Audit the Fed Update: It’s Over… For Now

Ron Paul discusses the latest in the efforts to get a full and complete audit of the Fed as well as the future of Fed transparency.

Rush Transcript

Ron Paul: Yesterday on the House floor we voted on the conference report dealing with financial reforms. The bill that came back after it was in conference with the Senate. The House version of that bill had the audit provision in it; the HR 1207. It was removed in conference. So when the package came back to the floor, the Republicans had once chance to amend this bill, which is called recommit motion. And we were able to include HR 1207 in this package to see if we could get it put back in. An interesting thing happened here, because you know, we do have 320 co-sponsors of HR 1207, and it passed the committee rather easily and it was not challenged on the House floor on the first go-around run. But here we were, on the House floor with a chance to put it back in, and 114 individuals who were co-sponsors of the legislation, voted against it; they voted not to include it. But this is not totally surprising. This is the way this system works too often. People do flip flop and they do change. But it also reflects the fact that the Federal Reserve is a very powerful institution, and they were able to influence these votes. But it still is sad to see that a co-sponsor of a bill this important, that the people really care about and has a great deal of significance, all of a sudden changes. I mean supervision and monitoring and knowing what the Federal Reserve is doing is very, very important. The people want to know about this. Transparency is so important, and yet it failed on the house floor.

Now does that mean it’s over and done with? Well, pretty much so, even though there is a slight possibility another type of legislation that deals with banking regulations may come up before the end of the year, and we may get a chance to offer as a recommit motion if the leadership on the Republican side permits it. But as for now, it looks like we will not have a full audit. But believe me, a lot of benefit has come from this. The Federal Reserve will not get off completely, because more people in this country than ever before know that the Federal Reserve is very, very important, they know they were responsible for the problems that we have, and they know that they work in secrecy. The American people want to know about it. So even though they may have won this battle, they are not going to win the war. Because what they’re doing is going to be devastating to us because this piece of legislation actually gave more power to the Federal Reserve, not less. More power to the regulators, more effort to keep themselves in secret. So, therefore, I see on the long term this is very, very beneficial, so I would say for those individuals that believe in monetary reform and transparency, we will keep the heat on the Fed until we get an honest monetary system.

Question: Is there still reason to be optimistic for an audit sometime in the future?

Ron Paul: Well, I certainly think so. In spite of this setback I think there is reason to be very hopeful that we have made a major step in the right direction. Monetary reform is certainly of a great deal of interest to the younger generation and it will be that younger generation that will be dealing with the reforms. People are reading and studying about central banking, the Federal Reserve, they’re reading Austrian economics. So I would say there is every reason to be optimistic in the long run, but not right at this moment. Certainly maybe the next session of Congress after elections, maybe we can be even more hopeful.

  • airforcemax

    So which party is genuine concerned of financial reform ? Democrats, Republicans, or some of both ? Who are they ?

  • The last time Fort Knox was audited and checked to see how much gold was in there, was back about FIFTY years ago, in the 1960’s. I wonder if there is any gold left in there?

    The latest so called ‘audit’ never even touched the gold, nor examined it to make sure it has not been switched out for worthless lead covered in gold plating.

    How did the gold that we the people pulled out of the ground get taken away, with a stroke of a pen, by a Republican President, without riots in the streets?

    It is amazing to me how passive people are and what they are willing to put up with, and have no complaints whatsoever..

    Steal all of the wealth built up by many generations? Sure go ahead, and we support the party 110% (put party name here).

    Disconnecting gold from the money supply is an extreme form of violence in my view.. It is theft of a future, a past as well as the present, and then substituting a worthless fiat currency, supported by nothing but hot air and spin…

    • Citizen

      Peace Think Tank
      Your correct in your assessments

      As Richard D. Wagner PhD. aptly puts it,
      “Counterfeiting becomes a profitable activity, one that the state customarily tries to reserve for its own use.”

      Neither will Congress permit Ron Paul’s other two House Bills…
      1. Permit competing currencies to be minted by the States or Private Companies… gold and silver coinage.
      2. Permit use of Gold and Silver legal tender again and not taxed in the exchange of goods or services, just as our Founders proposed in the Constitution.

      Both proposals would radically reduce the FEDS ability to debase our money and steal from We The People.

  • dontblockmedk

    Money property system is ROOT problem.

    1. people need food, water, energy, medicine, etc.

    2. money systems require scarcity, so they will never create abundance of 1

    3. sharing ALL resources and knowledge keeps small groups from controlling everyone

    4. we have the resources and technology to provide EVERYTHING for the world now

    5. automating the production distribution, frees up humanity to no longer be wage slaves to governments or corporations.


  • Citizen

    This FED CRIME of debasing our currency has its corrupt roots in 16th century history, the infamous John Law said of his scheme to debase the French monetary system that…

    “Raising [debasing] the Money in France is laying a Tax on
    the People, which is sooner pay’d, and thought to be less felt
    than a Tax laid on any other way. . . . This Tax falls heavy on
    the poorer sort of the People.”

    This began following the death of the Sun King Louie the 14th in 1715 and resulted in the eventual total financial collapse of France altogether.

    The sad part of the FEDS massive “Bernie-Ponzi” style currency debasing scheme is that the FED is LICENSED TO STEAL by out Progressive Congress from the poorest people of our once great nation, while at the same time lining the pockets of the wealthiest politically connected scum bags.

    It is going to take the likes of Ron Paul times TEN and the support of every Tea Party and every Constitutionalists Conservative WE THE PEOPLE can muster.



  • LesiureBoy

    Ron Paul 2012 baby!!!

  • MuammarAlGathafi

    More political circle jerking, send in the wrecking crew.

  • john

    List of names of rep. who voted no (nay sayers) on HR 1207 (229-198):

    • “I am a most unhappy man. I have unwittingly ruined my country. A great industrial nation is now controlled by its system of credit. We are no longer a government by free opinion, no longer a government by conviction and the vote of the majority, but a government by the opinion and duress of a small group of dominant men” –Woodrow Wilson 1919.

      Freedom to Fascism Documentary by Aaron Russo.

  • VoIPpoetry

    His demeanor is perfect. He doesn’t wasted any energy, he just keeps fighting.
    Helped me a lot just observing his maturity and nature.
    Makes me wish I had been a doctor. He’s awesome.

  • jx14aby


    There’s a link in the description that will take you to Campaignforliberty web site. It has the list. My congressman was on it.

    The list of shame.

  • jx14aby

    I knew Adam Schiff would fold.


  • a1exandearth

    how can 114 people in the house vote against more transparency? unless they don’t want people to see the extra money their making on the side, what a bunch of traitors…..

  • avery

    I want the names of every representative that voted against Mr. Paul’s audit the fed bill. Please list their names so I can spread the word to vote the vermin out of office because more than likely they are bought and paid for by the banking industry if not the Fed themselves. Thanks.

  • ztT6Gkxx77

    This guy makes me want to be an American citizen just to help.

  • ontoiran

    if they don’t have to show us how OUR money is being spent, do we have to give it to them?

  • kabster

    Our founding fathers never meant politics to be a career.

  • Theo

    Can the 114 flip floppers be listed?, So we the people can ask why they would do such a thing.
    Thank you.

  • numba1stunna4269

    Paul / Palin 2012!!!!

  • MiKikaIwaShizaru

    Vote ’em all out, every two years, both parties, more regular citizens should be in Congress, but now it costs a fortune in funny money to be elected! Corporations just LOVE that, they control it!
    2012 Ron Paul gives up his seat, runs as an independent, and beats BOTH crooked parties!!

  • slumberingsam

    RON PAUL 2012! god be with him!

  • mbhopp

    Ron Paul for president!