Update on HR 1207, Ron Paul’s Bill to Audit the Federal Reserve

Date: 4/27/2009


Ron Paul: I’d like to give you an update on HR 1207. Things have been moving along quite well. We now have 91 co-sponsors. We have 13 Democrats who have joined us in this effort. And I think the momentum is just starting to build so we expect to add a lot more co-sponsors in the next week or two.

It was interesting that after we came back from our two week break after Easter, I think we had about 17 sign up, which means one thing: when the members went back to their districts for Easter they heard from their constituents. It makes a difference. There’s a lot of members of Congress who haven’t paid much attention to this, but they’re very sympathetic to it when they hear about it, and they’re much more sympathetic when they hear about it from their constituents.

So the system, as badly as it works, it really does operate in a proper manner. If the people speak out the members will respond and we have to continue to do that. And so I’m expecting that as the message spreads there will be more and more.

If we had a vote on this bill on the house floor today I think there would be very, very few no-votes cast and one thing that has concerned me little bit is that maybe we will have a bill, something like what we have here brought to the floor, and it will be more like a sense of Congress resolution that has no effect of law, just sort of to appease the grassroots and most of the people who worry about what’s happening in Washington. But the powers to be behind the scenes would make sure it doesn’t go any place. Of course, I will be watching for something like that because if it doesn’t have the force of law it’s not worth a whole lot.

But we do have a lot more momentum in the House than we do in the Senate. But we do need to keep working on the senators as well as on the House members. [Note: HR 1207’s identical companion bill in the Senate is known as S604, the Federal Reserve Sunshine Act, sponsored by Sen. Bernie Sanders]

But, fortunately for us, we’re moving along quite well. One reason why I feel that we’re in much better shape for, is that in the Depression the blame was always placed on free enterprise and free markets and the gold standard. Right now there’s a lot of concern and a lot of blame to be passed around. They are once again tiring to blame too much freedom and say we need more regulations, but they no longer can blame the gold standard. The blame has to go to the Federal Reserve. The Federal Reserve has been in charge of the monetary system. They created the bubble and the first step in the correction of this is exposure, and that’s what this bill is all about. Getting exposure and getting transparency, finding out. And just the fact that they are so arrogant in denial of giving us this information just means that the American people should demand it even more so.

I’m very pleased with what’s happening. The comments on the House floor are very favorable and I am just very pleased with the enthusiasm at the grassroots level so all I can say is let’s keep it going and keep on the heat and before you know it, we’re going to see some real progress in the Congress.