Audit the Fed Amendment Passes 43-26!

After several hours of heated debate, the Paul-Grayson “Audit the Fed” amendment passed 43-26 in the House Financial Services Committee earlier today. The amendment calls for a comprehensive audit of the Federal Reserve and replaces the opposing “placebo” amendment proposed by Mel Watt.

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:


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!

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

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

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  • Steve Peterson Rommel

    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


  • Nate D

    26 weasels to dispose of, including Barney Frank!

    • Oscar

      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.

  • 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.

  • longshotlouie

    Pink slip campaign hits 7.5 million
    Congress awash in warnings from citizen-employers
    Congress awash in warnings from citizen-employers
    Pouring in at 500,000 a day now

  • Chenery

    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)

  • Shane

    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.