The Paul-Grayson initiative is an amendment to Barney Frank’s HR 3996, also known as the “Financial Stability Improvement Act of 2009″. The Committee was going to vote on that bill today, but Barney Frank surprisingly postponed the vote until after the Thanksgiving recess:
(Rep. Barney) Frank told the panel that most of the members pushing him to postpone the vote were members of the Congressional Black Caucus who said that the political environment wasn’t right for a vote this afternoon.
“It’s my understanding,” Frank said, “that the issues being addressed are not internal to this bill.” In other words, the Democrats were not expressing particular problems with the bill itself, but the larger problems in the economy made them reluctant to support a bill that could be portrayed as too friendly to Wall Street.
Ron Paul sent out the following press release shortly after the amendment passed:
FOR IMMEDIATE RELEASE
Washington, D.C. – Congressman Ron Paul (TX-14) is pleased to announce that his and Congressman Grayson’s amendment based on HR 1207 has passed in the Financial Services Committee by a vote of 43-26 and will be included in major banking reform legislation.
The Paul/Grayson amendment:
- Removes the blanket restrictions on GAO audits of the Fed
- Allows audit of every item on the Fed’s balance sheet, all credit facilities, all securities purchase programs, etc.
- Retains limited audit exemption on unreleased transcripts and minutes
- Sets 180-day time lag before details of Fed’s market actions may be released
- States that nothing in the amendment shall be construed as interference in or dictation of monetary policy by Congress or the GAO
“While HR 3996, if passed, will grant sweeping new powers to the Federal Reserve, at least with this amendment attached, it won’t be acting in secret anymore. This is a major victory for Federal Reserve transparency and government accountability,” stated Congressman Paul.
How they voted (HR 1207 co-sponsors in bold):
Note: Due to a clerical error, until 5/26/2010 this roll call erroneously listed Rep. Gary Miller (CA-42) as a Democrat who supposedly voted “nay”. However, the reality is that Rep. Miller is a Republican who was absent on the day of the vote. He is a co-sponsor of HR 1207. We apologize!
| Democrats | |||
| MA-04 | Rep. Barney Frank | nay | |
| PA-11 | Rep. Paul E. Kanjorski | nay | |
| CA-35 | Rep. Maxine Waters | nay | |
| NY-14 | Rep. Carolyn B. Maloney | nay | |
| IL-04 | Rep. Luis V. Gutierrez | nay | |
| NY-12 | Rep. Nydia M. Velázquez | nay | |
| NC-12 | Rep. Melvin L. Watt | nay | |
| NY-05 | Rep. Gary L. Ackerman | nay | |
| CA-27 | Rep. Brad Sherman | aye | |
| NY-06 | Rep. Gregory W. Meeks | nay | |
| KS-03 | Rep. Dennis Moore | nay | |
| MA-08 | Rep. Michael E. Capuano | nay | |
| TX-15 | Rep. Rubén Hinojosa | aye | |
| MO-01 | Rep. William Lacy Clay | aye | |
| NY-04 | Rep. Carolyn McCarthy | nay | |
| CA-43 | Rep. Joe Baca | ||
| MA-09 | Rep. Stephen F. Lynch | nay | |
| GA-13 | Rep. David Scott | aye | |
| TX-09 | Rep. Al Green | nay | |
| MO-05 | Rep. Emanuel Cleaver | nay | |
| IL-08 | Rep. Melissa L. Bean | nay | |
| WI-04 | Rep. Gwen Moore | nay | |
| NH-02 | Rep. Paul W. Hodes | aye | |
| MN-05 | Rep. Keith Ellison | nay | |
| FL-22 | Rep. Ron Klein | nay | |
| OH-06 | Rep. Charles Wilson | nay | |
| CO-07 | Rep. Ed Perlmutter | aye | |
| IN-02 | Rep. Joe Donnelly | nay | |
| IL-14 | Rep. Bill Foster | nay | |
| IN-07 | Rep. Andre Carson | nay | |
| CA-12 | Rep. Jackie Speier | aye | |
| MS-01 | Rep. Travis Childers | aye | |
| ID-01 | Rep. Walt Minnick | aye | |
| NJ-03 | Rep. John Adler | aye | |
| OH-15 | Rep. Mary Jo Kilroy | nay | |
| OH-01 | Rep. Steve Driehaus | aye | |
| FL-24 | Rep. Suzanne Kosmas | aye | |
| FL-08 | Rep. Alan Grayson | aye | |
| CT-04 | Rep. Jim Himes | nay | |
| MI-09 | Rep. Gary Peters | aye | |
| NY-25 | Rep. Dan Maffei | aye | |
| Republicans | |||
| AL-06 | Rep. Spencer Bachus | aye | |
| TX-19 | Rep. Randy Neugebauer | aye | |
| DE-01 | Rep. Michael N. Castle | aye | |
| NY-03 | Rep. Peter King | aye | |
| CA-40 | Rep. Edward R. Royce | aye | |
| OK-03 | Rep. Frank D. Lucas | aye | |
| TX-14 | Rep. Ron Paul (sponsor) | aye | |
| IL-16 | Rep. Donald A. Manzullo | aye | |
| NC-03 | Rep. Walter B. Jones | aye | |
| IL-13 | Rep. Judy Biggert | aye | |
| NC-13 | Rep. Brad Miller | ||
| WV-02 | Rep. Shelley Moore Capito | aye | |
| TX-05 | Rep. Jeb Hensarling | aye | |
| NJ-05 | Rep. Scott Garrett | aye | |
| SC-03 | Rep. J. Gresham Barrett | aye | |
| PA-06 | Rep. Jim Gerlach | aye | |
| GA-06 | Rep. Tom Price | aye | |
| NC-10 | Rep. Patrick T. McHenry | aye | |
| CA-48 | Rep. John Campbell | aye | |
| FL-12 | Rep. Adam Putnam | aye | |
| MN-06 | Rep. Michele Bachmann | aye | |
| TX-24 | Rep. Kenny Marchant | aye | |
| MI-11 | Rep. Thaddeus McCotter | aye | |
| CA-22 | Rep. Kevin McCarthy | aye | |
| FL-15 | Rep. Bill Posey | aye | |
| KS-02 | Rep. Lynn Jenkins | aye | |
| NY-26 | Rep. Christopher Lee | aye | |
| MN-03 | Rep. Erik Paulsen | aye | |
| NJ-07 | Rep. Leonard Lance | aye |
Processing your request, Please wait....
I reckon something really interesting about your web blog so I saved to my bookmarks.
Report this comment
Like or Dislike:
0 
0
Your blog is great and i also know Allen always adds balsamic vinegar to his soup.
Report this comment
Like or Dislike:
0 
0
Hmm it seems like your site ate my first comment (it was super long) so I guess I’ll just sum it up what I had written and say, I’m thoroughly enjoying your blog. I as well am an aspiring blog blogger but I’m still new to the whole thing. Do you have any points for first-time blog writers? I’d definitely appreciate it.
Report this comment
Like or Dislike:
0 
0
Somebody necessarily help to make seriously articles I may possibly state. That may be the extremely very first time I frequented your internet page and to this point? I surprised with the research you made to make this actual put up remarkable. Fantastic task!
Report this comment
Like or Dislike:
0 
0
For anybody who is considering about external complications, sometimes be tough amaze those to realize to produce just a single weed in this really flowing typically requires eleven liters concerning gasoline to. dc free of charge mommy blog giveaways family trip home gardening home power wash baby laundry detergent
Report this comment
Like or Dislike:
0 
0
Extremely great info here. Heading to bookmark it!
Report this comment
Like or Dislike:
0 
0
Ron Paul is attempting to seek the truth within all things just how corrupt our Government has been representing We The Peoples Money, but the evil corrupt powers that be will continue to fight him at every turn,for within the process of bringing the Truth to The American People the names,and faces that were hidden within the evilness,and darkness of their corrupt evil deeds will be brought in to the light of day for America to realize that they The Corrupt Violated Our Trust, and or never ever truly represented We The People Of The United States Of America, and or The Constitution,and Laws Of This Great Land….Respectfully, Steve Peterson Rommel
»crosslinked«
Report this comment
Like or Dislike:
0 
0
26 weasels to dispose of, including Barney Frank!
Report this comment
Like or Dislike:
0 
0
Yes. Barney is a fence sitter,trying to appease the masses and in reality is a self serving apologist for the Fed.How could so many become so corrupted? What they don’t realise,is that they too will soon become expendable trash in the eyes of those who manipulate them.
This game is about a super elite,in which pollies are just pawns in a power game of lust,and ultimately self destruction.Economic pedophila comes to mind.
Report this comment
Like or Dislike:
0 
0
HR 1207 must now be ratified in chamber and voted on in the Senate, plus the full House.
HR 1207 has been included in HR 3996 so it must go before the full House for the vote.
Report this comment
Like or Dislike:
0 
0
UPDATE!
Pink slip campaign hits 7.5 million
Congress awash in warnings from citizen-employers
http://www.wnd.com/index.php?fa=PAGE.view&pageId=116884
Congress awash in warnings from citizen-employers
Pouring in at 500,000 a day now
Report this comment
Like or Dislike:
0 
0
YAY!!!…next we smash down the bills they are proposing to stop this audit! We get together more in our meetups and C4L goings-ons
AND DON’T FORGET! about the Copenhagen Climate Treaty and Green Tax (sounds soo nice, right?)–this is a biggie and due for your attention months ago. Mine too. In December, if (I should say when, for unstopable now) this passes, the NWO is completely secure. Cries from the American and All Peoples….(the sheeples stay quiet..baaa)
Report this comment
Like or Dislike:
0 
0
Big surprise Warren Buffet come out against the audit bill. 6 of the top 15 holdings of Berkshire Hathaway are banks or financials. Gee I wonder why he would be against it. The Fed and corporatism go hand in hand.
Report this comment
Like or Dislike:
0 
0
I disagree that Sarah Palin wouldn’t be a great choice for VP though! I think Walter Jones or Kucinich would either be a better choice for VP!
Report this comment
Like or Dislike:
0 
0
I hope that this bill that Representatives Paul’s and Grayson’s bill come to the floor of the house! It’s truly a bi-partisan bill! Screw those Democrats that voted against this bill!
Report this comment
Like or Dislike:
0 
0
Maintain your rage and resolve.This is just the beginning of the fight.Ron Paul needs all the help we can muster.Educate everyone you know.
Report this comment
Like or Dislike:
0 
0
Ron Paul Still Getting 1 Million Google Searches A Month
http://www.youtube.com/watch?v=FVH3pHiB2gQ
Go Ron Go
Report this comment
Like or Dislike:
0 
0
Longshot: Notice that Palin totally blows away everybody except Obama WITHOUT even trying!
Report this comment
Like or Dislike:
0 
0
Without even trying? Why would she have to try when the MSM is chasing her around?
It is a bit amusing that they work so hard to destroy someone that they say is such an idiot.
Report this comment
Like or Dislike:
0 
0
For those wondering what will happen, next:
The amendment essentially becomes the bill, but the bill itself needs to be voted on in Committee. It was supposed to be voted on before thnxgiving, but it may be delayed. Given the 43-26 vote on the amendment, the bill will pass committee and move to the floor.
Indeed it is interesting to see all the people coming out of the woodwork, pay attention, enemies of America will show their face.
Like warren buffet: http://www.rightcondition.com/2009/11/warren-buffet-selling-out-middle-class.html
Report this comment
Like or Dislike:
0 
0
Yeah, sorry for my ignorance. But is this going to go to a vote in the House next? What’s next for HR 1207. By the way Dr Paul your determination for Freedom and Liberty brings a tear to my eye!! Thank You!!
Report this comment
Like or Dislike:
0 
0
2 things…
1.) Brad Miller is a Democrat, not a republican
2.) What does it mean if there is no vote? They abstained? Any chance they weren’t in attendance?
Report this comment
Like or Dislike:
0 
0
awsome….the crooks exposed..
Report this comment
Like or Dislike:
0 
0
where is shimkus il-19 in this list. wtf was he doing that day?
Report this comment
Like or Dislike:
0 
0
Don’t think Shimkus is on the Financial Services Committee
Report this comment
Like or Dislike:
0 
0
I want Ron Paul for President and Sarah Palin for Vice President!
I think if you put both together it would skyrocket!!!
Report this comment
Like or Dislike:
0 
0
Let’s just hope no one will change the facts or that media won’t create a diversion (wag the dog like) fake story. All these people who were against it should have their backgrounds and interests looked into. People have been asleep. We’ve been used for their selfish purposes. How long is this nonsense going to continue? Ron, thank you. Hope we get the truth.
Report this comment
Like or Dislike:
0 
0
nice going the gig is over and so is our currency if this audit discovers what really has been going on for the last 90 years. GOD HELP US ALL !!!!!
Report this comment
Like or Dislike:
0 
0
The gig is theft by stealth.It is real,as the cancer of pedophile perversion,or betrayal by your own family.
What they don’t realise,is that real wealth exists in the minds of the masses.Many within this so called “New World Order”,will be consumed by the powerlust and anarchy which they have created.Unless sanity prevails,no one will win.
The NWO nutters will achieve MAD.Mutual Assured Destruction.
Report this comment
Like or Dislike:
0 
0
It’s “yea” (as in “yes”), not “yay” (as in “hurray!”).
(Of course, I am saying both “yay” and “yea.”)
Report this comment
Like or Dislike:
0 
0
Thanks, I looked it up and it’s actually “aye”, check out the form they used (pdf) to record the vote.
Report this comment
Like or Dislike:
0 
0
And so it begins… get the corn ready because this one is one for the history books.
Report this comment
Like or Dislike:
0 
0
Ron Klein from Florida is an idiot for voting against this. I’ll do everything in my power to unseat that idiot in 2010!!!!!!!!!!
Report this comment
Like or Dislike:
0 
0
Sweet. A step in the right direction.
Report this comment
Like or Dislike:
0 
0
Party Time!
Report this comment
Like or Dislike:
0 
0
Cool, I need to make sure i have this correct.
This amendment that passed today overrides the, earlier proposed “watered down” Mel Watt amendment included in HR 3996?
This new amendment is basically HR1207 only now the provisions are included in the HR 3996 “Financial Stability Improvement Act of 2009″
Is that all correct?
If so, then what happens with HR 1207?
Report this comment
Like or Dislike:
0 
0
Congrats from spain!!
to the senate on 2010! Rand Paul should won to try to make a winner campaing to pass S604
Report this comment
Like or Dislike:
0 
0
YESSS!!!!
but what happens next?
does it move to the house vote yet? and whats goin on in the senate?
Report this comment
Like or Dislike:
0 
0