Ron Paul on HR 1207: We’ve had a major victory, but there’s still a lot of work to do.

Ron Paul: I’d like to give you an update on 1207. This week we went over the number 218, which means that the majority of the members of the House of Representatives have signed on as co-sponsors. As a matter of fact, we’re up to 223 co-sponsors of the bill and this means that the momentum is picking up. It would be nice someday to see 290, which would mean that it could be passed even under suspension. We still have a long way to go, but this is really a very important event, an important number.

We also have to remember that we should push S 604, the Senate bill, which is the same bill and there’s not nearly as many co-sponsors over there, but eventually the Senate would have to act on this bill.

But we also have the strong support of Dennis Kucinich. As a matter of fact, he came on and symbolically became the 218th member to co-sponsor our legislation, but I also have co-sponsored his legislation, which is HR 2424. As a matter of fact, he has passed that in the committee that he’s on, the Government Oversight Committee, and that now will be acted on one way or the other.

Now, his bill is a little bit different. What it does, it provides access from Congress and the GAO to look at the papers in the Federal Reserve dealing with the lending facilities that were all devised here in this past year and that is very important and I have, like I said, been a co-sponsor of that.

But his bill now has… several things could happen and that could be brought directly to the floor or it could go to the Banking Committee. As a matter of fact, I think Chairman Frank is asking to take a look at that bill and that’s not all bad, but it does lend itself to some confusion. But if it comes to the Banking Committee, then I might then have the opportunity to take 1207 and attach it to what Mr. Kucinich has done and that would be fine. His bill doesn’t cancel my efforts out and my bill doesn’t cancel his efforts out.

But 1207 is much broader, Dennis’ bill has a sunset provision. After five years, it is sunsetted. That’s not all bad, but it’s not as good as what we’d want. What 1207 does, it’s an overall audit of everything the Fed does and there’s no sunsetting on it and calls for a full audit.

So it’s a different approach and 1207 is much thorough and, of course, we want to make sure that the bill in the Senate gets momentum as well. So we are now looking forward to some very positive things happening, but we also have to remember, there’s nothing automatic about this.

I think when push comes to shove, the authorities who will be under the gun if we ever get the Fed exposed are going to come down real hard and they’re going to be talking to the leaders of both parties on all the bad things that could happen if they ever found out what was going on.

But, you know, in a way, I don’t lie awake at night worrying about this because I think we’ve had a major victory. We’ve had a moral victory and we’ve had a political victory. We may well end up with a legislative victory, but just think, even if they close us out and they don’t allow this bill to be passed, it will prove our point. It will prove our point that there’s a lot of shenanigans going on in the Federal Reserve that deserve attention and so the fact that so many people have joined in on this effort around the country as well as the members of Congress, it is, to me, a major victory and we have to continue this momentum.

But we have to look at all the options. The legislative process is not going to end in a week or even a month. It may take a while. When it gets to the Banking Committee, Chairman Frank might decide to extract this portion of the auditing procedure and put it into a banking bill and that might become more confusing.

And there will be efforts, of course, to water the bill down and I have to watch out for that because the temptation will be to allow the bill to go through, but strike a few clauses or put a phrase in there that really guts the bill. That’s essentially what happened in 1978 when the audit bill was passed. They said, “Sure. You can audit the Federal Reserve now, except for…” and they listed all the exclusions and made the audit bill in 1978 worthless and we need to correct that.

It’s a tremendous opportunity right now for us to find out more about the Federal Reserve, rein in the Federal Reserve, and in time, we can talk about why we don’t need the Federal Reserve and why we need a constitutional system of money which, of course, is not paper money and it can’t be run and managed by a Central bank.

But overall, there’s every reason to be excited about what has happened and that we making great progress here in the Congress and around the country for monetary reform.


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  • Christine

    Britain echos our same economic problems and problem with its leader(s)

    I love this guy Daniel Hannan! I wish all of our congress and senate would talk like this, this straight and pointed to President Obama!

  • It would be a feat of total determination to go against the “Fed”. Many will die, a lot will die. Do you think they will just let us go. They are the “World Mafia”, the Global Loan Sharks.
    They stole our plates in 1913, and charge us to make our money and then take “our” money and loan it to us with interest. The interest is our income tax. They need to be escorted right out of our country. Other countries will follow our lead. This is the fight of “Good against Evil”. We will never have peace in the world till they are totally erase from the planet.
    Mark my word though “We the People would win”. We could make anything money. I like points myself. Gold and Silver stills invokes corruption and greed and hording. Points are back by your work value. Just like debit card. ( lol, a commercial on TV right now, said Visa debit is better then cash or checks). You see I know it would work. There would be plenty of empty banks around after we get rid of Fed and take over our own monetary system.
    Well if anything different ideas are not going to hurt. I’m open to anything but what we have now. It is the time for change and the “Fed” knows its coming. Frankly, we owe them nothing for everything they have stolen from us. Lets get busy.

  • Ross

    Ron Paul’s success can be measured by the postings of the likes of “yours truley”.The more threatened they feel,the more acrid,intense and regular will be the personal attacks on Ron Paul.Bring it on “yours truely”!

    This movement Ron Paul has started has now got international attention.The expodentional growth of the internet will see some really positive changes for all humanity.Your wealth is always in your people but the Fed seeks to create poverty of mind and the spirit through their lust for debt slavery.They have sewn the seeds of their own destruction.May they rot in their own depravity.

  • longshotlouie

    yours truly,

    30 years of evidence does not support your accusations.

    But it was a purdy rant. hehehehehe

  • longshotlouie

    Bernanke’s Next Parlor Trick

  • yours truly

    the gig is up Mr. Ron Paul. you hide behind your words. constitutional currency, constitutional banking? constitutions concern different kinds of political organizations. which one are you suggesting? another of the same sort we have now? let me guess. this time it will be a global currency – say the “phoenix” – still owned and controlled by international bankers: Rothschilds, Rockefellers, Goldman-Sachs, Kuhn-Loebe etc. did your “advisors” dictate to you to drop your “end the fed” platform and start an “audit the fed” gimmick. what a joke! it would take decades to audit. this you well know. what a distraction. why aren’t you suggesting “greenback” currency backed by gold and the former constitution of the United States of America. you’re a “Mason”, that’s why. a truly globalists organization, with the same intentions as those of members of the TLC and CFR and Bilderbergs and IMF and WHO and WTO etc., etc. you are a “clown”!

    • Ross

      Getting a bit worried are we Yours Truely? Who voted for the Bilderbergs or the Global Bansters? They are private entities.

      The people of this planet deserve democracy,not your mockracy of elitist,totalitarian corporates who think that it is their ordained right to rule the planet.

      You are the joke and the betrayer of our common humanity!

  • DanielL

    This is an awsome accomplishment,knowing this fact for Art.#1 sec.8 1st. ammendment,of the constitution law writtin at the constitutional convention by the founding fathers Jefferson,Washington,Adams,franklin all contracted this in writing.No private,indidual,group,institution, neither, domestic or foriegn shall control the U.S. treasury.Theirin “states the people of congress will instill that right for the nation,the people.In Dec.22,1913 the federal reserve act.was passed and violated this law. Congress and the Senate needs to dispose of this pivate corp.and control the powers inherited to create,coin and regulate the value the U.S. money.Distribute it debt and interest free,threw the treasury and the mint For we the people and our nation. Congress and the senate can literaly pass bills for any specified reason and notify the treasury and mint for emmidiate printing,coining,and allocation too, distribution funding for the reason. Circulation can be implemented by exsisting banks ,accounted for and cycled back to the treasury. In doing what was asked notify and contact your local officials.It took some attempts to go to the office and request to support h.r.833 and 1207,e-mails threw and phone calls,for some months now. 1st.letter of response she was not on the finincial commity and she would keep my thoughts in mind when the bill came to the floor. Now,yesterday I recieved a congress letter June 10th “Knowing your interest and many other constituents in the Federal Transparency Act (H.R.1207)I wanted to let you know I have become a co-sponsor of this legislation. Carol-Shea Porter N.H. Member of Congress.

  • Steve

    Would HR 1207 show us the evidence if the FED were dumping billions into the stock markets to manipulate them? See


  • Michael

    Ron Paul and his efforts are continually making this country a better place! This is an exciting piece of legislation,a rareity these days, and will allow oversight in to how the Fed Reserve is handling its funds. Hopefully this will empower the people to take it upon themselves to hold the Federal Reserve and other government run entitites for that matter accountable for how they are spending our money.

    • Micheal, the federal reserve is a privately owned institution. These elitists in fact control the president and congress. Check out this google video “the money masters.”