As the House debates the financial regulatory reform bill, the Republicans will offer the thorough Paul-Grayson Audit language as part of their motion to recommit.
In support of this motion, Representative Paul has written an “Audit the Fed” post for the “America Speaking Out” website. Check it out here and show your support by voting for the idea and leaving a comment.
GOPers To Push Fed Audit
House GOPers will make a push to audit the Federal Reserve in a last-ditch effort to stop financial regulatory reform legislation, leaning on a popular proposal from Rep. Ron Paul (R-TX) to make their case.
The GOP will offer the Fed audit as a motion to recommit, the minority’s last chance to alter a bill before final passage. A motion to recommit is subject only to an up-or-down vote, not to debate or amendments.
The regulatory reform measure does have an audit provision in the conference report, but it is limited to loans made by the Fed during the height of the economic crisis. Paul’s bill would allow a total examination of the Fed’s books.
Paul’s legislation has 320 co-sponsors, including Dems as diverse as Reps. Jason Altmire (D-PA), a centrist, and Steve Cohen (D-TN), a liberal.
But it’s unlikely to pass as a motion to recommit, which would send the conference committee back to the drawing board for a third time. House and Senate Dems reached agreement Tuesday night on a revamped package after Sen. Scott Brown (R-MA) and Olympia Snowe (R-ME), 2 key GOPers who voted for the Senate version, said they could not vote for the first conference report. Negotiators ended up dropping a proposed $18B bank tax to help pay for the bill.
Call Congress and urge your representative to support Audit the Fed (especially if they’re a cosponsor) by voting for the motion to recommit on H.R. 4173. If final passage of the Dodd-Frank bill comes up for a vote, demand they oppose this latest government move to interfere in the economy.
FOR IMMEDIATE RELEASE
House GOP Champions Paul’s “Audit the Fed”
Washington, D.C. – Congressman Paul was pleased today when House Republicans submitted a Motion to Recommit the financial regulatory reform bill as a last effort to include his provision to fully audit the Federal Reserve in the final version.
The conference committee failed to include this provision, supported by 320 Members of the House, in the final version of the massive reform bill, which grants sweeping new regulatory powers to the Federal Reserve, while doing nothing to address the root causes of current economic problems.
“It is foolish to grant more powers to the institutions that caused all the moral hazard and malinvestments that got us into this mess. It is doubly foolish to do so without any meaningful accountability or transparency,” stated Congressman Paul.
Unfortunately, the Motion to Recommit was defeated 198 to 229 and the final bill passed the House shortly afterwards