Ron Paul at Conference Committee: The American People Strongly Support HR 1207!

Date: 06/16/2010


Ron Paul: I do appreciate coming here because it’s been an issue about auditing the Fed that I worked on for a long time. I was rather disappointed this morning to open up the Internet and read a Reuters News Service article. And it starts off by saying, “Fed dodges bullet as House drops Audit idea”. It goes on to say,

“The Federal Reserve scored a political victory on Wednesday as House Democrats dropped Ron Paul’s Fed Audit provision. The U.S. central bank appears to be emerging largely unscathed by the regulatory effort.”

Of course, that’s a great disappointment to me, but my disappointment is irrelevant to the issue because I think the American people are going to be disappointed. Because we, in the House, the sponsors of HR 1207, which is the Audit the Fed Bill, got 319 House members to support that. And that means there are a lot of Democrats that support it, as well as Republicans.

Now, I’m not an individual that’s very good at arm-twisting and going around and getting co-sponsors. The co-sponsors came from the American people asking their members of Congress to support this bill. So there is a lot of grassroots support for the transparency of the Federal Reserve System. That’s what this bill is all about.

Generally speaking, though, those who oppose auditing the Fed talk about how this would violate the independence of the Fed. And I can understand their concern, but if they know and understand what HR 1207 tries to do, they shouldn’t be worried about that. I think when you hear the word, “Independences of the Federal Reserve”, it usually means “Secrecy of the Federal Reserve” and therefore the Congress has no responsibility or obligation to audit the Fed and to monitor the Fed and to provide oversight of the Fed. And, therefore, since 1913 essentially the Fed has been not very well audited or looked at. And there has been very little transparency. But the American people are very strongly in support of this type of legislation.

Now the other charge that is made is that if we had an audit of the Fed, it would destroy the [ability] of the Federal Reserve to pursue monetary policy. And I don’t believe that is true, either. The provision in HR 1207 says the you can’t even look at what the open market committee does for six months and that’s not like looking over the shoulder of the Fed, but it means that after they do certain things and bail out certain banks or make certain loans, the American people and the Congress, have a right to know exactly what they’re doing.

But, you know, the argument that I would support something that would turn monetary policy, the decision making what interest rates should be and what monetary policy should be, over to the banking committee – I mean, I’m just not for that, whether it’s the Senate banking committee or the House banking committee. And I think that’s rather clear. But I have to be honest about it; I’m not very pleased with the way the Fed does it either, and there should be another option that some day might be made available to us. But, in the meantime we’re looking at advocating, at least those co-sponsors to this bill, that this committee considers seriously keeping that in. And I am hopeful that somebody will bring this amendment up and have a vote on this.

But I think the will of the House should prevail and we should make this recommendation. When it went through the committee it was a bi-partisan vote: 43 members to 26 endorsed this; it was passed on the House floor in the full bill. And now, of course, it’s going to conference. And I think a strong case can be made for our responsibility and for the support of this bill. And believe me, the American people are becoming more aware of the importance of the Federal Reserve and the significance of the Federal Reserve and what it does, not only in the bailouts, but also in creating the problems that we have.

So regardless of what happens, I am very, very confident that the issue of the Federal Reserve will not be laid to rest. The people in this country and more and more people are becoming aware of the fact that the Federal Reserve should not get a free ride. And that is what this is all about: don’t give the Fed a free ride. And, to me, the very best legislation, the very best thing that we can do in legislation now is to insist that HR 1207 be part of this conference report and kept in the bill. And I thank the chairman.

I suggest to Senator Dodd that if he misses my talk, then he can catch it on YouTube, who knows.

What We Can Do for a Fed Audit

This is crunch time. The bankers and lobbyists will be working hard to keep the real audit language (HR1207) out of the final legislation. But we have a voice, too, through our representatives. That is why ours is called a representative government.

Of the House Conferees, 15 of 31 members are co-sponsors of HR 1207, including all Republican members (Bachus, Royce, Biggert, Capito, Hensarling, Garrett, Lucas, Barton, Smith (TX), Issa, and Graves), and four Democrats (Peterson, Boswell, Conyers, and Shuler).

The sixteen (16) Democrats who have not cosponsored HR 1207 are listed below. Their names are conveniently hyperlinked to their contact pages so that you may easily focus your energy on emailing, calling and/or faxing them to express your support for a full and complete audit of the Federal Reserve, and the inclusion of the Paul-Grayson Amendment / HR 1207 in the final financial reform legislation. Be sure to remind them that 80% of Americans want a full audit of the Federal Reserve.

Barney Frank (D – MA)
Paul Kanjorski (D – PA)
Maxine Waters (D – CA)
Carolyn Maloney (D – NY)
Luis Gutierrez (D – IL)
Mel Watt (D – NC)
Gregory Meeks (D – NY)
Dennis Moore (D – KS)
Mary Jo Kilroy (D – OH)
Gary Peters (D – MI)
Henry Waxman (D – CA)
Bobby Rush (D – IL)
Howard Berman (D – CA)
Ed Towns (D – NY)
Elijah Cummings (D – MD)
Nydia Velazquez (D – NY)

Of the Senate Conferees, five have co-sponsored HR1207 (Crapo, Lincoln, Leahy, Harkin, and Chambliss). The seven Senate members to contact (again, conveniently hyperlinked) are:

Chris Dodd (D-Conn.)
Tim Johnson (D-S.D.)
Jack Reed (D-R.I.)
Charles Schumer (D-N.Y.)
Richard Shelby (R-Ala.)
Bob Corker (R-Tenn.)
Judd Gregg (R-N.H.)

I have been assured that contacting members has a real impact. Many listen. Many are worried about being reelected. Many just want their phones to stop ringing, their email inboxes to stop overflowing, and their fax machines untied.

Keep the pressure up and please spread the word.

Thanks to Michael Nystrom.

  • 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.


  • 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.

  • 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.

  • 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.

  • 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

  • thefakeyeti

    independency of the fed?


    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

  • coolkyd383


  • ihatemexico
  • 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.

  • 8331riverland

    Ron Paul Rand Paul 2012 here we come

  • 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.

  • 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

  • QuantumBios

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

  • kmg501

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

  • freshdesh

    Go get ’em Dr. Paul!

  • 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’.

  • 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!

  • 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?

  • zrzr4

    Buy Gold, and end the fed!

  • 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.