Audit the Fed: A Major Triumph for Transparency and Accountability

Audit the Fed Attached as an Amendment

by Ron Paul

I was pleased last week when we won a vote in the Financial Services Committee to include language from the Audit the Fed bill HR1207 in the upcoming financial regulatory reform bill. As it stands now, if HR 3996 passes, because of this action, the Federal Reserve’s entire balance sheet will be opened up to a GAO audit. We will at last have a chance to find out what happened to the trillions of dollars the Fed has been giving out.

Finally, the blanket restrictions on GAO audits of the Fed that have existed since 1978 will be removed. All items on the Fed’s balance sheet will be auditable, including all credit facilities, all securities purchase programs, and all agreements with foreign central banks. To calm fears that we might be trying to substitute congressional action for Fed mischief in tinkering with monetary policy, we agreed to a 180 day lag time before details of the Fed’s market actions are released and included language to state explicitly that nothing in the amendment should be construed as interference in or dictation of monetary policy by Congress or the GAO. This left no reasonable objections standing and the amendment passed with a vote of 43 to 26.

This was a major triumph for transparency and accountability in government. With unprecedented turmoil in the financial markets, the people are demanding to know and understand the extent of the Federal Reserve’s involvement in the creation of out-of-control business cycles, who they are helping, and how. We need information. The excuses for not giving out this information are flimsy at best, and the passage of this amendment is a major step to finally getting at the truth.

Of course I could not have done this without the help and support of many other members who have been strong allies in this fight. Having over 300 cosponsors was obviously helpful.

However, as great as this victory is, we have to remember that this amendment is attached to a bill that would give sweeping new powers to the Federal Reserve. The Fed has taken its mandate to maintain stable prices and full employment and used its immense power to help elite friends at the great expense of everyone else. The answer is not to increase their powers and ability to interfere in the economy, but that is what the legislation will do. It is a disaster waiting to happen, and unfortunately it looks as if it will pass.

At least with the Audit the Fed amendment attached to the bill, the Fed will not be able to do its destructive work in secret. The people will know exactly who the beneficiaries are of this immoral system of money management.


  • Greets
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  • Kelly and Jack

    The only way that America will get out of it’s current mess is to fully expose the Federal Reserve, then fight like never before for liberty and a new currency. Please watch the youtube video “New World Order” Dr. Paul is incredibly BRAVE to take on such a huge problem. What is Rockefeller and his Bildeberg group going to do this time? Escape to South America again? He will no doubt bring his big guns and continue the depopulation agenda that he so clearly spells out in his biography. He ADMITS to being AGAINST America and is “proud of it.” And anyone who doesn’t understand the huge 9/11 hoax, please examine the CLEAR and intelligent evidence at Over 700 qualified architects and engineers say that the towers could NOT possibly have fallen the way the government claims. Just a little youtube search will reveal the same thing. I’m now going to add some search words: nick rockefeller david aaron russo RFID chips mandatory / forced vaccines loss of liberty police state in America martial law where to go to escape the new world order prison camps in america foreign troops being trained on American soil global agenda the Obama deception cultural conditioning sheep asleep world trade center building 7. KEEP UP THE GREAT WORK, Dr. Paul!

    • Kelly and Jack

      Whenever governments want to take more control they create FEAR and the “need for greater security” … for your own good, of course! They use fear as an excuse to take more and more control of everything you’re doing. The final goal is to have every human have an RFID chip. Don’t believe me. Hear it from Aaron Russo, a once close friend of Nick Rockefeller (see on youtube). Just connect the dots, people. And God bless you, Ron Paul!!! No matter how this turns out, you are a great hero!

  • Speciesstyle

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  • Chris in TX

    The “left” has been organizing for years. The “right” has been sleeping. We are waking up now…to a big “organized” mess. As we run around looking for our cleaning supplies, they are making a bigger mess. The one thing we are lacking is our head “house-keeper” to do our own organizing. Until then, we must continue to clean up anyway we can. Stay on track. Praise be to God for waking us up.

  • Thomas Jefferson

    We pray that our revolution may be a bloodless one but, we will not willingly submit to a tyrannical government under any circumstance.

    “If ye love wealth greater than liberty, the tranquility of servitude greater than the animating contest for freedom, go home from us in peace. We seek not your counsel, nor your arms. Crouch down and lick the hand that feeds you. May your chains set lightly upon you; and may posterity forget that ye were our countrymen.”
    – Samuel Adams

    Whenever any form of government becomes destructive to these ends [life, liberty and the pursuit of happiness], it is the right of the people to alter or to abolish it, and to institute new government.
    – Declaration of Independence

    All experience hath shown that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed.
    – Declaration of Independence

  • pat

    question, does hr1207 as a stand alone bill cease to exist? do i stop telling people about it?

    i can’t tell people to write their congress people in support of a bill that increases the power of the fed!

  • Lindsey

    So the idea is to pass the bill, do the audit quickly, and then when the truth is known the Congress will be outraged and take away the powers it just gave the Fed. Does this all make sense? Should we really do this? Does Ron Paul actually trust the Congress to do the right thing?

    • Nate Y

      As I understand it, that’s not the idea.

  • longshotlouie
  • Perception

    What a joke!The US Fed accuses Congress of of tampering with monetary policy.The Fed does nothing but tamper by diluting the wealth of a nation via counterfeiting.

    Our $ is on the brink of collapse,as Ron has said many times,this debacle will surpass the last one .The printing of more money will lead to hyper-inflation and civil unrest.

    It is time for people of real integrity and wisdom to take control,since the power hungry fools have us all on the path to destruction.

  • longshotlouie

    When The Dollar Bubble Explodes

    Hope For The Best
    Prepare For The Worst

    • Nate Y

      Oh come on longshotlouie!!!

      How can the dollar collapse when the free market is buying up Tbills like hotcakes? Even with their extremely low yields, in fact, negative yields when one considers what the dollar is doing/will do as a consequence of continued abuse by the government and the Fed, the market STILL wants to buy our debt. The dollar is here to stay. The gold price is clearly indicating that gold is a bubble. That’s to say, it’s overpriced. Also, gold isn’t a good inflation hedge. It’s at $1170? So what? Back in 1982 it was at $850. It hasn’t risen in lockstep with the depreciation of the dollar. As such, gold is obviously underpriced. How can gold be both underpriced and overpriced at the same time? Tune into any 24hr news network for the answer!

      • longshotlouie

        Funny post, Nate

        I wish it was the free market that was buying all of those t-bills, rather than central banks. Since they can’t do that forever, BOOM goes the bubble.

        It’s about a lack of confidence.

        Howza’bout we call it a ‘Treasury Bond Bubble’?

        • Nate Y

          Thanks dude.

          I hope you know I was being completely facetious with my “the free market is buying Tbils” line. I made a somewhat lenghty (for this board) post explaining why it’s not the free market at all in response to Matt. Anyway, thanks for the links.

          • sean

            I’m glad the congress is creating a new fiscal agency. It’s a non-partisan group to balance the budget bc obviously congress is incapable.. They are going to cut spending and raise taxes on the super rich. Neither republicans or democrat congressmen would allow either of these, but the new bulldog agency will work.

  • Pj

    I salute you, sir! This reminds me of Mr. Smith Goes to Washington, in that you finally got something done about this. My congratulations, keep up the good work. There are many of us watching and listening to what our fellows in Congress and finance are finagling between them, so this is most definitely a step in the right direction.

  • Malu5

    I agree.

  • Todd

    I’m not sure if this is out of line or not. But maybe everyone should call there local news paper with this story. As this news hasn’t made the main stream Media. Sense Main Stream won’t edifiy Ron Paul, I think we should edify him to the General public through our local news.

    I can’t think of a greater way than with this news brief.