Ron Paul Disappointed, But: “The Fed Is No Longer Untouchable!”

Congressman Ron Paul (TX-14) today expressed disappointment that the Senate failed to pass an amendment offered by Senator Vitter (amending the Senate financial reform bill), which included the express language of Congressman Paul’s landmark “Audit the Fed” legislation. Paul’s legislation passed by a large margin in the House of Representatives last fall as part of the House financial reform bill, and Senator Vitter’s amendment would have paved the way for a full and ongoing audit of all of the Federal Reserve’s lending and monetary policy activity.

However, the Vitter amendment was supported by over 1/3 of the Senate, and the Sanders amendment (calling for disclosure of how approximately $2 trillion of Federal Reserve credit facilities were dispersed) passed unanimously today in the Senate. Therefore Paul remains hopeful that momentum is shifting and the days of Federal Reserve secrecy are coming to an end.

“The 37 votes our measure received in the Senate represent a strong step in our continuing work for full Federal Reserve transparency. In addition, the passage of the Sanders Amendment is a victory for taxpayers, who will finally know who received $2 trillion of their money,” stated Congressman Paul. “The Fed is no longer an untouchable monolith. It can no longer take for granted its absolute power to create and give away public money at will, with no true accountability. With strong support in the Senate, the House, and especially among the public, more victories for full transparency lie ahead.”

John Tate of the Campaign for Liberty attacked the Sanders Amendment and said he will continue to push Congress for an up or down vote on Ron Paul’s HR 1207.

Today, the U.S. Senate voted 62 to 37 against an amendment to allow greater transparency at the Federal Reserve.

This amendment was introduced to counter a weaker amendment that would have required only a one-time audit just of Fed emergency programs. The new amendment was similar to the original H.R. 1207 audit bill introduced by Congressman Ron Paul and added to the House financial reform package.

“The Sanders Amendment is no substitute for a complete and thorough audit of the Fed,” said John Tate, President of Campaign for Liberty. “With this vote, we now have a record of those who really want transparency and those who only pay lip-service to it while upholding the status quo.”

If the entire financial regulation bill makes it out of the Senate, it heads to the House, where House Financial Services Committee Chairman Barney Frank will choose which version to move forward on.

“The Dodd bill itself is just another bad piece of legislation, which will benefit no one except the Fed and its friends at big banks,” said Tate. “It institutionalizes bailouts for banks and subsidizes risky financial decisions.”

“Despite what happens with the financial regulation bill, we will continue pushing Congress for an up or down vote on H.R. 1207, which is the only full audit to allow true transparency in our financial system.”


  • Andrew James Byrne

    We the People, want the the”Fed Audited!” Please Dr Paul dont give up! You are the “Voice” of the American People!!

  • koko

    Keep fighting, Dr. Ron Raul, don’t give up too easily. Obama passed his HealthCare because he refused to give in and you should do the same.

  • Allen Fenster

    Thank you Dr. Paul for establishing a foothold in the muck. Hopefully we will be able to advance this to full disclosure, with accountability. It would be nice to have been able to take this as a single victory, but we must learn tactics to dig in and chip away at the adversary, exactly as they have eroded our great republic over decades.

    Anyone got any ideas? Please, step up.

  • Dr. Paul is the lone voice of moral integrity and reason amongst the masses of corrupt politicians. His work to audit and ultimately abolish the Federal Reserve is our only hope of restoring true liberty in our country. It’s no wonder Vladimir Lenin once said, “The establishment of a central bank is 90% of communizing a nation.”

    He was right; a central bank enables the transformation into a welfare-warfare state.

    Check out our article on

    “Why We Must End the Fed Before They End Us”

  • Charlie

    How about a 25% salary reduction for every year congress approves a budget deficit? And a 2% pay increase for each year they come up with a balanced budget. It sure as hell works in the free market.

    • fred the protectionist

      It wouldn’t work….cus…the same people who would vote yes to cut the budget would also vote yes on those changes….and….cus….the same people who would vote no to cut budget would also vote no on those changes….and…..duh…basically…uhh…accomplish nothing.

  • That is dereliction on their part and they are going to pay for the decisions they made to increase the power of the Federal Reserve.

  • S.Hanich

    I hate to use a cliche but , It is a step in the right direction , now if only the mainstream media would cover this .

    • Lizzie Bell

      The mainstream media (like Washington DC) is owned by the FED and Wall Street interests…they’ll bury the story

  • Kurt Tagtmeyer

    Here is what Scott Brown gave as reason for saying nay to the Vitter amendment (this is his post on Facebook):

    Scott Brown “supported the Sanders amendment over the Vitter amendment, because I do not believe politicians should be involved in decisions about currency and monetary policy. This can seriously undermine consumer and investor confidence. Since Congress can’t even manage to make good fiscal policy decisions – as evidenced by our r…ecord levels of debt – it should not be expected to manage monetary policy.”

    Can you believe this?

  • Homo Sapiens Sapien-AnthraxReady

    It appears we must re-evaluate the system of checks and balances the founders set up to prevent government corruption and exploitation. It has quite obviously failed. Nothing a truly educated electorate can’t fix. Chuck all education reforms since WW2.

  • We have two Senators here in Hawaii, Inouye and Akaka. Both of them voted nay. I sent this email to them both.

    Your vote puts you on the side of endless bailouts and an unelected and unaccountable Federal Reserve whose destructive policies wrecked our economy. Change your voting habits or feel the power of the people, we vote too you know, without getting paid.

  • Charlie

    Just scroll down this website and you’ll find the entire list of votes. The duds are falling each day in both parties. Pay attention to the voting records and then cast your vote accordingly in November.

  • Can someone make a list of all of the 62 cowards who voted against this so we can black list them and get them out. Especially the Republicans that claim they are “small government”. Even with the water downed version this is still a major miracle. Time to keep the heat on this stuff is working.

  • of course what would you expect from the senate. But as a kentucky resident and volunteer for the rand paul 2010 senate campaign we are about to send someone there who will be there to lend support to the end the fed bill in the senate