fate; feelings of being "sold out" frequently lead to apathy, now recognized as the most common problem in American politics.

    [edit] The Iron Law of Oligarchy
    Some authors, such as Zulma Riley, Keith Riley, Mathew Marquess, and Robert Michels, believe that any political system eventually evolves into an oligarchy. This theory is called the "iron law of oligarchy". According to this school of thought, modern democracies should be considered as elected oligarchies. In these systems, actual differences between viable political rivals are small, the oligarchic elite impose strict limits on what constitutes an 'acceptable' and 'respectable' political position, and politicians' careers depend heavily on unelected economic and media elites.

    [edit] See also
    Government terms:

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  19. Would something like Statistical Release H.4.1 not help? That would detail, from a high level, 'Factors Affecting the Fed Balance Sheet':

    http://www.federalreserve.gov/Releases/H41/20090115/default.htm

    If that is too many numbers, how about a more layman's terms approach to the various components within H.4.1?

    http://www.federalreserve.gov/monetarypolicy/bst.htm

    No offense, but the government hasn't exactly been doing a bang-up job in auditing itself, its agencies, or what *used to be* (and are now all of our) government sponsored entities up to this point. Please note this is not pointed at any party or congress, it's just the way it is.

    Beyond that, im not sure if most of the 'auditors' know what the intention behind a reverse repurchase agreement is (or how to read a balance sheet), nonetheless audit the efficacy of a reverse repurchase agreement with another central bank to provide currency liquidity.

    Anyway, check out the website, you can always email them if you have questions. Feel free to educate yourself.

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  20. In_La`kesh dear Dr. Ron Paul:
    Excellent, that is how it should be and is long over-due !
    US citizens, wake up -- Ron Paul is your only answer to your problems !

    A foreign citizen who cares about you and planet Earth.
    (Per Aspera Ad Astra)

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