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.

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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.

  • awfultin

    Anyone know which congressmen from NJ did this so I can make a few phone calls?

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  • http://www.youtube.com/profile?user=bennettfamdamily bennettfamdamily

    Thanks for clarification. I didn’t realize that monetary policy made it in. That was one of things most opposed, from my understanding. So I’m surprised monetary policy will be audited. It’s great news really. So what were the major differences, other than the time lag?

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  • http://www.youtube.com/profile?user=bennettfamdamily bennettfamdamily

    Thanks for clarification. I didn’t realize that monetary policy made it in. That was one of things most opposed, from my understanding. So I’m surprised monetary policy will be audited. It’s great news really. So what were the major differences, other than the time lag?

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  • http://www.youtube.com/profile?user=LordAgonis LordAgonis

    Open Market Operations are monetary policy

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  • isssssssce

    Um, we ask that you stop destroying our world fed. Is this too much to ask?

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  • heavyarms117

    In the FED!!!

    Also new movie out “The Secret of OZ”

    We need to get debt free money in order to move forward. In order to this we need to take the power of creating money away from the banks/fed and give that power back to our elected officials.

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    • David

      Yes, yes, yes, yes, you’ve got it !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

      More and more people are beginning to realize this every day, and this is what were trying to organize on the sound money blog as well, so come and help us do it.

      http://www.ronpaul.com/on-the-issues/fiat-money-inflation-federal-reserve/

      This is the single and only thing in history which has ever created abundant prosperity for any country of population, and it has been a debt free paper currency produced to match the combined capacity of the population to create useful goods and services. Would seem like simple common sense to me, let our prosperity be determined by what we can actually do, the potential of which is absolutely enormous here, and i’m glad more are figuring this out as well.

      Right now were just trying to get information circulating across the board among the general population and were asking people to go back and scroll through the posts there and repeatedly copy paste and forward the ones they agree with to everyone on their email lists and get them circulating. Once they have been doing so for enough time where the majority have been exposed to it often enough to be aware of the problem and start thinking in terms of solutions, we’ll try proposing a course of action, I.E. for absolutely everyone to stop paying all at once, both banks payments and taxes. Hence destroying the banks and forcing the production of a real American currency or the collapse of any government that refuses to create it.

      You’ve figure this out and we need you posting on there as well, and providing more material we can forward toward the objective.

      »crosslinked«

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  • leafwatch

    We have to get more good people in office to help Ron Paul get this country back on track. If we the people don’t work to get the crooks out, the country goes down hard.
    No matter what hard times are ahead, but with truly transparent and constitutional government we could rise back to the prosperity and freedom that used to characterize this nation.

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  • madrokka

    Thank You Ron. You just made the vote in Nov. very easy. Spread the list! Spread the list of the US traitors! make it go viral! Hire a PR firm to get the word out. I’m broke but someone with a modest amount of money can make this happen.

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  • Chuck

    As people in Denmark might say, “Something’s rotten in the United States”!

    Interesting how when this bill starts out there are enough ‘yays’ for it to pass which very rapidly deteriorates so that it, at best, only gets in as a watered down version! It would appear that this occurrs because many of those ‘yays’ realize that pure transparency of the federal reserve would reveal their own ‘pieces of the pie’ and after all…..Who would want a bill to pass that would implicate themselves???!!!!

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  • http://www.youtube.com/profile?user=jx14aby jx14aby

    imo he’s a know-it-all blowhard.
    I won’t vote for him.

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  • virtual4desires

    Come this NOV AMERICA SHALL RISE! TYRANNY WILL END!

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  • Adam

    When it comes to the Fed and their policies, “Reality will be the final Court of Appeal.”

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  • Muzzy337

    Why all the secrecy? What are they hiding and why don’t they want us to know what they’re doing with OUR money? It’s a scam- there is NOTHING federal about the federal reserve. The American people are being mislead by the name. Those with nothing to hide, hide nothing. Obama promised change- his useless, empty words about transparency are not materializing. Obama and most of the politicians in DC are liars. Ron Paul is one of the FEW with integrity and a spine.

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  • http://www.youtube.com/profile?user=DanI Dan I

    You don’t like PETER SCHIFF? Why?

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  • http://www.youtube.com/profile?user=iannetta11 iannetta11

    You don’t like PETER SCHIFF? Why?

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  • WGS669

    Of course it gave more power to the Fed. And no, there is no hope you will ever reform it. There never was. But thank you for trying and showing others how to try.

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  • http://www.youtube.com/profile?user=RonaldLeeWattonville-Ames Ronald Lee Wattonville-Ames

    The bill passed merely “officially” sanctions more powers the tax-exempt Delaware private closed corp. fractional reserve central banking cartel monopoly Federal Open Market Committee (FOMC) already had since 1913. The Fed can & does EXCLUSIVELY control US Govt. monetary policy, & issue fiat debt-monetized US Fed Note dollar without needing to consult any branch of the US Govt. Interest rates determined by the bond markets are mimicked by The Fed. No reform of The Fed is possible.

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  • rwattonville

    The bill passed merely “officially” sanctions more powers the tax-exempt Delaware private closed corp. fractional reserve central banking cartel monopoly Federal Open Market Committee (FOMC) already had since 1913. The Fed can & does EXCLUSIVELY control US Govt. monetary policy, & issue fiat debt-monetized US Fed Note dollar without needing to consult any branch of the US Govt. Interest rates determined by the bond markets are mimicked by The Fed. No reform of The Fed is possible.

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  • turbomango

    Congressman, I want to work to get you elected. Please send me a message and advise. I am in SE Florida.

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  • R. Nelson

    RECALL RECALL RECALL!

    It’s time to RECALL every politician who is revealed by their voting record, and legislation support, that ACTS against the Constitution of the United States.

    WHO IS GOING TO TAKE RESPONSIBILITY TO ACT UPON THE OATHS THAT THEY SWORE?!

    The Constitution of the United States is under attack, it’s America’s duty to ACT to defend it.

    AMERICA NEEDS TO ACT NOW!!

    If you swore an oath to defend the Constitution of the United States, and fail to begin the process of recall, as well as take possession of those offices guilty of high treason and again take and arrest these traitors, then you sir, have broken your sworn oath and are negligent in your duty.

    YOU ARE JUST AS GUILTY AS THESE TRAITORS BY REFUSING TO PERFORM YOUR DUTY in defense of the American People.

    The time for quoting histories, giving textbook essays on what, why, and when, and the time to reflect upon what has been done is over now. The time has now come to initiate a recall of the American government, for the purpose of restructuring it’s platform to exist in a manner more consistant with Constitutionality!

    It’s time to end the war on America! Secure America now! Incarcerate each and every one of those in the House, Congress, and the White House who have proven and that are on record as traitors.

    Highly rated. What do you think? Thumb up 10 Thumb down 0

    • Citizen

      R Nelson,

      I feel your angst too.
      That’s what the 2010 election is about. Vote the bastards out and clean House.
      But don’t forget that the East and Left Coasts are Government “Dependents” and “they” view the situation as getting even with greedy Capitalists, payback.

      This country is run on 55% Independents and they NOW realize that they screwed up big time with voting BHO into office. But the Tea Party and other conservative voices are being heard and Real Change will come about.

      Governor Chris Christie NJ is holding the Libs feet to the fire, holding a weekend session to CUT the crap spending and that’s what it takes.

      Be a stalwart Conservative, the time is near where WE can reverse the damage.
      Happy 4th of July “Dependence Day”!

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    • David

      Yes, you are absolutely right, America’s Banks, and each and every politician they have put into power is guilty of the worst possible acts of Treason against the United States, its population and its Constitution, and they need to be dealt with accordingly.

      Per Citizen’s post, we can try to chip away at their power and do a little damage here and there, but we are not going to solve the problem politically, as the Banks control of our political system is near absolute, as demonstrated by the defeat of Ron Paul’s audit the fed bill, which any member of the population, or any politician actually working in the interests of the population, would have been absolutely insane not to support.

      Alternately and according to my response to heavyarms117 who also realizes the problem and solution, we can try to organize mass action by the population independent of “their” political process in order to destroy them and restore a government and economy to serve the American people instead of America’s Banks, whom the people currently exist in service to, which service will become absolute if we do nothing. At this point, all we have to do is to simply get them all to stop paying and all at the same time, and if we do this right we should be able to organize that within the course of the next year, i hope sooner.

      Come help us do it, all of you.

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