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

  • 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!

  • 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!

  • Oscar

    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.


  • longshotlouie

    Ron Paul Still Getting 1 Million Google Searches A Month

    Go Ron Go

    • Lindsey

      Longshot: Notice that Palin totally blows away everybody except Obama WITHOUT even trying!

      • longshotlouie

        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.

  • 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:

  • treehugger541

    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!!

  • Tony

    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?

  • Gerry

    awsome….the crooks exposed..

  • Brent

    where is shimkus il-19 in this list. wtf was he doing that day?

    • longshotlouie

      Don’t think Shimkus is on the Financial Services Committee

  • GBAmerica

    I want Ron Paul for President and Sarah Palin for Vice President!
    I think if you put both together it would skyrocket!!!

  • Sara

    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.

  • FED

    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 !!!!!

    • Oscar

      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.

  • ASD

    It’s “yea” (as in “yes”), not “yay” (as in “hurray!”).

    (Of course, I am saying both “yay” and “yea.”)

    • admin

      Thanks, I looked it up and it’s actually “aye”, check out the form they used (pdf) to record the vote.

  • Neil

    And so it begins… get the corn ready because this one is one for the history books.

  • Lindsey

    Ron Klein from Florida is an idiot for voting against this. I’ll do everything in my power to unseat that idiot in 2010!!!!!!!!!!

  • Nate Y

    Sweet. A step in the right direction.

  • frosthazard

    Party Time!

  • Tyler

    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?

  • toni from spain

    Congrats from spain!!

    to the senate on 2010! Rand Paul should won to try to make a winner campaing to pass S604

  • Josh

    but what happens next?
    does it move to the house vote yet? and whats goin on in the senate?