Ron Paul’s Bill To Audit The Federal Reserve Now Has 271 Co-Sponsors




Ron Paul’s bill to audit the Federal Reserve (HR 1207) now has 271 co-sponsors, and the numbers keep growing! At the same time, HR 1207’s companion bill in the Senate, S 604, has already attracted 13 co-sponsors!

This is history in the making, and victory is within reach. Imagine what will happen if HR 1207, The Federal Reserve Transparency Act, comes up for vote in Congress! With more than 55% of the House of Representatives already co-sponsoring this bill, it has real potential to pass — BUT only if we educate and rally the people to support it and get our Congresspeople to put it to vote and pass it.

Step 1: Your Representative

If your representative is not on the following list of HR 1207 co-sponsors, call their offices, write to them, email them. Let them know they need to support HR 1207. If you live in their district, let them know. Go to their office.

Capitol Switchboard: (202) 224-3121

Enter your zip code to contact your representative:


HR 1207 Co-Sponsors (as of 7/15/2009)

Rep Abercrombie, Neil [HI-1] – 2/26/2009
Rep Aderholt, Robert B. [AL-4] – 5/6/2009
Rep Adler, John H. [NJ-3] – 5/6/2009
Rep Akin, W. Todd [MO-2] – 3/19/2009
Rep Alexander, Rodney [LA-5] – 3/10/2009
Rep Altmire, Jason [PA-4] – 5/20/2009
Rep Austria, Steve [OH-7] – 5/6/2009
Rep Bachmann, Michele [MN-6] – 2/26/2009
Rep Bachus, Spencer [AL-6] – 4/29/2009
Rep Baird, Brian [WA-3] – 7/10/2009
Rep Baldwin, Tammy [WI-2] – 4/21/2009
Rep Barrett, J. Gresham [SC-3] – 4/28/2009
Rep Barrow, John [GA-12] – 5/12/2009
Rep Bartlett, Roscoe G. [MD-6] – 2/26/2009
Rep Barton, Joe [TX-6] – 5/4/2009
Rep Berkley, Shelley [NV-1] – 5/21/2009
Rep Berry, Marion [AR-1] – 5/20/2009
Rep Biggert, Judy [IL-13] – 4/28/2009
Rep Bilbray, Brian P. [CA-50] – 4/21/2009
Rep Bilirakis, Gus M. [FL-9] – 5/4/2009
Rep Bishop, Rob [UT-1] – 4/21/2009
Rep Bishop, Timothy H. [NY-1] – 7/10/2009
Rep Blackburn, Marsha [TN-7] – 3/16/2009
Rep Blunt, Roy [MO-7] – 3/24/2009
Rep Boehner, John A. [OH-8] – 6/10/2009
Rep Bonner, Jo [AL-1] – 6/9/2009
Rep Bono Mack, Mary [CA-45] – 4/29/2009
Rep Boozman, John [AR-3] – 5/7/2009
Rep Boswell, Leonard L. [IA-3] – 6/9/2009
Rep Boustany, Charles W., Jr. [LA-7] – 5/13/2009
Rep Boyd, Allen [FL-2] – 7/14/2009
Rep Brady, Kevin [TX-8] – 4/22/2009
Rep Braley, Bruce L. [IA-1] – 6/11/2009
Rep Bright, Bobby [AL-2] – 6/11/2009
Rep Broun, Paul C. [GA-10] – 2/26/2009
Rep Brown, Corrine [FL-3] – 6/11/2009
Rep Brown, Henry E., Jr. [SC-1] – 4/28/2009
Rep Brown-Waite, Ginny [FL-5] – 5/20/2009
Rep Buchanan, Vern [FL-13] – 3/17/2009
Rep Burgess, Michael C. [TX-26] – 3/19/2009
Rep Burton, Dan [IN-5] – 2/26/2009
Rep Buyer, Steve [IN-4] – 4/30/2009
Rep Calvert, Ken [CA-44] – 4/29/2009
Rep Camp, Dave [MI-4] – 6/18/2009
Rep Campbell, John [CA-48] – 5/4/2009
Rep Cantor, Eric [VA-7] – 6/23/2009
Rep Cao, Anh “Joseph” [LA-2] – 6/11/2009
Rep Capito, Shelley Moore [WV-2] – 4/1/2009
Rep Carney, Christopher P. [PA-10] – 6/9/2009
Rep Carter, John R. [TX-31] – 3/31/2009
Rep Cassidy, Bill [LA-6] – 5/4/2009
Rep Castle, Michael N. [DE] – 3/17/2009
Rep Chaffetz, Jason [UT-3] – 3/6/2009
Rep Chandler, Ben [KY-6] – 7/7/2009
Rep Childers, Travis [MS-1] – 6/9/2009
Rep Coble, Howard [NC-6] – 6/11/2009
Rep Coffman, Mike [CO-6] – 6/16/2009
Rep Cole, Tom [OK-4] – 4/21/2009
Rep Conaway, K. Michael [TX-11] – 5/7/2009
Rep Conyers, John, Jr. [MI-14] – 6/23/2009
Rep Courtney, Joe [CT-2] – 7/8/2009
Rep Crenshaw, Ander [FL-4] – 5/4/2009
Rep Culberson, John Abney [TX-7] – 3/26/2009
Rep Davis, Danny K. [IL-7] – 6/26/2009
Rep Davis, Geoff [KY-4] – 5/6/2009
Rep Deal, Nathan [GA-9] – 3/23/2009
Rep DeFazio, Peter A. [OR-4] – 3/9/2009
Rep Dent, Charles W. [PA-15] – 5/6/2009
Rep Diaz-Balart, Lincoln [FL-21] – 7/10/2009
Rep Diaz-Balart, Mario [FL-25] – 6/18/2009
Rep Doggett, Lloyd [TX-25] – 4/21/2009
Rep Dreier, David [CA-26] – 6/10/2009
Rep Duncan, John J., Jr. [TN-2] – 3/6/2009
Rep Edwards, Chet [TX-17] – 6/16/2009
Rep Edwards, Donna F. [MD-4] – 6/11/2009
Rep Ehlers, Vernon J. [MI-3] – 4/21/2009
Rep Fallin, Mary [OK-5] – 4/2/2009
Rep Farr, Sam [CA-17] – 7/8/2009
Rep Flake, Jeff [AZ-6] – 5/11/2009
Rep Fleming, John [LA-4] – 3/18/2009
Rep Forbes, J. Randy [VA-4] – 5/20/2009
Rep Fortenberry, Jeff [NE-1] – 5/12/2009
Rep Foxx, Virginia [NC-5] – 3/10/2009
Rep Franks, Trent [AZ-2] – 3/23/2009
Rep Frelinghuysen, Rodney P. [NJ-11] – 6/3/2009
Rep Fudge, Marcia L. [OH-11] – 7/9/2009
Rep Gallegly, Elton [CA-24] – 7/7/2009
Rep Garrett, Scott [NJ-5] – 3/5/2009
Rep Gerlach, Jim [PA-6] – 5/11/2009
Rep Giffords, Gabrielle [AZ-8] – 6/16/2009
Rep Gingrey, Phil [GA-11] – 3/30/2009
Rep Gohmert, Louie [TX-1] – 4/23/2009
Rep Goodlatte, Bob [VA-6] – 4/28/2009
Rep Granger, Kay [TX-12] – 4/28/2009
Rep Graves, Sam [MO-6] – 4/22/2009
Rep Grayson, Alan [FL-8] – 3/11/2009
Rep Griffith, Parker [AL-5] – 6/16/2009
Rep Grijalva, Raul M. [AZ-7] – 6/3/2009
Rep Guthrie, Brett [KY-2] – 5/7/2009
Rep Hall, Ralph M. [TX-4] – 4/29/2009
Rep Halvorson, Deborah L. [IL-11] – 6/3/2009
Rep Hare, Phil [IL-17] – 5/11/2009
Rep Harman, Jane [CA-36] – 7/7/2009
Rep Harper, Gregg [MS-3] – 5/11/2009
Rep Hastings, Doc [WA-4] – 5/11/2009
Rep Heller, Dean [NV-2] – 3/6/2009
Rep Hensarling, Jeb [TX-5] – 5/4/2009
Rep Herger, Wally [CA-2] – 4/21/2009
Rep Herseth Sandlin, Stephanie [SD] – 5/6/2009
Rep Hinchey, Maurice D. [NY-22] – 6/2/2009
Rep Hirono, Mazie K. [HI-2] – 7/8/2009
Rep Hoekstra, Peter [MI-2] – 4/28/2009
Rep Holden, Tim [PA-17] – 6/4/2009
Rep Hunter, Duncan D. [CA-52] – 5/13/2009
Rep Inglis, Bob [SC-4] – 4/23/2009
Rep Inslee, Jay [WA-1] – 5/12/2009
Rep Issa, Darrell E. [CA-49] – 6/16/2009
Rep Jenkins, Lynn [KS-2] – 4/23/2009
Rep Johnson, Henry C. “Hank,” Jr. [GA-4] – 6/9/2009
Rep Johnson, Sam [TX-3] – 4/22/2009
Rep Johnson, Timothy V. [IL-15] – 4/23/2009
Rep Jones, Walter B., Jr. [NC-3] – 2/26/2009
Rep Jordan, Jim [OH-4] – 6/2/2009
Rep Kagen, Steve [WI-8] – 2/26/2009
Rep Kaptur, Marcy [OH-9] – 4/23/2009
Rep King, Peter T. [NY-3] – 6/4/2009
Rep King, Steve [IA-5] – 6/11/2009
Rep Kingston, Jack [GA-1] – 3/6/2009
Rep Kirkpatrick, Ann [AZ-1] – 7/14/2009
Rep Kline, John [MN-2] – 4/29/2009
Rep Kosmas, Suzanne M. [FL-24] – 6/17/2009
Rep Kratovil, Frank, Jr. [MD-1] – 6/4/2009
Rep Kucinich, Dennis J. [OH-10] – 6/11/2009
Rep Lamborn, Doug [CO-5] – 4/21/2009
Rep Lance, Leonard [NJ-7] – 5/11/2009
Rep Latham, Tom [IA-4] – 4/21/2009
Rep LaTourette, Steven C. [OH-14] – 4/28/2009
Rep Latta, Robert E. [OH-5] – 5/20/2009
Rep Lee, Christopher J. [NY-26] – 6/10/2009
Rep Lewis, Jerry [CA-41] – 6/24/2009
Rep Linder, John [GA-7] – 5/6/2009
Rep Lipinski, Daniel [IL-3] – 6/4/2009
Rep LoBiondo, Frank A. [NJ-2] – 5/4/2009
Rep Loebsack, David [IA-2] – 6/10/2009
Rep Lofgren, Zoe [CA-16] – 7/7/2009
Rep Lucas, Frank D. [OK-3] – 4/21/2009
Rep Luetkemeyer, Blaine [MO-9] – 4/21/2009
Rep Lummis, Cynthia M. [WY] – 3/19/2009
Rep Lungren, Daniel E. [CA-3] – 5/7/2009
Rep Mack, Connie [FL-14] – 5/12/2009
Rep Maffei, Daniel B. [NY-25] – 5/12/2009
Rep Manzullo, Donald A. [IL-16] – 4/21/2009
Rep Marchant, Kenny [TX-24] – 3/11/2009
Rep Markey, Betsy [CO-4] – 6/25/2009
Rep Massa, Eric J. J. [NY-29] – 4/22/2009
Rep McCarthy, Kevin [CA-22] – 5/4/2009
Rep McCaul, Michael T. [TX-10] – 4/21/2009
Rep McClintock, Tom [CA-4] – 3/6/2009
Rep McCotter, Thaddeus G. [MI-11] – 3/19/2009
Rep McDermott, Jim [WA-7] – 4/29/2009
Rep McGovern, James P. [MA-3] – 6/10/2009
Rep McHenry, Patrick T. [NC-10] – 4/30/2009
Rep McHugh, John M. [NY-23] – 5/4/2009
Rep McIntyre, Mike [NC-7] – 6/10/2009
Rep McKeon, Howard P. “Buck” [CA-25] – 6/11/2009
Rep McMorris Rodgers, Cathy [WA-5] – 5/4/2009
Rep Melancon, Charlie [LA-3] – 7/10/2009
Rep Mica, John L. [FL-7] – 5/12/2009
Rep Michaud, Michael H. [ME-2] – 5/7/2009
Rep Miller, Candice S. [MI-10] – 4/28/2009
Rep Miller, Gary G. [CA-42] – 6/10/2009
Rep Miller, Jeff [FL-1] – 3/24/2009
Rep Minnick, Walter [ID-1] – 5/13/2009
Rep Mitchell, Harry E. [AZ-5] – 6/9/2009
Rep Moran, Jerry [KS-1] – 5/4/2009
Rep Murphy, Christopher S. [CT-5] – 7/7/2009
Rep Murphy, Patrick J. [PA-8] – 6/9/2009
Rep Murphy, Scott [NY-20] – 7/9/2009
Rep Murphy, Tim [PA-18] – 4/29/2009
Rep Myrick, Sue Wilkins [NC-9] – 4/28/2009
Rep Neugebauer, Randy [TX-19] – 4/30/2009
Rep Nunes, Devin [CA-21] – 6/12/2009
Rep Olson, Pete [TX-22] – 4/21/2009
Rep Ortiz, Solomon P. [TX-27] – 5/14/2009
Rep Pascrell, Bill, Jr. [NJ-8] – 6/9/2009
Rep Pastor, Ed [AZ-4] – 5/20/2009
Rep Paulsen, Erik [MN-3] – 3/30/2009
Rep Pence, Mike [IN-6] – 4/21/2009
Rep Perlmutter, Ed [CO-7] – 6/10/2009
Rep Perriello, Thomas S.P. [VA-5] – 5/13/2009
Rep Peterson, Collin C. [MN-7] – 3/19/2009
Rep Petri, Thomas E. [WI-6] – 3/10/2009
Rep Pitts, Joseph R. [PA-16] – 4/28/2009
Rep Platts, Todd Russell [PA-19] – 3/19/2009
Rep Poe, Ted [TX-2] – 2/26/2009
Rep Polis, Jared [CO-2] – 6/11/2009
Rep Posey, Bill [FL-15] – 2/26/2009
Rep Price, Tom [GA-6] – 3/10/2009
Rep Putnam, Adam H. [FL-12] – 4/28/2009
Rep Radanovich, George [CA-19] – 5/6/2009
Rep Rehberg, Denny [MT] – 2/26/2009
Rep Reichert, David G. [WA-8] – 5/20/2009
Rep Roe, David P. [TN-1] – 4/21/2009
Rep Rogers, Harold [KY-5] – 7/14/2009
Rep Rogers, Mike D. [AL-3] – 5/13/2009
Rep Rogers, Mike J. [MI-8] – 5/20/2009
Rep Rohrabacher, Dana [CA-46] – 3/6/2009
Rep Rooney, Thomas J. [FL-16] – 4/22/2009
Rep Ros-Lehtinen, Ileana [FL-18] – 4/28/2009
Rep Roskam, Peter J. [IL-6] – 6/2/2009
Rep Ross, Mike [AR-4] – 5/21/2009
Rep Rothman, Steven R. [NJ-9] – 6/18/2009
Rep Royce, Edward R. [CA-40] – 5/12/2009
Rep Ryan, Paul [WI-1] – 5/14/2009
Rep Sarbanes, John P. [MD-3] – 6/15/2009
Rep Scalise, Steve [LA-1] – 5/20/2009
Rep Schakowsky, Janice D. [IL-9] – 5/6/2009
Rep Schauer, Mark H. [MI-7] – 5/20/2009
Rep Schiff, Adam B. [CA-29] – 7/14/2009
Rep Schmidt, Jean [OH-2] – 6/11/2009
Rep Schock, Aaron [IL-18] – 5/6/2009
Rep Sensenbrenner, F. James, Jr. [WI-5] – 5/7/2009
Rep Sessions, Pete [TX-32] – 3/23/2009
Rep Shadegg, John B. [AZ-3] – 5/7/2009
Rep Shea-Porter, Carol [NH-1] – 6/9/2009
Rep Sherman, Brad [CA-27] – 6/23/2009
Rep Shimkus, John [IL-19] – 4/22/2009
Rep Shuler, Heath [NC-11] – 6/12/2009
Rep Shuster, Bill [PA-9] – 5/7/2009
Rep Simpson, Michael K. [ID-2] – 4/28/2009
Rep Slaughter, Louise McIntosh [NY-28] – 6/17/2009
Rep Smith, Adam [WA-9] – 4/22/2009
Rep Smith, Adrian [NE-3] – 4/28/2009
Rep Smith, Christopher H. [NJ-4] – 6/15/2009
Rep Smith, Lamar [TX-21] – 4/2/2009
Rep Snyder, Vic [AR-2] – 6/23/2009
Rep Souder, Mark E. [IN-3] – 6/16/2009
Rep Space, Zachary T. [OH-18] – 6/23/2009
Rep Speier, Jackie [CA-12] – 6/11/2009
Rep Stark, Fortney Pete [CA-13] – 3/26/2009
Rep Stearns, Cliff [FL-6] – 3/6/2009
Rep Sullivan, John [OK-1] – 7/8/2009
Rep Taylor, Gene [MS-4] – 3/6/2009
Rep Teague, Harry [NM-2] – 6/12/2009
Rep Terry, Lee [NE-2] – 3/30/2009
Rep Thompson, Glenn [PA-5] – 4/22/2009
Rep Thornberry, Mac [TX-13] – 5/21/2009
Rep Tiahrt, Todd [KS-4] – 4/28/2009
Rep Tiberi, Patrick J. [OH-12] – 4/28/2009
Rep Titus, Dina [NV-3] – 7/14/2009
Rep Tonko, Paul D. [NY-21] – 6/9/2009
Rep Turner, Michael R. [OH-3] – 5/13/2009
Rep Upton, Fred [MI-6] – 4/29/2009
Rep Walden, Greg [OR-2] – 5/4/2009
Rep Walz, Timothy J. [MN-1] – 5/7/2009
Rep Wamp, Zach [TN-3] – 3/16/2009
Rep Welch, Peter [VT] – 5/21/2009
Rep Westmoreland, Lynn A. [GA-3] – 4/2/2009
Rep Whitfield, Ed [KY-1] – 5/14/2009
Rep Wilson, Joe [SC-2] – 4/29/2009
Rep Wittman, Robert J. [VA-1] – 4/1/2009
Rep Wolf, Frank R. [VA-10] – 6/11/2009
Rep Woolsey, Lynn C. [CA-6] – 2/26/2009
Rep Wu, David [OR-1] – 7/13/2009
Rep Yarmuth, John A. [KY-3] – 7/14/2009
Rep Young, C.W. Bill [FL-10] – 6/3/2009
Rep Young, Don [AK] – 3/6/2009

Step 2: Your Senator

HR 1207’s identical companion bill in the Senate is known as S 604, the Federal Reserve Sunshine Act, sponsored by Sen. Bernie Sanders.

If your Senator is not on the following list of S 604 co-sponsors, call their offices, write to them, email them. Let them know they need to support S 604. If you live in their district, let them know. Go to their office.

Enter your zip code to contact your senators:


S 604 Co-Sponsors (as of 7/16/2009)

Sen Barrasso, John [WY] – 7/15/2009
Sen Bennett, Robert F. [UT] – 7/15/2009
Sen Brownback, Sam [KS] – 7/8/2009
Sen Burr, Richard [NC] – 7/9/2009
Sen Chambliss, Saxby [GA] – 7/8/2009
Sen Crapo, Mike [ID] – 6/25/2009
Sen DeMint, Jim [SC] – 6/11/2009
Sen Feingold, Russell D. [WI] – 7/15/2009
Sen Inhofe, James M. [OK] – 7/9/2009
Sen Isakson, Johnny [GA] – 7/8/2009
Sen Lincoln, Blanche L. [AR] – 7/15/2009
Sen McCain, John [AZ] – 7/15/2009
Sen Vitter, David [LA] – 6/16/2009

Step 3: Financial Services Committee

HR 1207 is now in the House Committee on Financial Services. This is THE MOST IMPORTANT STEP in this legislation! If it doesn’t get out of committee it will not come to a vote! There are 71 members on this committee and they are all listed below.

We need to let all members of the House Committee on Financial Services know that we want them to allow full House consideration of HR 1207 so it can move forward; we need them to support this. Now is the time.

Call their offices, write to them, email them. Let them know they need to support HR 1207. If you live in their district, let them know. Go to their office.

House Committee on Financial Services

Chairman Barney Frank, MA

Republican Members

Rep. Michele Bachmann, MN [co-sponsor]
Rep. Spencer Bachus, AL [co-sponsor]
Rep. J. Gresham Barrett, SC [co-sponsor]
Rep. Judy Biggert, IL [co-sponsor]
Rep. John Campbell, CA [co-sponsor]
Rep. Michael N. Castle, DE [co-sponsor]
Rep. Scott Garrett, NJ [co-sponsor]
Rep. Jim Gerlach, PA [co-sponsor]
Rep. Jeb Hensarling, TX [co-sponsor]
Rep. Lynn Jenkins, KS [co-sponsor]
Rep. Walter B. Jones , NC [co-sponsor]
Rep. Peter King, NY [co-sponsor]
Rep. Leonard Lance, NJ [co-sponsor]
Rep. Christopher Lee, NY [co-sponsor]
Rep. Frank D. Lucas, OK [co-sponsor]
Rep. Donald A. Manzullo, IL [co-sponsor]
Rep. Kenny Marchant, TX [co-sponsor]
Rep. Thaddeus McCotter, MI [co-sponsor]
Rep. Kevin McCarthy, CA [co-sponsor]
Rep. Patrick T. McHenry, NC [co-sponsor]
Rep. Gary G. Miller, CA [co-sponsor]
Rep. Randy Neugebauer, TX [co-sponsor]
Rep. Shelley Moore Capito, WV [co-sponsor]
Rep. Ron Paul, TX [sponsor]
Rep. Erik Paulsen, MN [co-sponsor]
Rep. Bill Posey, FL [co-sponsor]
Rep. Tom Price, GA [co-sponsor]
Rep. Adam Putnam, FL [co-sponsor]
Rep. Edward R. Royce, CA [co-sponsor]

Democratic Members

Rep. Gary L. Ackerman, NY
Rep. John Adler, NJ [co-sponsor]
Rep. Joe Baca, CA
Rep. Melissa L. Bean, IL
Rep. Michael E. Capuano, MA
Rep. Andre Carson, IN
Rep. Travis Childers, MS [co-sponsor]
Rep. William Lacy Clay, MO
Rep. Emanuel Cleaver, MO
Rep. Joe Donnelly, IN
Rep. Steve Driehaus, OH
Rep. Keith Ellison, MN
Rep. Bill Foster, IL
Rep. Alan Grayson, FL [co-sponsor]
Rep. Al Green, TX
Rep. Luis V. Gutierrez, IL
Rep. Rubén Hinojosa, TX
Rep. Jim Himes, CT
Rep. Paul W. Hodes, NH
Rep. Paul E. Kanjorski, PA
Rep. Mary Jo Kilroy, OH
Rep. Ron Klein, FL
Rep. Suzanne Kosmas, FL [co-sponsor]
Rep. Stephen F. Lynch, MA
Rep. Dan Maffei, NY [co-sponsor]
Rep. Carolyn B. Maloney, NY
Rep. Carolyn McCarthy, NY
Rep. Gregory W. Meeks, NY
Rep. Brad Miller, NC
Rep. Walt Minnick, ID [co-sponsor]
Rep. Dennis Moore, KS
Rep. Gwen Moore, WI
Rep. Ed Perlmutter, CO [co-sponsor]
Rep. Gary Peters, MI
Rep. David Scott, GA
Rep. Brad Sherman, CA [co-sponsor]
Rep. Jackie Speier, CA [co-sponsor]
Rep. Nydia M. Velázquez, NY
Rep. Maxine Waters, CA
Rep. Melvin L. Watt, NC
Rep. Charles Wilson, OH

Here’s a sample letter you can use:

HR 1207 (House)

Dear Representative,

Please co-sponsor and/or support HR 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 271 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,

     S 604 (Senate)

Dear Senator,

Please co-sponsor and/or support S 604, 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.

S 604’s companion bill in the House, HR 1207, currently has 271 co-sponsors, 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,

Step 4: The People

Tell everyone you know about HR 1207 and S 604 ask them to support the bills and to contact their representative as well. Link to this page and to CampaignForLiberty.com.

Link: http://www.ronpaul.com/on-the-issues/audit-the-federal-reserve-hr-1207/

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Why Audit The Federal Reserve?

Ron Paul’s legislation is aimed at pulling back the curtain from a secretive and unaccountable Federal Reserve. Congress and the American people have minimal, if any, oversight over trillions of dollars that the Fed controls.

With recent bailouts and spending decisions shining a spotlight on the actions of the Federal Reserve, more and more pressure is bearing down on Congress to take action and demand accountability and transparency.

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.

Introducing HR 1207

Ron Paul introduced bill H.R. 1207 on February 26, 2009 with the following speech to Congress:

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.

HR 1207

This is the bill itself, H.R. 1207:

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.”.

Ron Paul’s Quotes on HR 1207

Excerpt from Ron Paul’s 4/22/2009 appearance on Judge Andrew Napolitano’s Freedom Watch:

Ron Paul: After we came back yesterday from our 2-week break, I think have 15 new people signed on and somebody came up to me and says, “I signed on your bill this morning because I went to my town hall meetings, I went four of them and in every meeting people were there and say, “It’s time that we have transparency of the Fed.'”

But I call them the Fourth Branch of government. Some people don’t think of them as part of the government because they’re so secretive. But we created it, we can end it, we take no responsibility to supervise it, and look at what they’re doing. We spend hundreds of billions, but the Fed deals in trillions, and they don’t have any responsibility to tell us about it. So there’s a lot of power there and it deserves looking at.

And I think I have to say Barney Frank has been sympathetic with this. He’s for transparency. He’s not for hard money and the type of monetary policy I’m talking about. He believes that we should have more transparency of the Fed, so whether this bill gets passed or something very similar, the mood in the country is such that not only do they want us to be better in handling the appropriated fund and knowing where these TARP funds went, the American people have awakened to this whole idea of what the Federal Reserve does behind the scenes.

So I’m delighted. I’ve been pushing this monetary issue for more than 30 years believing it was THE significant economic issue of our time, and I think people are starting to realize this and we’re going to keep hearing about it and there’s a good chance that it will eventually make it to the floor.

Excerpt from Ron Paul’s 3/5/2009 appearance on Judge Andrew Napolitano’s Freedom Watch:

Judge Napolitano: Before we switch gears, Congressman Paul, how did Ben Bernanke react to the legislation that you introduced calling for an audit of the Fed. Did he give you a call on the phone?

Ron Paul: Oh yes, he called me, wanted to congratulate me and he wanted to support my bill. You know, interestingly, just recently, I cannot name his name but I was talking to a former member of the Federal Reserve board and told him about the bill and he was friendly enough.

I said, “What do you think of that?” He said, “I think it’s not a very good idea”. And I said, “Do the people at the Federal Reserve ever talk about, are concerned about the dollar”. I said, you know, I’m always talking about the dollar and what this is going to do to the dollar. And I said, “Do they know that all this debt and inflation could hurt the dollar?” He says, “Yes, they do.” He confirmed it. He said, “They absolutely do.” He says, “But they can’t answer your questions in public because it would cause panic.”

Judge Napolitano: This administration came to power and we all knew the words that they used, “hope” and “change”. But one of the words that they really used was “transparency”. I would think the President himself should be in favor of transparency at the Fed if he wants to be ideologically consistent. What are they afraid we will find out, Congressman Paul?

Ron Paul: Well, what they’re going to find out is, that’s the first step. Once we get the audit bill passed and we can reveal what they are doing, I think the next step is to end the Fed. That’s why they don’t want that.

You know, we had some very good comments made by our Senator Bernie Sanders yesterday from Vermont. I talked with him this morning and we’re going to be talking a lot about the need for having transparency.

And I think the mood is right. The mood is right both with the Democrats and the Republicans, because they don’t know exactly what is going on but they know the American people are sick and tired of just throwing money out there, whether it’s to the Treasury and nobody knows where it goes, whether they send it to Iraq and nobody knows where the bundles of money go, or whether the Federal Reserve can create 2 trillion dollars, and they don’t even have to tell us.

As a government all onto itself, it’s bigger than the whole U.S. Congress. They create trillions in a day, you know, in a short period of time, and in the Congress we do talk a little bit when we pass 400 million or 800 million. But the Fed is a much bigger problem.

Excerpt from Ron Paul’s 3/10/2009 interview with Alex Jones:

Alex Jones: Every few weeks they come before the banking committee and you bring up the fact that what they are doing is destroying us. What do we need to do to bring the private Federal Reserve under control?

Ron Paul: Well, there has to be an uprising by the people. There has to be enough people who will demand that their Congressmen respond, and that is building. You know, a year or two ago nobody in Washington even thought about the Federal Reserve. Today there is a lot more thinking going on and a lot more support for our position. So it is growing. And yet, we’re not on the verge of changing it. I have the bill to get rid of the Federal Reserve, that’s the major step and the ultimate step and they’ll probably self-destruct before we actually pass legislation.

But the bill that is more important in the short run is the auditing bill, the 1207 bill, because that means they have to start answering our questions. Today they are protected. They are in total secrecy and they are protected by the law. If 1207 is passed we have an audit and they have to answer the questions. And I figure if we ever get that far and get the exposure and get the transparency that we need, then people will wake up and realize, ‘why do we have them at all?’

Alex Jones: Senator Sanders grilled them, as you know, last week saying that he is supporting 1207 or a version in the Senate because, Bernanke, the private Fed chief just said, “I’m not going to tell you where the money, buddy.” I mean, that’s amazing to see our elected Congress, the most powerful branch of the government according to our founders, being told to kiss off.

Ron Paul: Right, and I know Sanders real well. He was on the banking committee with me before he went into the Senate, and I called him after that, and I believe he has now introduced my version of the transparency bill and I’ve introduced his version. So both bills exist. Mine is a little bit more conclusive, in that it removes the total authority for them to not answer questions. His is specifically designed to answer certain questions and reveal where certain trillion dollars went. They are very similar, but somewhat different in nature, so we both support each other’s bill and they’ve been introduced in both chambers.

Alex Jones: Well, public support for this and the majority of the Congress itself are saying they are angry, they don’t know where the money is and Bloomberg sued to find out and he’s been told No on their foyer. If this gets media attention I can see now way that Congress wouldn’t vote for a proper audit of the private Federal Reserve.

Ron Paul: They’re going to, if we can get it that far. It’s a good issue, like so many of our issues, we bring different many factions together, liberals and conservatives, under the constitution. Because, if you’re a good honest liberal like Bernie Sanders, he is an honest person but is very, very liberal. He calls himself a socialist, but he agrees on the transparency issue.

So this whole idea that we expose them to bring populists, libertarians, constitutionals, liberals, socialist all together and think, “If we can’t do this, what’s left of representative government? There’s nothing left.” So it’s a good unifier, I think it’s a great issue.

Promote HR 1207


Audit the Fed Song



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129 Comments:

  1. The congress is having a hearing right now to expand the power of the fed.. tune in at www.cspan.org ... resuming shortly

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  2. Time to let longshotlouie move onto blindly endorsing the next Ron Paul scheme. His theory on the creation of money is pretty funny and shows he's not worth our time Sean. Bottom line is Ron Paul wants to shatter the world financial system for the sake of increasing the size of government and giving democrats more power. He can try to detract from our system all he wants but the fact remains that we are the richest society for two reasons, our financial system and our freedom. Fed autonomy is an important part of the most successful financial system in the world. Ron Paul wants to get in bed with socialists and democrats to ruin this for some reason. I think he must have a screw loose.

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  3. Speaking of socialism, Marxism, etc., why would you support a central bank. Is it not one of the planks of Marxist belief?

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    • Socialism, communism, and fascism have nothing to do with the central bank!!!! Government ownership of capital determines these.

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      • It's OK. You don't have to answer the question.

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        • OK... you are wrong. The central bank is not the plank of karl marx beliefs. Have you ever read a communist manifesto?

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          • lessee, #5 of the The Ten Planks of the
            Communist Manifesto
            1848 by Karl Heinrich Marx:

            Centralization of credit in the hands of the state, by means of a national bank with state capital and an exclusive monopoly.

            The Federal Reserve System, created by the Federal Reserve Act of Congress in 1913, is indeed such a "national bank" and it politically manipulates interest rates and holds a monopoly on legal counterfeiting in the United States. This is exactly what Marx had in mind and completely fulfills this plank, another major socialist objective. Yet, most Americans naively believe the U.S. of A. is far from a Marxist or socialist nation.

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          • You are trying to play word games. You haven't read a communist manifesto so you don't understand. He is talking about direct ownership of capital. Do you know what capital is?? Capital is anything used to make goods. Karl Marx bases his theories off the government owning industries.

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          • Ex.. China and Russia are communists because they own and profit from factories. We are socialist because our tax dollars pay for social services like the post office, schools, police and so on. Italy was fascist because they managed businesses and told them what goods to produce and how to accomplish this.

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          • It is you that play word games. I just continue to back up what I say with the facts.

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          • Your facts don't carry any substance if you don't understand them.. The Fed is not controlled by the government so your "facts" don't relate.

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          • There is a major difference between state and private ownership of a bank..

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          • If congress did take over the responsibility of the fed and monetary policy then yes, i would be afraid of government influence and ownership in the economy like karl marx talks about.. That is the reason why the fed is independent.

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          • Still confusing yourself.
            Noone is talking about the Congress manipulating the market like the FED does. Just need them to do their constitutional duty and be in charge of printing sound money, not debt money.

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          • I thought we were talking about karl marx? were we not?

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  4. Politics already makes the decisions, Kerry.
    The market is perfectly capable of maintaining price stability and low unemployment.

    Did not the FED drop interest rates to 1% and lower (the seed of our destruction)?

    We've already lost the AAA rating, and the dollar as the reserve currency is on it's last leg, and the world economy is already in peril, UNDER the FED.

    Even a socialist, like a broken clock, is correct twice a day.
    I believe Kucinich is a bit of a socialist as well, but I still have respect for him.

    Guess what, Kerry. We aren't fooled, we've done our homework.

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    • You obviously have not done your homework. You don't understand the basic needs of the federal reserve. Without the fed tightening credit, there would be run away inflation..

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      • I don't understand the basic need of a crackhead either.

        What leads to inflation?

        1. Increase in the supply of money
        2. Price Controls
        3. Expenditure of monetary reserves

        Hmmmmm

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        • Wrong.. inflation is simply determined by the velocity of money.

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          • If the demand for money increases against goods and services, there will be a general fall in prices. In order for an economy to experience a general rise in prices, there must be an increase in the money stock. With more money and no change in money demand, people can now allocate a greater amount of money for all goods and services.

            From this we can conclude that inflation is a general increase in the money supply.

            Increases in the money supply set in motion an exchange of nothing for something. They divert real funding away from wealth generators toward the holders of the newly created money. This is what sets in motion the misallocation of resources, not price rises as such. Moreover, the beneficiaries of the newly created money--i.e., money "out of thin air"--are always the first recipients of money, for they can divert a greater portion of wealth to themselves. Obviously, those who either don't receive any of the newly created money or get it last will find that what is left for them is a diminished portion of the real pool of funding.

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        • Yes increasing the money supply generally does increase the velocity of money. But you seem to think that all inflation is bad. This is totally wrong. A country canno't grow without inflating the currency. Businesses don't expand and employers don't hire people unless there is an increase in velocity of spending. The reason why prices inflate is to pay for new workers and expanding bussinesses. Deflation is the opposite. Whenever the money supply decreases or spending goes down, businesses fire people and lower their price of goods to bring up sales.

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          • I stand humbled. THIS is a more confused post than your last.

            Rev up those printing presses Ben!!!! Inflate the money supply!!! Devalue the currency!!! Destroy the incentive to save!!! Encourage reckless borrowing and speculation!!! You're being much too tight on credit!!!! Krugman and Mankiw are right!!!

            Seriously though, Austrian Economics FTW!!!

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      • This could very well be the most confused post you've ever written.

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        • okay.. Let me explain. I work in the construction industry. I've done estimating and job bidding for years.. Whenever credit is cheaper, there are more people taking loans for new buildings. Whenever this happens we get more work. We have to charge more because we have to hire more employees and dig deeper for extra capital.. Tell me, how many business decisions have you ever made for a company?

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          • I've made 27894165419 business decisions for a company.

            Where does credit come from? What allows credit to be cheap?

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          • haha, okay change the subject.. That has nothing to do with what i was talking about or you were confused about.

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          • You said "Whenever credit is cheaper...". YOU brought up credit. I am merely asking where you thing credit comes from and what allows credit to be cheap. Go ahead an answer.

            Also, I'm not confused. I said your POST was confused. The implication being you suffer from confused thinking. If I was confused by your post, I would have written something like..."This could very well be the most confusING post you've ever written."

            Anyway, tell us your thoughts on credit. What is the source of credit? What allows credit to be cheaper? Part of your confusion lies in your misunderstanding of credit.

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          • Credit is debt issued by the banks. The federal reserve allows credit to become cheaper when the economy isn't growing up to par. The federal reserve can also make credit more expensive when too many people are borrowing money and inflating the currency too much.. I don't think you understand that most businesses run off credit and all homes are bought with credit. It's what makes the money go round.

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          • You can liquidate debt, then it becomes an asset. It becomes a tangible item with inherent value.

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          • I understand we live in a credit/debt system. That's the problem. But for some strange reason, you don't seem to understand that such a system (credit/debt) is unsustainable. The manipulation of credit, the artificial lowering of interest rates, the unchecked expansion of the money supply, etc. causes malinvestments and misallocations of capital and creates the business cycle.

            More importantly, I didn't ask what credit is, I asked you where it comes from. Please let us know what you think the source of credit is. Hint: Banks are not the source of credit. No more than gas stations are the source of oil/gas.

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          • Credit comes from open market securities.

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          • Don't be trying that logic thing with sean.
            It gives him a migraine.

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          • Jus'wondering ....
            What is 'par' for the economy?

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          • Sean replies:
            July 9th, 2009 at 6:14 pm
            You can liquidate debt, then it becomes an asset.

            ... at pennies on the dollar

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          • I haven't heard of "open market securities" I do know of open market operations though. But that is not the source of credit. It is the method by which central banks manipulate credit.

            So, what is the source of credit? Again, it is not banks/central banks.

            Let's say I want to borrow money from you. What must you have in order to provide me with a loan?

            One more hint: It starts with an "s".

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          • savings bonds, treasury notes, securities, pretty much all the same thing.... a lot of banks run off of depositors money.

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          • securities that the central bank gets from the open market. I think that was a good enough answer.

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          • Again I can say this a thousand or a million times. You can't have sound money with an outstanding trade unbalance. And again, free trade policies have made it cheaper to import goods than produce them here and live within our means. Ohhh ya, you think its better to tax the fruits of our labor instead of foreign manufacturers. I totally forgot about that.

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          • if you knew a little something about history, than you would know that Teddie Roosevelt was the first president to make a huge foreign policy impact. Then Woodrow Wilson followed his path to interconnect countries. He did this setting up the federal reserve and by dramatically lowering tariffs and replacing them with the income tax.

            Read the first two columns.
            http://en.wikipedia.org/wiki/Presidency_of_Woodrow_Wilson#Federal_Reserve_1913

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          • Nope. I'll just tell you. Credit comes from savings. Not from bonds, treasury notes, or securities. Savings is the only source of credit. You must understand this if you're going to have any hope of making economic sense.

            Also, you have it backwards again. A country can't have an outstanding trade balance (at least, not for long) if it has sound money. Why? Because sound money is commodity or commodity backed money. If a country has an outstanding trade balance, its creditors can swap the currency for the commodity. Before you bring up Nixon again and his closing of the gold window as if it was something he HAD to do, understand that he didn't have to do it. He could have and should have done the honorable thing and kept true to the nation's promises. Just like the government didn't have to bail out the financial industry with TARP and TALF, just like they didn't have to bail out the auto industry, etc. Yes, it would have been painful in the short term but it would have proven wise in the long run.

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          • Hahahaha! that is where credit comes from. You can call it savings but that those are some of the actual names. You can call them savings or investments. I've said this all too many times.

            "OVER THE LONG RUN, NATIONS WITH TRADE SURPLUSES TEND ALSO TO HAVE A SAVINGS SURPLUS WHILE THE U.S. HAS BEEN PLAGUED BY PERSISTENTLY LOWER SAVINGS RATES THAN ITS TRADING PARTNERS which tend to have trade surpluses with the U.S. Germany, France, Japan, and Canada have maintained higher savings rates than the U.S. over the long run.[9] Some economists believe that GDP and employment can be dragged down by an over-large deficit over the long run. WEALTH-PRODUCING PRIMARY SECTOR JOBS IN THE U.S. SUCH AS THOSE IN MANUFACTURING AND COMPUTER SOFTWARE HAVE OFTEN BEEN REPLACED BY MUCH LOWER PAYING WEALTH-CONSUMING JOBS such those in retail and government in the service sector when the economy recovered from recessions. "SOME ECONOMISTS CONTEND THAT THE U.S. IS BORROWING TO FUND CONSUMPTION OF IMPORTS WHILE ACCUMULATIING UNSUSTAINABLE AMOUNTS OF DEBT" - Wikipedia

            "The United States of America has held a trade deficit starting late in the 1960s. It was this very deficit that FORCED the United States in 1971 off the gold standard). Its trade deficit has been increasing at an alarming rate since 1997 [35] (See chart) and increased by 49.8 billion dollars between 2005 and 2006, setting a record high of 817.3 billion dollars, up from 767.5 billion dollars the previous year.[36]" -Wikipedia

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  5. It's quite simple really. If Congress gets control of the Fed, politics will determine its decisions not its charter which says that it is supposed to mantain price stability and low unemployment. Instead of tightening interest rates when needed to combat inflation, the democratic congress will let inflation run rampant to inflate away their massive public debt. The U.S. will lose its AAA rating, the dollar will lose its status as the reserve currency and the world economy will be in peril.

    Ron Paul is an amazing polician. He has you so fooled that he can get you to support legislation that will give democrats more destructive power. The sponsor for the Senate bill is Bernie Sanders. He is a self proclaimed socialist. How does that jive with your beliefs?

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    • hahaha true.

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      • Sean,troll us over in the clover,troll us over lay your lies and do it again.You have have to do better Sean.You'd think that with a name like Sean you'd have some idea of what the British did to the Irish.There is a sense of fair play that is serverely lacking in both Sean and the Fed.

        Fed on the reserves of our humanity Sean? Is that your philosophy? Your greatest aspiration is to be a non-productive parasite?

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  6. I guess the troll's long holiday weekend is over.

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  7. I agree, it was silly to think a reasonable conversation could be had on this website. I should have been aware of the complete lack of understanding of economics and financial markets that Ron Paul and his supporters have.

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  8. Just going with what one of the cosponsors of your disgusting bill Rep. Carolyn Maloney says about Bernanke: "He's basically an academic working in a nonpartisan way to save the economy." - todays WSJ.

    The other point is that the FED needs to be able to make quick decisions. Have you ever seen Congress make a quick decision?

    I can't beleive someone who has stood for freedom for so long would come up with a bill that makes government larger and more unwieldy. You Ron Paulers really need to wake up.

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    • You have a good valid point but they believe in too many conspiracy theories. For some reason I think they believe that we could get rid of the fed without nationalizing the banks, but they know nothing about economics or history.

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    • If I might interrupt your statist circle-jerk, the money supply is the responsibility of Congress according to the supreme law of the land (The Constitution).

      The FED is in the situation of having to make 'fast' decisions because of their own mistakes in manipulating the economy.
      Those so-called fast decisions are nothing more than the pocket lining of those 'in the know'.

      Dr. Paul is not proposing that the Congress manipulate the economy in this fashion. The market is more than capable of sizing itself. Hence, no extra bloating of government.

      How many conspiracy theories is too many, Sean?
      History and economics make a fool of your belief system, more and more each day.

      Hang on to that sinking ship.
      lmao

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  9. This is one of the most dissapointing pieces of legislation I have seen in years. Do you know what taking away the Fed's independence will do to the dollar? Do you know what giving Fed control to you jokers in Congress will do to the world economy. I can't believe I once considered voting for you. You are a disgrace.

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    • Are you serious? Fed independence?
      Maybe independence from responsibility.

      When the top people at the fed are politically appointed, they are not independent.

      Kerry, WAKE UP

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    • Seeing as the dollar has dropped over 95% in value since the Fed took the helm in 1913, and dropping more and more each day, what harm is there in taking away their independence? They've had almost 100 years to prove themselves, and have failed.

      It's long overdue to remove them and start over again with the gold standard and take away the control of money from government.

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      • actually, i would say that our economy has inflated quite well in the past 100 years. Without easy credit we could not build high rise buildings, we could not build a fraction of what we have today.. Just look at t boone pickens predicament. He spent a billion dollars on windmills but can't do anything with them because he can't get credit from the banks to build a power grid.

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        • Sean luvz him sum bubblez.

          Scammer T. Boone gave up on the windmill biz.

          People aren't spending and the banks aren't lending? Hmmm

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          • He didn't give up. He is delaying the project till the banks will supply him with credit.

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        • Look where your 'easy credit' has got us. Take a look around yourself at our current economic crisis/recession/depression/whatever-you-want-to-call-it.

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          • well we wouldn't be the leading economy in the world if we didn't have easy credit.. We for sure weren't leading the world economy before the fed.

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  10. What if Ron Paul was elected to the Chairmen of the Federal Reserve?

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  11. Only 40 more to go yehaaa!!!Come on guys we can all do this! Lets pump up the volume one more notch!

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  12. The Criminal Fed and anything to do with global government, needs to be brought to heel and it is time to put senate challengers in each district who understand the issues that this raises so we can elect them one by one right over the head of the corporate monolith.

    We need new senators who will FULLY INVESTIGATE the Federal Reserve, bring criminal charges where necessary and expose the alphabet soup of these audits.

    We need this current Senate leadership to see the writing on the wall and get to the audits. We demand ACCOUNTABILITY of this secretive, thieving institution and to decide what it's doing.

    All the american people will soon see how the Fed really conducts itself and the awareness will at last reach mainstream, so we can make a decision on whether to be done with this institution or not.

    It is too secretive and unaccountable, there is something very wrong with that picture no matter where you run from or are just joining us. What is the Federal Reserve, indeed...

    And did we ever need it to begin with shall be a good question...

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  13. FED ON THE RESERVES of the American people.How could so many Congressmen stand by and watch their country and its' people reach the lowest ebb in their history? It is beyond belief!

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    • "their country and its’ people reach the lowest ebb in their history?"

      Really? Lower than the civil war, great depression, long depression, WWI or WWII, Panics of 1819/1837/1857/1873 or even the economic/social strife of the 1970's?

      I would suspect that the bulk of our ancestors would find that statement, when juxtaposed to our improved living conditions, available opportunities for driven individuals, and explosion of information availability, to be overly dramatic in the least and laughable in the most likely.

      Heck, they might consider that a slap in their collective face when you minimize what they successfully surmounted to give you the opportunities you have today.

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      • Since we haven't seen the bottom yet, you probably should wait to throw your hissy fit, Matt. I suspect that many of our ancestors would tell you to keep your so-called 'improved living conditions, available opportunities for driven individuals, and explosion of information availability'.

        Juxtapose that.

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        • For you, the bottom will always be another day. 'Social strife is forthcoming in 1980!!!' 'Wait, I mean 1990!' 'Wait, I mean 2009!' aaaaaaaaahhhhhhhhhh!

          I am stunned you are saying living through wars is EVEN EQUIVALENT to this recent financial crisis, nonetheless is preferable to today? I cannot believe you are even defending that statement. I can see our ancestors sitting around, and I TOTALLY agree (sarcasm) the conversation would go like this:

          "Ah yeah, that 'great war' and 'civil war' and 'great depression' and 'long depression' were rough, but JEEZUS YOU SHOULD HAVE BEEN IN THE US IN 2008/2009! Now THEY had it rough!"

          I'll make just one point (then wait for the response to tell me why dying 'young' is such a fantastic thing):

          If we were all born between between 1850 and 1900 our life expectancy would be between 38 and 43 years. Ron Paul would have most likely died 25-30 years ago, much of this board would be dead, too.

          To name JUST TWO examples, i'm betting had my great-grandfather (who died in the coal mines of PA with black lung at 35, and had his body just dumped on their front lawn) or my great-great grandmother (who died at 32 while giving birth) would SURELY have given up their relative squalor to enjoy better healthcare, see their children and grandchildren grow up, maybe talk to them on a webcam, fly in an airplane to see them, enjoy improved working conditions, a dentist, air conditioning, etc... Oh yeah, these are the rough times, they had it easy.

          Yeah, wars are weak, these are the ROUGH days, this is totally 'the lowest ebb in our history'... Whatever.

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          • Focus, Matt

            The man said 'watch', not watched.
            It is still in the making. This is not the bottom.

            The rest of that jibberish is relative.
            You continue to think that those people think in the same terms that you do.

            If my grandfather could read what is in the news today, he would tell you to keep your fancy bullshit.

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          • I'm cool to wait. Ron Paul's track record (which I assume y'all are basing your opinions on) on calling for social instability is shitty at best. 30 years and counting! 'Wait, no, this time I mean it!' Again, to reference: http://mises.org/books/goldpeace.pdf

            Given mortality rates, if we were born anytime before the Federal Reserve was created (arbitrary timeframe) you would most likely never have met your grandfather, not once. Don't pretend to think that he wouldn't have wanted the chance to hold his grandchild.

            Oh wait, because you knee-jerk disagree, I am SURE he would have told you to 'keep your fancy bullshit quality of life and life expectancy, i want nothing of that mumbo-jumbo'.

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          • Circular Straw

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      • Matt this is only the beginning of the downhill run.Obama has given more power to the Fed,the instigators of this collapse.The debt per capita is the biggest in US history.The US has lost most of it's manufacturing and now has a nation dependant upon service industries that survives on discretionary spending.

        If they continue to create money the US dollar will collapse.Obama is nationalising everything except the Fed.It will be a disaster!

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        • I am not saying there are not challenges ahead and obvious items that have to be remedied, there always has been and there always will be. I suppose we disagree on the end result. Again... "We probably will see widespread civil disorder in the 1980's, as a direct result of our faltering economic system." (Ron Paul quote, 1981) There is no sure-fire truth in telling the future, so it's always best to keep a bit of humility when crying chicken little.

          If the Fed is the "aforementioned instigators of this collapse" why did other capitalistic countries with various levels of free-market activity, fiscal policy, monetary policy and govt balance sheet standing, suffer the EXACT SAME HOUSING BUBBLE AND SUBSEQUENT BUBBLE BURST. To blame it on the Fed is a complete cop-out (this is a legitimate application of what usually is louies everpresent parroted copout: 'Straw') and demonstrates an illogical focus and lack of of understanding about the mechanisms by which free markets work.

          If you want to audit the United States Fed, fine, but you cannot blame one person/entity for this collapse, that absolves many others across the globe of what should be individual/regulatory responsibility.

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          • Matt,Who owns the the Euro? Basically he same group of banks who own the Fed.Who owns the UK pound,ie the Bank of England or the Rothschilds who also are parteners in crime with the Euro and US $.

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          • OK..... So that is two currencies... Of which to mention just one, there was a tremendous variety of ideological response via economic construct by country within the euro-zone. Compare Spain and Italy, Germany and France. Ireland and Finland. You are telling me those diverse ideologies are all being controlled by one secret society? Get real. They argue and joust politically, they backstab and yearn to be stronger than the other countries. Any chance to take advantage of a conspiracy would surely be met with further Free Market activity to profit from the opposite - after you ousted them.

            Outside of those two items. What about the Japanese (who have also introduced stimulus packages to fight the recession)? Iceland (which collapsed)? Swiss (long the bastion of conservative banking)? Chinese (two HUGE stimulus packages relatve to GDP)? All of those countries have participated in, or been affected by, this collapse. And it was three central banks that orchestrated this global response? Really? Really?!?! EVERY OTHER COUNTRY IN THE WORLD IS A 'SHEEPLE'?!?! Really?

            What about free market innovation and greed? The most-defaulted-upon loans that were made were in 2006/2007 - INTEREST RATES WERE NOT 1% at that time! So how did the central banks scheme to force ARMS and HELOCS on people? Wait, interest rates are EVEN LESS right now, and the same thing is not happening? Why was securitization and CDO's (again 2006/2007 vintage were obliterated, not the 1% years) occurring? Did they also scheme to force the ratings agencies rate these as AAA? Your glaring omission of Free Market failure or regulation is ridiculous, and please don't give me this 'moral hazard was removed because we aren't on a gold standard' crap, look at how much actually DID fail and how many people HAVE been laid off.

            To address your glaring lack of mention... What about India, China, and Russia, who have all publicly QUESTIONED the reserve status of the USD, and rightfully so. Don't you think if they were adversely affected by some conspiracy between EUR/USD/GBP central banks THEY WOULD ABSOLUTELY BLOW UP THAT SAME CONSPIRACY? Wait, or this conspiracy is so secret ONLY RON PAUL FOLLOWERS know about it and RUSSIA, INDIA AND CHINA DO NOT?!?!? Wait or are even our economic enemies involved too?

            Oh wait, it's much more simple to get angry and pronounce 'The Fed/Rothschilds/Bildebergs (insert fictional world-controlling cartel here) Are The Root Of All Evil' than understand how things actually work, or just say 'Circular Straw' when someone else is actually making sense.

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  14. Watch Rep. Marcy Kaptur (D-Ohio) rake Bernanke over the coals:

    http://www.youtube.com/watch?v=_OgzyROQ638&feature=player_embedded

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  15. Madame IG says "I know NUTting" !!
    http://www.youtube.com/watch?v=PXlxBeAvsB8

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  16. http://finance.yahoo.com/tech-ticker/article/275761/Why-Ron-Paul-is-Right-to-Audit-The-Federal-Reserve?tickers=XLF,GLD,SPY,DIA,TBT,TLT,^DJI

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  17. ATTENTION: To the members of both the House and Senate that fail to sign off and support Ron Paul's Bill to Audit the FED, when it comes time for re-election the voters will have your record. Further, failure to support the truth, the law, and the integrity of government means that you are complacent to lawlessness, and theft, and you support tyranny and the destruction of Our Country, the United States of America.

    I cannot help but conclude that those members of Congress, that fail to pursue justice with regard to this matter are corrupt beyond measure, and certainly need to be removed from office, and prosecuted to the fullest extent of the law. America is watching, and as more Americans are affected by loss of their job, their homes, and their very lives and freedom, more will demand that their government address the problems.

    It is past time the lawlessness, and wasteful use of taxpayer money be brought to a stop. Thank GOD that RON PAUL, and the few in Congress that support him, and the truth, had the courage to stand up and do what was right.

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  18. Ya im happy too that the number keeps growing. However its been pretty slow the past few weeks. Its safe to say that about 40% of congress is totally corrupt. And the Senate is obviously mostly corrupt. I cant believe these people were meant to actually represent the american people, how rediculous.

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  19. I'm thrilled that this number keeps going up! More and more awareness. This economic situation has most people questioning how it has happened....that everything was humming right along and then ...sweep...where did all the money go? Who has it?

    I look forward to the FED's audit...and beyond that... when the FED is actually abolished. Freedom will ring in the hearts and minds of all people, not just in America, but around the world. Freedom will ring louder than it has in a very long time!! I can hear it already, a 2nd Independence Day!

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  20. Truth is marching on

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