27 responses to “Ron Paul at Conference Committee: The American People Strongly Support HR 1207!”

  1. Adam

    I can’t stand Chuck Schumer. He has got to be the biggest failure of a senator since Hillary Clinton. Screw him, he needs to be ousted ASAP before he ushers in more totalitarian bull**** legislation.

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  2. mark
  3. David Aiello

    I contacted Senator Jack Reed (D) RI today. He’s opposed to the inclusion of the Grayson-Paul provision, and he’s also on the conference committee for this issue.

    He responded with what was half a cookie-cutter answer, and half dodging my assertion in regard to the importance of a full audit.

    I can assure you that he is not budging on his position against the inclusion the HR1207 provision. He repeatedly insisted that the Sanders audit is sufficient. Just another part of the machine.

    It’s going to be a tough one, boys.

    Here is the correspondence:

    Senator Reed,

    I would like to firstly thank you for the many years of great representation you have provided for citizens of Rhode Island like myself. I had the pleasure of meeting you in the past as a high school student, and have supported your presence in the Senate.

    I am writing to express my wholehearted support for a full and complete audit of the Federal Reserve, and specifically the inclusion of the Paul-Grayson Amendment / HR 1207 in the final financial reform legislation.

    As evidenced by a May 2010 poll by Rasmussen Reports, approximately 80% of Americans are in favor of a full audit of the Federal Reserve, with just 9% opposing and 12% unsure.

    Your endorsement of full transparency of the Federal Reserve is in the interest of every American who is directly impacted economically by their monetary decisions; and each and every one of us is.

    I understand the primary concerns raised by many opponents of a full Federal Reserve audit. The primary concern is that having such transparency in the Federal Reserve will incline Congress to poke their heads into the internal decisions of the Federal Reserve. The result, opponents say, would be that Congress would then actively attempt to regulate monetary policy, a right which has been granted to the Fed.

    Our founding founders would be ashamed at such a notion. It is a core responsibility of Congress to protect the public’s interest. The Federal Reserve is a private institution which has no obligation to act in the interest of the public. A monetary decision that they make behind closed doors could, for example, be serving the interest of a foreign country such as Greece. Such a decision is thereby putting the burden of a foreign bailout on the taxpayers (as a result of currency inflation via expansion of the money supply). Increasing the money supply perpetually devalues our savings. The macro economical consequences of this mechanism can be potentially debilitating to our quality of life as citizens.

    As a result of the ongoing financial crisis, the money supply is likely being increased at an alarming rate as an attempt to stimulate commerce. As we have seen most recently in Argentina, however, rapid expansion of the money supply can have crippling economic consequences. We must be aware if and when the Federal Reserve is acting outside of the people’s interest. At this point in time, we have no oversight whatsoever in this regard.

    It is brazenly apparent that opposing such oversight of this institution is in direct conflict with the best interest of the public.

    As a young Rhode Islander, I look forward to many years of economic prosperity. If our monetary policy continues to be left in the hands of those not required to act in our interest, the economic prosperity of our entire country is in great Jeopardy.

    Regards,
    David J Aiello Jr.

    —-
    RESPONSE:
    —-
    Dear Mr. Aiello:

    Thank you for contacting me regarding Wall Street reform. I appreciate hearing your thoughts on this matter.

    These are extraordinarily challenging times, and I share your frustrations about the economic crisis facing our state and nation. Few states have felt the impact of the recession that began in 2007 more than Rhode Island, which faces one of the highest unemployment rates in the nation. The extensive damage of the recent historic floods has only exacerbated our state’s challenges.

    The financial crisis exposed serious problems and cracks in our severely outdated financial regulatory system, which has permitted reckless behavior on Wall Street, enabled banks to profit at taxpayer expense, and denied regulators the tools and authority they need to keep pace with a rapidly changing and expanding financial marketplace.

    As Chairman of the Banking Subcommittee on Securities, Investment, and Insurance, over the past two years I have been actively engaged in the debate on comprehensive legislation to reform Wall Street and helped write H.R. 4173, the Restoring American Financial Stability Act, which was approved by the Senate on May 20, 2010 with my support. H.R. 4173 would ensure that taxpayers are not held responsible for bailing out institutions that engage in the type of reckless and extreme behavior that led to the financial crisis and prevent firms from becoming “too big to fail” by enacting strict capital and leverage requirements. Additionally, under this legislation, executives who engage in irresponsible and risky behavior will no longer be rewarded with outrageous bonuses.

    This legislation includes provisions I authored to enhance oversight and increase transparency by ensuring that credit rating agencies are held accountable when they advise investors of a financial instrument’s value, that hedge funds come out of the shadows and register with federal regulators, that financial derivatives, which many believe were at the root of the financial collapse, are finally subject to clear and effective regulation. It also includes my proposal to create an Office of Financial Research, which would bring greater coordination to financial regulators and provide them with additional tools to prevent and mitigate financial crises and keep pace with new products being engineered on Wall Street.

    Additionally, H.R. 4173 would establish a new Consumer Financial Protection Bureau (CFPB) tasked with shielding consumers from abusive and deceptive practices and providing consumers with the information they need to make informed choices when shopping for mortgages, credit cards, and other financial products. My bipartisan amendment that I offered with Senator Scott Brown to create an Office of Service Member Affairs within the CFPB to monitor and respond to complaints from military families was successfully added to this legislation.

    I am also pleased that Congress recently enacted my request to more robustly fund the Securities and Exchange Commission (SEC), our top financial law enforcement agency, and that H.R. 4173 would enable the SEC to be self-funded through the fees it collects. This will ensure it has the resources in the future to exercise tough oversight of Wall Street. For more information on my efforts to enact Wall Street reform legislation, please visit my website on this matter at http://reed.senate.gov/legislation/wallstreet/index.cfm.

    You may be interested to know that during the debate on H.R. 4713, I supported an amendment offered by Senator Sanders that would require the Government Accountability Office (GAO) to conduct an audit of the emergency actions of the Federal Reserve, including whether there are any conflicts of interest, and submit a report to Congress on the audit. It would also require a separate GAO audit of all of the Federal Reserve Banks. Additionally, the Federal Reserve would be required to publish on its website the names of all of the financial institutions, businesses, and foreign central banks that received emergency assistance since December 1, 2007. This amendment was approved 96 to 0.

    A Senate-House of Representatives Conference Committee must now resolve the differences between the versions of H.R. 4173 passed by the Senate and the House of Representatives. As a member of this Conference Committee, I will continue to advocate for policies to strengthen consumer protections, promote fair lending to consumers and small businesses, rein in Wall Street to prevent future crises, and restore confidence in our financial markets. Moreover, as I continue my work to respond to the economic crisis, you can be assured that I will remain guided by the fact that our financial system, while critical to our economic success, must respect the same kind of rules and standards that hard-working families must meet. Indeed, after a decade of regulatory neglect, we must ensure that Wall Street serves our long-term economic interests.

    Again, thank you for contacting me and please do not hesitate to write, call, or visit my website, http://www.reed.senate.gov, in the future for information regarding this or any other matter.

    Sincerely,

    Jack Reed
    United States Senator
    http://reed.senate.gov

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  4. Bottomline

    What is the Federeal Reserve good for anyway. It’s good @ manipulating and steal our hard earned tax dollars. & why are those in and outside of congress still defending the Fed? For their own agenda.

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  5. ElCount

    I just emailed me most of the 16 Congressman and 4 of the Senators urging them to support the effort to include HR1207 into the final reform bill.

    We have come this far and we can’t give up. This is the most crucial time ever to rally support for a Fed audit. If we can’t get it in the 111th Congress Ron Paul should organize a march in Washington and we could show our numbers.

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  6. Rockstar97321

    The Fed is not an agency of the government. It is a private, for profit banking cartel that has the sole power to create money. The USA has not created money since the birth of the Federal Reserve in 1913 – with the exception of JFK, who created 4.3 billion dollars of real USA money – 5 months before he was assassinated.

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  7. NYredwhiteandblue

    how could something with over 300 co sponsors have trouble passing… obviously the fix is in… cant get any “in your face” then that…

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  8. VMATT500C

    Wake Up America, our standard of living is going down the tubes. We won WW II and now we are the police force of the world. Our taxes pay those bills. Remember Greenspan said, OIL is not an economic indicator. Only a Federal Reserve moron could think that was true and YOU want the FED. RESERVE in charge of YOUR MONEY.

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  9. PJH

    Ron Paul Thank You so much for fighting for the American People.,.. We the People. You are like our modern day George Washington, Thomas Jefferson, Andrew Jackson.
    Please run for President in 2012. Today is my birthday …50 years old. half a century…. it’s taken me this long to figure out our government and the federal reserve. Thank you for never giving up. I sense our country is waking up and I hope it’s not too late.
    Why can’t the states just start their own monetary system. I remember reading something about that how a state could start with it and slowly become more wide spread.
    WE have too many puppies following the Federal Reserve in our government. Thank you for being a leader!
    God Bless you Ron Paul. You are my hero.

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  10. kappy0405

    Man I hope this guy runs in 2012, even if only to gain publicity for the anti-NWO movement. What a hero.. he’s truly the last decent politician left.

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  11. brder4ev

    The United States Of America Is Dead, Prepare For Anarchy When The Dollar Fails. As The Mass of People will Be Homeless and Hungry. Congress and The Senate Has Failed to Uphold Their Constitutional Obligations. We now Have an Oligarchy Controlled By Wealthy Bankers. I wish everyone luck in the Future Of Our Once Great Nation.

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  12. CommonSensePeter

    Our Currency will be dead soon, if we don’t do away with Free trade we are done, No Manufacturing jobs = DEAD ECONOMY. The only reason they are extending the collapse is to drain any savings that the middle class left. If we don’t act soon All Ron Paul will be able to do is say I TOLD YOU SO.

    Libertarians are the only one who can restore justice, for the people who say Libertarians are for free trade, your right but not with totalitarian Dictators, unless they pay a tariff

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  13. thefakeyeti

    independency of the fed?

    ARE YOU FING SERIOUS?

    any other agency, that would make NO sense WHATSOEVER…

    Independency of the FBI, DEA, CIA, FDA, EPA.. etc etc..

    They are tools of the government, to hell with their independency! RETARDS

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  14. coolkyd383

    WHAT IS WRONG WITH YOU SENATE?!?!?!? THE FEDERAL RESERVE IS MANIPULATING OUR GOLD AND SILVER PRICES ON RECORD. OR IS IT THAT THEY BOUGHT ALL YOU TRAITORS UP WITH THEIR FIAT MONEY THAT IN A YEARS TIME WILL BE COMPLETELY WORTHLESS YOU IDIOTS YOUR SELLING YOUR COUNTRY DOWN THE RIVER

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  15. ihatemexico

    END The FED.

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  16. CommonSensePeter

    Well if our Representatives wont Represent us, the people who elect them, we must vote them out, it’s that simple. I’m surprised everyday, everyone I talk with says the incumbents must go, Michigan has suffered greatly while the talking heads have gotten rich.

    I use to vote for Levin until he voted to move our jobs to Canada and Mexico.
    Oh I forgot China most favored nation which was made perminate
    under Clinton and support by Levin.

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  17. 8331riverland

    Ron Paul Rand Paul 2012 here we come

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  18. MrSleeps

    i think if people republicans and democrats a like can set aside some of their petty differences i think the american people could actually get a audit of the fed it would still take a lot but i know if i can help anyway shape or form to get a audit of the fed i will do it because since our system is corrupt we have to follow the money like you would do if you were trying to take down a drug operation.

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  19. midwestcharm

    Maybe the HR 1207 supporters will help us create a competing currency, so we won’t have to be subjected the the criminal cartel

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  20. QuantumBios

    Chris Dodd, traitor to the country, puppet of the banksters.

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  21. kmg501

    The criminal bureaucrats don’t want the greatest agent of theft ever created in humanity to be exposed.
    .
    It’s simple as that.
    .

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  22. freshdesh

    Go get ‘em Dr. Paul!

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  23. Deeptoad

    Yes, Doctor. We are very disappointed. However, not with you. With those crooked dirt bags you call your co-workers. Well, I do hope they enjoy their unemployed status. Tis a’comin’.

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  24. knuddel123

    F*ck! What the hell, no problem that the bill didn’t go through. We’ll just close the FED all together!!!! END THE FED! END THE FED!

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  25. davematherly

    please, won’t somebody have the guts to pull back the reins on this monstrous oligarchical institution?
    He’s doing the best he can, and has gotten further than anybody else.
    But the have a gun to their head.
    And its the Fed that runs the show. How obvious can it get?

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  26. zrzr4

    Buy Gold, and end the fed!

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  27. karategirl96

    To say I’m disappointed is an understatement! I contacted both Senators and my Rep, and I know that only one Senator (John Ensign) voted for the audit. Shelley Berkley and Harry Reid voted for the amended bill which allowed for only a one-time audit.

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