52 responses to “Senate Rejects True Transparency: Vitter’s Audit the Fed Amendment Fails 37-62”

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  5. steven cox

    The Money Masters is a documentary history of the United States vs. the Charter Bank system which is clearly against liberty. If anyone is confused about why Ron Paul is one of the few to name the Fed as the enemy might consider the words of JFK, “We are facing a monolithic and ruthless conspiracy”.

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  6. Deft

    This vote is good. It shows us who the enemies are. The Nays are traitors.

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  7. Derek Huckeby

    I am happy to see that Inhofe voted yea being a resident of Oklahoma, although I am deeply saddened that it lost by such a landslide.

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  8. S. Crosley

    Here is the pathetic response from Senator Kyl when I sent him an email to support the Vitter amendment:

    Dear Mr. and Mrs. Crosley:

    Thank you for inquiring about recent votes in the Senate on amendments authorizing audits of the Federal Reserve.

    First, it is important to note that the Federal Reserve’s Board of Governors, the Federal Reserve Banks, and the Federal Reserve System as a whole are already audited annually by an independent outside auditor (currently, Deloitte and Touche). The Government Accountability Office (GAO) also already audits the supervisory and regulatory functions of the Federal Reserve to the same extent that it audits the supervisory and regulatory functions of other federal banking agencies.

    Moreover, Congress already has the authority to conduct oversight of the Federal Reserve’s operations: the members of the Federal Reserve Board are, for example, subject to the advice and consent of the Senate; the Fed Chairman testifies regularly before the Congress; and, of course, the Fed was created by an act of Congress and remains accountable to it.

    What is excluded from the scope of the GAO’s existing audit authority is the Federal Reserve’s monetary policy deliberations and operations, including open market and discount window operations, and transactions with foreign central banks, foreign governments, and public international financing organizations. Those activities are excluded in order to preserve the independence and efficacy of the Federal Reserve’s monetary policy decisions. In other words, the exclusion is intended to keep politicians from undermining the Fed’s independence and injecting political considerations into the conduct of monetary policy – something that could lead to rampant inflation.

    The Senate considered two audit-related amendments on May 11, 2010. The first was an amendment by Senator Bernie Sanders. The original version of his amendment would have authorized a full GAO audit of the Fed, including its monetary policy operations. But the administration had indicated that the President might veto it; so, Senator Sanders worked with members of the Banking Committee and the administration to reach a compromise.

    What they came up with was a modified version of the amendment that would require the Federal Reserve to provide details about the emergency lending programs that it implemented since 2007 in an effort to address the liquidity crisis that gripped the financial markets. The Fed would be required to provide information about how much money went to borrowers, the dates the assistance was provided, terms of repayment, and the rationale for the creation of the lending programs. The modified Sanders amendment would also require the GAO to complete an audit within a year, but preserve the exclusion for the Federal Reserve’s monetary policy deliberations. The amendment passed on a vote of 96 to 0. I supported it.

    The second amendment was offered by Senator David Vitter and largely tracked the original version of the amendment that Senator Sanders had offered. It would have permitted the GAO to probe the Fed’s monetary deliberations, and it was rejected on a lopsided vote of 37 to 62. I voted against it.

    In addition to the concern noted above about injecting political considerations into monetary policy decision-making, I am concerned that a GAO audit of the Fed’s open market operations could end up costing taxpayers billions by giving investors a road map to the Fed’s trading strategies and the securities it intends to buy. Armed with information about the securities the Fed intends to buy (that is, information gleaned from an audit), investors could acquire the securities and then sell them to the Fed at a premium.

    I hope this information is helpful. If you have any other comments or questions, please don’t hesitate to let me know.

    Sincerely,

    JON KYL

    United States Senator

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  9. Matt

    Not surprising that Mr Big government Mitch McConnell voted No as well.

    Mitch McConnell’s career is coming to a close that’s for sure. Kentuckians are sick of his “limited government” lies and we’re tired of him siding with wall street and supporting those damned thieves who take our tax dollars.

    I hope Rand Paul stirs up a movement here in Kentucky because I’m sick of the Republican Establishment — something has got to give.

    http://www.kentucky.com/2010/05/07/1254966/ketnucky-poll-more-voters-unhappy.html

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  10. C.

    I will make the pledge to back Ron Paul for President if he will make Sarah Palin his running mate. No wimping out with some other pacifistic Republican who will water down the ticket just to please some middle-of-the-road toadies.

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  11. Don Swafford

    It appears to me that those who are somewhat dishonest and those that are downright dishonest and lie about things do not want anyone to know just how much they lie, cheat and steal from the taxpayers. All those that voted NAY should be thrown out of office, that just shows how dishonest they really are.

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    1. Justin

      Great idea start a complaint. Get out infront of the people with sign’s, let everybody know. Let them know what is being done while they (the dumb a**’s are not watching). These people do not see it on the local new or in the news paper they do not believe it. Their precious government does everything correct. You know? Laugh out loud oh I forgot I’m supposed to be lazy, “LOL!”

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  12. cecil luckey

    progressives first infiltrated the got control of both poloitical partys and the goal of both partys is to grow government to become part of a future world government. their goal is identical but they package the the message as conservative vs liberal when in fact we can on chose between progressive D canidate R while the adgendate is the same goal ron paul has answers which for us to read and hnor the constitution then support men who they trust not to trash the the constition. only then will we take back both political partys and save this republic.

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  13. John Pennington

    So, here is our hit list. Republican, Democrat, or otherwise. Let’s get rid of these currs in November, and then force our new representatives to investigate and file charges on all involved in this defraud of the American People. Let’s not forget, and may we never fall asleep at the switch again.

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  14. cory

    Scott Brown is just another big government, status quo, establishment Republican sucked into all the neo-con trappings at work within the GOP and the Beltway. The only difference between him and the man whose place he took (may his infanticidal soul eternally rot!) is that he never killed anyone…much less get away with it! We need more public servants like Ron and Rand Paul, Jesse Ventura, David Ritter, etc.

    Mr. Obama, all you Marxist progressives and libs, and all you empire hungry neo-cons – your day is fast approaching! The American people are coming for you this November!

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    1. fred the protectionist

      Jesse Ventura? The troofer who looks like a bald-headed Ogre?

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  15. Shasta H.

    You know, after reading this the one question I have is; where were all of the other IA senators? I see one voted but the rest didn’t even bother to show to vote and the sad thing is that no one, at all, from IA even voted when it went through the house. Being a life-long IA resident this gives me great concern!

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    1. Skeeter

      For Iowa I see Grassley Yea, Harkin Nay. There are only 2 senators per state, Shasta, you must be thinking of the representatives. The number of reps is proportional to the population.

      I can’t imagine why honest Democrats would vote nay on this bill. Aren’t they the party of the people? Isn’t this the transparency Obama promised?

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  16. JKoulouris

    The Ron Paul/Grayson original legislation proposal to fully audit the Federal Reserve System should have passed with an unamended proposal, which just is a deception to allow those who wish to control the World Currency System to just keep tearing off the minimal amounts of flesh which still occupy a very small portion area of the bone. Let’s face it, The entire World Community is tired of this fiat currency, and Uniform Commercial Code Merchant Laws Scam, and “Strawman” System that has torn society into shreds for the last few centuries.
    Humanity is tired of everything that bears the Mark of the Red Shield (“Rothschild” in German), and the deceptive political representatives who would sell their mothers and their fathers for a measly worthless piece of paper, which in reality does not hold the value of a single sheet of bathroom paper roll.
    It is the largest scam in the history of mankind, and as such, it will be turned over to our future generations, with all evidence attached, so that they would know who was behind the mass plot to profit from the suffering of humanity during the false reign of these deceptive, abusive traitors, and architects of human slavery and suffering. BE AWARE, the day of your counterfeit Modern Day Roman Empire is coming to an end. But then again, we already can see the signs of this occuring, and that is why those who think they rule humanity by deceptive slavery, are asking for their deceived slave populations to rescue them.
    I hope that these traitors and deceivers of humanity will have the intelligence to keep a couple of coins in their pocket, so that they may pay Charon the Boatman,
    as even the caretaker of the Greek Underworld requires payment to cross a human soul into the Underworld. Think about this fact, as you Pseudo Gods of Modern Day Financial Empires continue to think you own everything and everyone, at least for the very natural short term that you have left.

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    1. Justin

      When and were are we going to stand for what we believe. I will sell everything I have to get there. We shall all stand against these people.

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  17. CitizenPete

    Today I called the offices of both Sherrod Brown and George Vonavich, asking them WHY they voted against this amendment. The staffers from both offices said: “I’ll be happy to pass along your comments”? TO which I replied , “I don’t have a comment — it’s a question: WHY did he (they) vote against it?”

    Answer: “Unless the Senator posts a press release on a specific vote, we can answer why he chose to vote the way he did.” but I’ll be happy to pass along your comment.

    Me: “I don’t have a comment — it’s a question: WHY did he (they) vote against it? – good-bye.”

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    1. Justin

      Get out to your local Government with pickit sign’s. Let all the local’s know about the way they are voting. Get the answer’s you are looking for. I love the way you are standing up. Trying to get locals togather. I am glad and suprised that both from Oklahoma voted yea.

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  18. 1111cb

    http://www.opensecrets.org/lobby/lm_health.php

    and this is who gets lobby money- Note Mitch McConnell’s vote, his lobby influence, and read up on Scott Brown’s going along with whatever McConnell says and in the background Cheney. Also note who is campaigning heavily with ads against Rand Paul.
    We really need to get the message out that we want not just any newbie who McConnell can manipulate like Scott Brown, but a true independent like Rand Paul. Watch the attack ads to find out who McConnell and Cheney are against in the conservative group and vote for them.

    also-I like facts- any one have any support or evidence the “Obama administration ” was wanting it watered down and does that matter? All the Executive branch can do is veto, then the Congress can override. A strong bill would have forced the point and do you really think Obama would veto a popular bill? And why should the Congress- especially Senators in for 6 years who have been protecting the Feds under many administrations be so compliant with Obama. The Obama rhetoric is a distraction that McConnell and Cheney are playing to divert attention from a protection of the Feds since the Great Depression. A protection that benefits the rich.
    or was it maybe many of the richest members in Congress crowd (note Pelosi and Kerry on the list) who were for this? Incumbents encrenched over several administrations who keep blaming the president Republican or Democrat. Was this a freebie opinion comment or fact thrown into this? I haven’t had time to cross check yet.
    Obama is newly rich from his books in just the past few years, not the stock market- before that he and his wife were saddled with student loan debts living like the rest of us. He is not invested in the stock market personally in the same way as Pelosi. Her money is all old money and she has not had to work for a living. Economy shrinks down to its natural state and her fortune evaporates.

    http://www.senate.gov/legislative/LIS/roll_call_lists/roll_call_vote_cfm.cfm?congress=111&session=2&vote=00138#position
    I like this link-you can play around with the votes to see patterns. You can also check on other bills

    http://innovation.cqpolitics.com/cq-rollcall/richest_members_of_congress_2008
    this is the 50 richest members in congress-again to check for patterns

    Follow the money to find the truth

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    1. john doe

      You are wrong about O. O. IS going to make zillions off the stock market. On his income tax form he lists a blind trust with Goldman Sachs. I’d love to know how many millions that is going to be worth when he finally retires. Hundreds of millions?

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      1. 1111cb

        can you post a link? I keep hearing things like this but do not know how to see their taxes

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      2. 1111cb

        I learned about a blind trust
        http://www.opensecrets.org/capital_eye/inside.php?ID=251

        its more blind them my retirement- I likely own stock in many of these firms through my work retirement investments- I select an option and someone does the buying and trading day to day.
        However- this is forced- I really want my savings account tax free and them to stop taxing everything except stock market “retirement and college savings accounts” Why can’t I save the way I want to? We get 1 choice- gamble your savings in the market or get all the interest you earn some other way taxed away.

        But my point is- focus on Obama diverts attention from the fact we have power NOW- now in 2012. Obama and his administration are not the reason Congress voted this way. The problems with the Fed go way back. Actually the Fed is the problem. An Audit the Fed bill went through and no people I knew heard about it when as I talked to them. No talk on the blogs other than Ron Paul blogs . Just lots of coverage on how Romney, Palin, or Huckabee are the top picks for 2012.

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    2. Justin

      What is a vote?
      Since the beginning of time the same people or banks who have been running thing’s know who is going to win. They just make you people believe that voting is legit. What a crock. The voting really make’s you feel like you are doing something huh? Why? Why is it this way? Because the one’s most everyone continually give’s there money to just get’s richer and are able to buy their way through anything. Start getting out into your community’s Start investing your money’s into a win. Don’t expect a vote to turn out the way you want unless you are loaded…… And if you are give your donation’s unto yourself. Put them out in flyer’s put them out in pickit’s, run your thing’s out in the sport’s, sale’s, or new’s section of your newspaper, craigslist etc. or what ever you feel may help. Stop bending over to these $ driven winner’s, but watch your back if you start getting thing’s done. Because they will pay to have you taken out or pay you off to shut you up!

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  19. Bottomline

    It is the season for anti-incumbecy. So let’s vote the bums out who voted against auditing the fed.

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    1. Citizen

      Bottomline

      Hear Hear!
      November is only 5 months away!

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  20. Kurt Tagtmeyer

    Here is what Scott Brown posted on Facebook as a reason for voting no on the Vitter amendment:

    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.

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    1. Citizen

      Kurt,
      You are partly right… Our politicians are too DUMB to make good laws and are much less qualified to be making monetary decisions.

      That’s why we need to End The Fed…. which has simply become the vehicle of Political Free Lunches, which We the Tax Payers can not afford!

      The FED is “monetizing” our National Debt by DILUTING our Personal Wealth.
      The FED (Bennie) and Treasury (Timmy) are colluding to PRINT TRILLIONS of Federal Reserve Notes (FRN) that are simply DEVALUEING your and my dollars! INFLATION….!

      That’s one of the reason interest rates are currently so low, because there is so much money in the system but no consumer demand… 1970’s style “StagFlation”

      The true test is the price of precious metals… Gold has hit another record $1,245.00 FRNs

      Soon they can start printing FRNs using soft perforated paper on rolls with holes in the middle for a ease of use.

      Got Gold?

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  21. Gideon

    Look at all the list of Senator that did not vote to Audit the fed. Make sure that everyone knows (In your state) by posting all those names. DO NOT VOTE FOR THEM ON THE COMING ELECTION. I live in CA Boxer and Feinstein did not want to audit the fed, I will have my say on this coming election!

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  22. vince

    Is it true that there is an article in the financial reform bill that censors the internt?

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  23. Citizen

    Sad but True
    Our elected officials are NOT doing the peoples bidding.

    The truth be known… The FED lent the near Trillion Dollars to the IMF who in turn gave your TAX money to Greece.

    The FED is America’s worst nightmare and Timmie and Benny are just getting warmed up with Greece. Just wait when the rest of the PIGS go down Portugal, Italy, Ireland, Spain..!

    Ron Raul knows this ugly truth and is trying to expose it, but the rest of those elected scoundrels want it covered up, thus the vote to kill the bill.

    The EU Public Unions and other Entitlement spending created the PIGS and they are symptomatic of what America will soon be facing.

    “The Socialists have finally run out of Other Peoples Money”
    PM Margaret Thatcher

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  24. Kale R.

    I wonder if there is any “buying of votes” going on. The Fed doesn’t want their secrets to be out, and they sort of control all of the country’s money.. hmm?

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  25. Charlie

    They missed “Bailout Bob” Corker from Tennessee on the list of Republicans who voted against the audit.

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    1. admin

      Thanks!

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  26. Adam

    No surprise here, except the fact that John McCain voted yes. That really surprised me. Anyway, I figured that socialist Chuck Schumer would vote it down, but I had hoped my other senator would do the right thing. I had written to both of them and unfortunately they proved that they could care less about what the public wants. Good, now maybe they both will be voted out in 2010.

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    1. Lindsey

      Adam: McCain learned his lesson by losing the election as a result of voting for the original bailout. Kudos to my Senator Le Mieux from Florida who has voted the right way every time. I wish he would run to keep the seat. As for Nelson, he has to go!!!!!!!!!!

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      1. vince

        i live in florida as well, go to nelson’s website and write him an email, i did. I wrote: I am ashamed and disppointed in you and you proved that your allegiance is to the corporations and not to the american people et.

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    2. Libertarian777

      don’t forget though, this is a ‘one time audit’ bill… so its a much easier political sell.

      you can vote ‘Ay’ for it and whatever way it goes you can later on claim either that you voted to audit the Fed or that you ‘only voted for a limited audit’.

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  27. Fred G.

    It’s business as usual for the Fed, and none in govt need fear anyone uncovering anything suspicious, which is what they want. It’s sad, and I know I’m going to vote both my senators out, the traitors. But, what goes around, comes around.

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  28. Boozie

    Cowards! All of them! Everyone is so worked up about the time square bomber but these senators are doing more to hurt this country than all the terrorists in the world put together will ever do. What the congress has let happen to this country is criminal. It is not a recent development either. They are supposed to represent the people but they do not care. The idea of letting a private bank control the american peoples money and do whatever they want with no oversight disgusting! SHOW ME THE MONEY(gold)!!!!!!!

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  29. Shawn

    You forgot to add Corker (R-TN) to the list of Nays. I wrote both of them last week hoping they would have an epiphany of conscience but it turns out my assumptions were true. Both Democrats and Republicans are worthless and corrupt. I’m glad to be a Libertarian. It’s just a shame Dr. Paul has to run on a Republican ticket to have a chance of getting the majority of people to listen. This government and the majority of the populous are selfish and ignorant. Don’t most Republicans realize they’re more like Libertarians if they actually paid attention.

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  30. Oscar Blandon

    Thanks for the vote tally Dr. Paul. I know 2 senators who I will be voting out. Please also work to get rid of electronic voting, so that my vote does count this time.

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  31. cheryl

    We need to slam the senators who sponsored S604 and then voted Vitter amendment down! I am going to. I’m also complaining to both of my senators that voted NO. Hold these people accountable. I may even contact all the Republicans that voted NO. Hold their feet to the fire. Let them know we know what they’ve done. They’re going to claim they’ve passed an Audit the Fed amendment. And I can see that they’re setting up Republicans to now *have* to pass the Dodd bill since it contains an “audit the Fed” amendment (though it’s watered-down and worthless we now know) which is what they should want. Republicans are sooo being set up with this. UGH! Our system is a joke.

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    1. Lindsey

      Cheryl: Too many Rhinos in the Senate. Who are your Senators Cheryl?

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      1. cheryl

        EVan Bayh and Richard Lugar. Bayh is bailing and not running again anyway. But Lugar is a Republican. And I told him how I felt about his vote. He needs to go.

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  32. Bottomline

    The fed will have more power and there will be future bailouts. So Brace yourselves. No Suprise.

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  33. Grant

    It basically means nothing will change, if not get worse.

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  34. Paul

    okay so what does this mean now for audit the fed???

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    1. Libertarian777

      it means we get a ‘one time and one time only’ view of the Fed.

      We’ll never know the extent of IMF payments, or other dealings other than things that took place during a specific limited time period.

      This is so ironic. Bernake categorically stated to Paul under congressional testimony that the books of the Fed are open at all times.

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