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.

»crosslinked«

99 Comments:

  1. You heard the man, I believe he ordered some grassroots pressure to the senate.

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  2. You heard the man, I believe he ordered some grassroots pressure to the senate.

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  3. Auditing the FED is a very small step in the right direction…

    What Would Jesus Do (WWJD)

    He cleared the Temple of the wicked money changers who were thieving money from the poor pilgrims attending the “required” annual religious festival of Pass Over and Spring Celebrations.

    They crucified him, not for his religious teachings, but for his bold confrontation of the corrupt religious theocracy establishment.

    Read Matthew 23…. and substitute Congress and Senate where obviously appropriate.
    http://www.biblegateway.com/passage/?search=Matthew+23&version=NIV

    “They tie up heavy, cumbersome loads [ObamaCare] and put them on other people’s shoulders, but they themselves are not willing to lift a finger to move them. ”

    They exempt themselves from ObamaCare and give their friends waivers…

    Same old BS, just a different time and place!

    Constitution says: MINT gold and silver coin….
    NOT “print” worthless toilet tissue currency notes”

    TEA…

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  4. congress created this mess they better fix it,i’ve lost all trust from the president all the way down to the fuckin police,bob marley said it best every law upon the face of this earth is illegal,i see this man Ron Paul has some ball’s because he’s taking on the banker and the fed’s all by himself he’s the real captain america!

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  5. I wish Ron Paul was on the ballot, I would vote for him!
    I am sick of the games & the puppet choices we have got!

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  6. I wish Ron Paul was on the ballot, I would vote for him!
    I am sick of the games & the puppet choices we have got!

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  7. Flood Senate Majority Leader Harry Reid with calls and emails (and even letters, if you remember how to do snail mail) — to support and bring to a vote, “Audit the Fed.”

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  8. Flood Senate Majority Leader Harry Reid with calls and emails (and even letters, if you remember how to do snail mail) — to support and bring to a vote, “Audit the Fed.”

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  9. SUPPORT RON PAUL OR WATCH THE DECAY. WE TOGETHER KNOW A BETTER WAY. THE REPUBLIC STANDS FOR INDIVIDUAL RIGHTS. IF WE FOLLOWED THE CONSTITUTION WE WOULDN’T HAVE THESE FIGHTS. STOP THE MADNESS FOR ONCE AND FOR ALL, SUPPORT A WORLD LEADER AND YOU KNOW IT’S RON PAUL. HE SHOULD BE THE PRESIDENT OF THE UNITED STATES, TURN THIS SHIP AROUND AND RESCUE WHAT THE TERRORIST HATES. FREEDOM. INDIVIDUAL LIBERTY. THE GOVERNMENT IS AT FAULT AND THEY ARE BLAMING YOU AND ME. I SAID RON PAUL! 4PEACE!

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  10. SUPPORT RON PAUL OR WATCH THE DECAY. WE TOGETHER KNOW A BETTER WAY. THE REPUBLIC STANDS FOR INDIVIDUAL RIGHTS. IF WE FOLLOWED THE CONSTITUTION WE WOULDN’T HAVE THESE FIGHTS. STOP THE MADNESS FOR ONCE AND FOR ALL, SUPPORT A WORLD LEADER AND YOU KNOW IT’S RON PAUL. HE SHOULD BE THE PRESIDENT OF THE UNITED STATES, TURN THIS SHIP AROUND AND RESCUE WHAT THE TERRORIST HATES. FREEDOM. INDIVIDUAL LIBERTY. THE GOVERNMENT IS AT FAULT AND THEY ARE BLAMING YOU AND ME. I SAID RON PAUL! 4PEACE!

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  11. SUPPORT RON PAUL OR WATCH THE DECAY. WE TOGETHER KNOW A BETTER WAY. THE REPUBLIC STANDS FOR INDIVIDUAL RIGHTS. IF WE FOLLOWED THE CONSTITUTION WE WOULDN’T HAVE THESE FIGHTS. STOP THE MADNESS FOR ONCE AND FOR ALL, SUPPORT A WORLD LEADER AND YOU KNOW IT’S RON PAUL. HE SHOULD BE THE PRESIDENT OF THE UNITED STATES, TURN THIS SHIP AROUND AND RESCUE WHAT THE TERRORIST HATES. FREEDOM. INDIVIDUAL LIBERTY. THE GOVERNMENT IS AT FAULT AND THEY ARE BLAMING YOU AND ME. I SAID RON PAUL! 4PEACE!

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  12. do we really think they will show us the REAL documents? i don’t think so

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  13. we should have a way to unite in protest!

    but my husband will pay our taxes….so maybe smth else?
    meanwhile i contacted Reid and my senatorts.

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  14. who votes against thAt bill is a TRAITOR to American people who pay their salary.
    vote them out.
    it’s your duty!!

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  15. everyone should not pay their taxes “2012” if our senate refuses to not bring this bill to a vote “this year”,

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  16. Ron Paul When Pigs Fly /watch?v=LDgX71qHPRE

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  17. Ron Paul When Pigs Fly /watch?v=LDgX71qHPRE

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  18. I see. No wonder. Pitiful nation we have become. Thanks for the info.

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