Audit the Fed Reloaded: Ron Paul and Rand Paul Introduce HR 459 and S 202

Congressman Ron Paul today introduced HR 459, The Federal Reserve Transparency Act of 2011 (also known as the Audit the Fed Bill) to the 112th Congress.

This legislation is very similar to HR 1207 from the 111th Congress and calls for a full and complete audit of the Federal Reserve by the Government Accountability Office, to be reported to Congress by the end of 2012.

HR 1207 had garnered broad bi-partisan support with 320 cosponsors in the 111th Congress, and was attached (but removed in conference) as an amendment to the Dodd-Frank Financial Reform Bill.

In response to unprecedented public interest in the activities of the Federal Reserve, it hired a full time lobbyist for the first time in history during the 111th Congress.

“I was very pleased that so many of my colleagues were willing to stand up for transparency and accountability in government by cosponsoring HR 1207 in the last Congress. I am optimistic about our prospects for a full and complete audit in the 112th Congress,” stated Congressman Paul.

HR 459 has 56 co-sponsors at time of introduction:

Rep Alexander, Rodney [LA-5] Rep Bachus, Spencer [AL-6] Rep Bartlett, Roscoe G. [MD-6] Rep Barton, Joe [TX-6] Rep Bilirakis, Gus M. [FL-9] Rep Blackburn, Marsha [TN-7] Rep Broun, Paul C. [GA-10] Rep Burgess, Michael C. [TX-26] Rep Burton, Dan [IN-5] Rep Calvert, Ken [CA-44] Rep Campbell, John [CA-48] Rep Chaffetz, Jason [UT-3] Rep Coffman, Mike [CO-6] Rep Flores, Bill [TX-17] Rep Forbes, J. Randy [VA-4] Rep Fortenberry, Jeff [NE-1] Rep Gallegly, Elton [CA-24] Rep Garrett, Scott [NJ-5] Rep Gerlach, Jim [PA-6] Rep Gohmert, Louie [TX-1] Rep Graves, Tom [GA-9] Rep Heller, Dean [NV-2] Rep Huizenga, Bill [MI-2] Rep Jones, Walter B., Jr. [NC-3] Rep Kaptur, Marcy [OH-9] Rep Kucinich, Dennis J. [OH-10] Rep Lamborn, Doug [CO-5] Rep Lance, Leonard [NJ-7] Rep LaTourette, Steven C. [OH-14] Rep LoBiondo, Frank A. [NJ-2] Rep Marchant, Kenny [TX-24] Rep McCaul, Michael T. [TX-10] Rep McClintock, Tom [CA-4] Rep McKeon, Howard P. “Buck” [CA-25] Rep McKinley, David B. [WV-1] Rep McMorris Rodgers, Cathy [WA-5] Rep Miller, Gary G. [CA-42] Rep Miller, Jeff [FL-1] Rep Myrick, Sue Wilkins [NC-9] Rep Petri, Thomas E. [WI-6] Rep Posey, Bill [FL-15] Rep Reed, Tom [NY-29] Rep Rehberg, Denny [MT] Rep Rohrabacher, Dana [CA-46] Rep Ross, Dennis [FL-12] Rep Schock, Aaron [IL-18] Rep Simpson, Michael K. [ID-2] Rep Smith, Adrian [NE-3] Rep Smith, Lamar [TX-21] Rep Thompson, Glenn [PA-5] Rep Wittman, Robert J. [VA-1] Rep Woodall, Rob [GA-7] Rep Woolsey, Lynn C. [CA-6] Rep Young, C.W. Bill [FL-10] Rep Young, Don [AK]

Senator Rand Paul introduced the same bill as S. 202 in the Senate, with Sen. Jim DeMint (R-SC) and Sen. David Vitter (R-LA) as cosponsors.

The Federal Reserve Transparency Act of 2011 would open up the Fed’s funding facilities, such as the Primary Dealer Credit Facility, Term Securities Lending Facility, and Term Asset-Backed Securities Lending Facility to Congressional oversight and audit by the non-partisan Government Accountability Office. Additionally, audits would include discount window operations, open market operations, and agreements with foreign central banks such as ongoing dollar swap operations with European central banks.

Public polling conducted by Rasmussen Reports in December 2010 indicated that 74 percent of the American People demand transparency at the Fed and support a full audit as called for in the Audit the Fed legislation. In 2009 and 2010, Campaign for Liberty generated over 2.5 million grassroots contacts to federal lawmakers in support of Audit the Fed.

“The Federal Reserve and its loose money, easy credit policies are the culprit for so many of the dire economic problems we face. Americans continue to demand transparency at the Federal Reserve, and Campaign for Liberty is proud to lead the fight to make this legislation the Law of the Land,” said Campaign for Liberty President John Tate. “All across the country, grassroots citizens are uniting behind Ron and Rand Paul and will demand this audit, this year.”


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  • John T. Keller,Jr.

    I have always supported and voted for you! You are America’s last true Statesman. The only politician who says what he means, then does it and never backs down! I sincerely appreciate you and your “Word of Honor!” More of Washington’s elected officials should emulate you! I support your endeavors on Fed Bill, H.R. 459/S 202. Dr. Paul,God Bless you and your son Rand! Here’s to Sound money,Fair tax, no Federal Reserve and repealing The Patriot Act ! I truly hope and pray Americans wake up and vote out of office all who disagree with you!

  • Shelly in VA

    Mr. Paul I supported you in the 2008 elections and I support now. You are what I consider a true Patriot and can only pray that my fellow Americans can open their eyes to what we are about to lose as the government spirals out of control. Keep up the good fight never give up!

  • Ernest Mitchell

    Thank GOD; The American people can see the glimer of light, in the dark halls and minds of our goverment. Thanks Ron , for your courages fight . And GOD BLESS AMERICA

  • Clay Bryan

    Mr. Paul, there are lots of Americans who appreciate what you are trying to do, every even simple action causes more patriots to wake up. I dont know if enough people will wake up before it is too late, but there would certainly be no hope if people like yourself were not standing up. I try to expose and explain a few small things to the wonderful people at our church, but it seems as if the majority would rather not hear. I say keep fighting, it has bought us time, in fact if they would have been able to stay on schedual, we would have no borders now.

  • Shar


    SEE “The Secrets of the Federal Reserve” on the Library of Congress website.
    What happened in 1913 and the current day Bilderbergers (B.O. included) should be ashamed of themselves.

    I wonder what they will say when they get up to the big guy and he asks about this sham they have perpetrated. Game up. Game over. The word is out.

    There is nothing Federal about this. The nomenclature is all wrong.
    This should be called the rich get richer at everyone else’s expense.
    These central banks and this $$$$$ system is WRONG on so many levels there isn’t enuf time to say it all!

  • Rainer

    The first and most essential thing to do is to change the name of the “Federal Reserve” to identify its true function. Eg…

    The Fractional Corporate Debt Issuer.