Ron Paul: Audit the Fed Moves Forward!





Last week the House of Representatives overwhelmingly passed my legislation calling for a full and effective audit of the Federal Reserve. Well over 300 of my Congressional colleagues supported the bill, each casting a landmark vote that marks the culmination of decades of work. We have taken a big step toward bringing transparency to the most destructive financial institution in the world.

But in many ways our work is only beginning. Despite the Senate Majority Leader’s past support for similar legislation, no vote has been scheduled on my bill this year in the Senate. And only 29 Senators have cosponsored Senator Rand Paul’s version of my bill in the other body. If your Senator is not listed at the link above, please contact them and ask for their support. We need to push Senate leadership to hold a vote this year.

Understand that last week’s historic vote never would have taken place without the efforts of millions of Americans like you, ordinary citizens concerned about liberty and the integrity of our currency. Political elites respond to political pressure, pure and simple. They follow rather than lead. If all 100 Senators feel enough grassroots pressure, they will respond and force Senate leadership to hold what will be a very popular vote.

In fact, “Audit the Fed” is so popular that 75% of all Americans support it according to this Rasmussen poll. We are making progress.

Of course Fed apologists– including Mr. Bernanke– frequently insist that the Fed already is audited. But this is true only in the sense that it produces annual financial statements. It provides the public with its balance sheet as a fait accompli: we see only the net results of its financial transactions from the previous fiscal year in broad categories, and only after the fact.

We’re also told that the Dodd-Frank bill passed in 2010 mandates an audit. But it provides for only a limited audit of certain Fed credit facilities surrounding the crisis period of 2008. It is backward looking, which frankly is of limited benefit.

The Fed also claims it wants to be “independent” from Congress so that politics don’t interfere with monetary policy. This is absurd for two reasons.

First, the Fed already is inherently and unavoidably political. It made a political decision when it chose not to rescue Lehman Brothers in 2008, just as it made a political decision to provide liquidity for AIG in the same time period. These are just two obvious examples. Also Fed member banks and the Treasury Department are full of former– and future– Goldman Sachs officials. Are we really to believe that the interests of Goldman Sachs have absolutely no effect on Fed decisions? Clearly it’s naïve to think the Fed somehow is above political or financial influence.

Second, it’s important to remember that Congress created the Fed by statute. Congress therefore has the full, inherent authority to regulate the Fed in any way– up to and including abolishing it altogether.

My bill provides for an ongoing, thorough audit of what the Fed really does in secret, which is make decisions about the money supply, interest rates, and bailouts of favored banks, financial firms, and companies. In other words, I want the Government Accountability Office to examine the Fed’s actual monetary policy operations and make them public.

It is precisely this information that must be made public because it so profoundly affects everyone who holds, saves, or uses US dollars.



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99 Comments:

  1. Another thumbs to that!

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  2. Call your SENATORS!!! send them faxes!, emails! and call the hell out of them!!
    They will SUBMIT tot the will of the people.

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  3. END THE FED LETS GO GUYS.

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  4. My birthday's on election day and all I want for my birthday is Ron Paul for president. I'd even turn down a iPad (crazy I know).

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  5. ron paul>>>>the president

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  6. Call Harry Reid in Washington D.C. and remind him of his past position on auditing the Fed.
    202-224-3542
    Enjoy.

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  7. Let's organize and call out the Senators that are opposed to S. 202; One of the senators in my home state, Kay Hagan, is opposed to passing this bill. How about your state? Have you contacted them about S. 202? DO IT TODAY! Let's find out where we stand and inform our fellow citizens as to who is standing between them and a full audit of the Fed.

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  8. I would love to see you as President Mr. Paul. It saddens me how rigged this whole mess is.

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  9. Nice. Is his machine full? It was yesterday.

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  10. Thankyou

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  11. Dr. Paul, Thank you. Everything you do is greatly appreciated.

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  12. they have been made too de-moralized to care--- many of them cannot read. In nyc, half the people (literally) speak a foreign language at home. Only 4% of the population there (where so many of these bad decisions are made) are white-anglo-s-protestants, i.e. children of the real founders. 4%! Same in the other large cities. At the revolution, the country was 99% wasp. They have been battered by the "rainbow coalition. Their ideas and voice aren't even taught in schools

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  13. More like Ron Paul 20...and forever

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  14. ROOON PAUUUUULLLL!!! FOR THE WIN!!!!

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  15. I liked the second reason for why the Fed is politically involved ...especially the abolishing it part.:)

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  16. Yippee!!!!!!!!!!!!!!!!!!!!!!!

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  17. OBAMA DEFENDER HERE.....BUT...NO MORE.

    I MEAN....CAN OBAMA AND ROMNEY DO WHAT RON PAUL IS DOING???

    FAR FROM IT. THEY WANT THE ROBERY TO CONTINUE...THEY DONT CARE ABOUT YOU...INVESTIGATE ABOUT THE FEDERAL RESERVE FOR GOD SAKE....THE CORRUPT GOVERNMENT LOVE THE FEDERAL RESERVE TO PRINTTHE MONEY OUT OF THIN AIR.WAKE UP AMERICA.

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  18. Thank you, I called his punk ass

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  19. I can't believe only 150 people cared to look at this!!!

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  20. Ha! Ha! Right!!!

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