Audit the Federal Reserve

1929 Responses




You are viewing the 2009/2010 version of the Audit the Fed page. Please click here for the 2011/2012 version or read on for the amazing history of Ron Paul’s efforts to bring transparency to the secretive banking cartel.

The Federal Reserve is the chief culprit behind the economic crisis. Its unchecked power to create endless amounts of money out of thin air brought us the boom and bust cycle and causes one financial bubble after another. Since the Fed’s creation in 1913 the dollar has lost more than 96% of its value, and by recklessly inflating the money supply the Fed continues to distort interest rates and intentionally erodes the value of the dollar.

For the past 30 years, Congressman Ron Paul has worked tirelessly to bring much-needed transparency and accountability to the secretive bank. And in 2009 and 2010 his unfaltering dedication showed astonishing results: HR 1207, the bill to audit the Federal Reserve, swept the country and made the central bankers shudder at their desks. The bill passed as an amendment both in the House Financial Services Committee and in the House itself.

But the usurpers of America’s future didn’t take it lying down. They weren’t about to allow their secrets to be exposed and their magic money machine to be put under close scrutiny. They worked frantically behind the scenes to quietly derail all efforts to open up the Federal Reserve to an independent audit.

A handful of Fed-loving U.S. senators led by Chris Dodd rewrote the Senate version of the Financial Reform Bill to strip out Ron Paul’s Audit the Fed amendment and actually expand the Fed’s power over banks, lending and money. As Alan Grayson pointed out here, and Ron Paul commented on here, the Dodd bill completely eliminated legislation to audit the Federal Reserve, which had already passed in the House.

Sen. Bernie Sanders (I-Vt.) introduced an amendment on the floor effectively adding the Grayson-Paul language to the Senate bill, but later changed his amendment under pressure by the Federal Reserve and the Obama administration. The altered Sanders amendment passed the Senate on May 11, 2010 by a unanimous 96-0 vote.

Sen. Vitter reintroduced an amendment with the original Audit the Fed language. The Senate rejected the amendment on May 11, 2010 by a 37-62 vote.

The House and Senate went to the conference committee which attempted to reconcile the differences between the two bills (and their amendments). Unfortunately, Ron Paul’s tough language ended up not being included in the final bill.

On June 30, 2010, the GOP introduced Ron Paul’s Audit the Fed bill as a motion to recommit, which was the last chance to alter the financial regulation bill. Audit the Fed failed by a vote of 229-198. All Republicans voted in favor of the measure with 23 Democrats crossing the aisle to vote with Republicans. 114 co-sponsors of HR 1207, all Democrats, jumped ship and voted against Audit the Fed.

But let’s start from the beginning. Here’s the fascinating history of Ron Paul’s Audit the Fed bill:

02/2009: Ron Paul introduces bill to Audit the Federal Reserve

On February 26, 2009, Ron Paul introduced HR 1207, the bill to audit the Federal Reserve:

“I rise to introduce the Federal Reserve Transparency Act. Throughout its nearly 100-year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar. Since 1913 the dollar has lost over 95% of its purchasing power, aided and abetted by the Federal Reserve’s loose monetary policy. How long will we as a Congress stand idly by while hard-working Americans see their savings eaten away by inflation? Only big-spending politicians and politically favored bankers benefit from inflation.”

After a groundswell of grassroots support, HR 1207 and its counterpart in the Senate, S 604, went on to attract 320 and 32 co-sponsors respectively.

10/2009: Mel Watt Introduces Competing Placebo Amendment

With HR 1207 gaining momentum, Congressman Mel Watt introduced a competing banker-approved “placebo” amendment that would have replaced HR 1207 and actually increased the Federal Reserve’s secrecy.

11/2009: Victory over Mel Watt Amendment

On November 19, 2009, after a historic debate lasting several hours, Ron Paul’s and Alan Grayson’s “Audit the Fed” amendment passed 43-26 in the House Financial Services Committee. The amendment called for a comprehensive audit of the Federal Reserve and replaced the opposing “placebo” amendment proposed by Mel Watt.

How they voted on Ron Paul’s Audit the Fed amendment (HR 1207 co-sponsors in bold):

Note: Due to a clerical error, until 5/26/2010 this roll call erroneously listed Rep. Gary Miller (CA-42) as a Democrat who supposedly voted “nay”. However, the reality is that Rep. Miller is a Republican who was absent on the day of the vote. He is a co-sponsor of HR 1207. We apologize!


Democrats
MA-04 Rep. Barney Frank nay
PA-11 Rep. Paul E. Kanjorski nay
CA-35 Rep. Maxine Waters nay
NY-14 Rep. Carolyn B. Maloney nay
IL-04 Rep. Luis V. Gutierrez nay
NY-12 Rep. Nydia M. Velázquez nay
NC-12 Rep. Melvin L. Watt nay
NY-05 Rep. Gary L. Ackerman nay
CA-27 Rep. Brad Sherman aye
NY-06 Rep. Gregory W. Meeks nay
KS-03 Rep. Dennis Moore nay
MA-08 Rep. Michael E. Capuano nay
TX-15 Rep. Rubén Hinojosa aye
MO-01 Rep. William Lacy Clay aye
NY-04 Rep. Carolyn McCarthy nay
CA-43 Rep. Joe Baca
MA-09 Rep. Stephen F. Lynch nay
GA-13 Rep. David Scott aye
TX-09 Rep. Al Green nay
MO-05 Rep. Emanuel Cleaver nay
IL-08 Rep. Melissa L. Bean nay
WI-04 Rep. Gwen Moore nay
NH-02 Rep. Paul W. Hodes aye
MN-05 Rep. Keith Ellison nay
FL-22 Rep. Ron Klein nay
OH-06 Rep. Charles Wilson nay
CO-07 Rep. Ed Perlmutter aye
IN-02 Rep. Joe Donnelly nay
IL-14 Rep. Bill Foster nay
IN-07 Rep. Andre Carson nay
CA-12 Rep. Jackie Speier aye
MS-01 Rep. Travis Childers aye
ID-01 Rep. Walt Minnick aye
NJ-03 Rep. John Adler aye
OH-15 Rep. Mary Jo Kilroy nay
OH-01 Rep. Steve Driehaus aye
FL-24 Rep. Suzanne Kosmas aye
FL-08 Rep. Alan Grayson aye
CT-04 Rep. Jim Himes nay
MI-09 Rep. Gary Peters aye
NY-25 Rep. Dan Maffei aye

Republicans
AL-06 Rep. Spencer Bachus aye
TX-19 Rep. Randy Neugebauer aye
DE-01 Rep. Michael N. Castle aye
NY-03 Rep. Peter King aye
CA-40 Rep. Edward R. Royce aye
OK-03 Rep. Frank D. Lucas aye
TX-14 Rep. Ron Paul (sponsor) aye
IL-16 Rep. Donald A. Manzullo aye
NC-03 Rep. Walter B. Jones aye
IL-13 Rep. Judy Biggert aye
NC-13 Rep. Brad Miller
WV-02 Rep. Shelley Moore Capito aye
TX-05 Rep. Jeb Hensarling aye
NJ-05 Rep. Scott Garrett aye
SC-03 Rep. J. Gresham Barrett aye
PA-06 Rep. Jim Gerlach aye
GA-06 Rep. Tom Price aye
NC-10 Rep. Patrick T. McHenry aye
CA-48 Rep. John Campbell aye
FL-12 Rep. Adam Putnam aye
MN-06 Rep. Michele Bachmann aye
TX-24 Rep. Kenny Marchant aye
MI-11 Rep. Thaddeus McCotter aye
CA-22 Rep. Kevin McCarthy aye
FL-15 Rep. Bill Posey aye
KS-02 Rep. Lynn Jenkins aye
NY-26 Rep. Christopher Lee aye
MN-03 Rep. Erik Paulsen aye
NJ-07 Rep. Leonard Lance aye

12/2009: Audit the Fed Passes in the House

The Audit the Fed amendment was attached to Barney Frank’s HR 3996, also known as the “Financial Stability Improvement Act of 2009″. That bill was later combined, along with several other bills, into “The Wall Street Reform and Consumer Protection Act of 2009 – Financial Stability Improvement Act of 2009″ (HR 4173). The House passed the new bill on December 11, 2009 on a vote of 223-202.

03/2010: Treasury Officials Still Support Mel Watt Amendment

On March 8, 2010 Huffington Post reporter Sam Stein participated in a bizarre meeting with unnamed high level treasury officials:

The Treasury Department is vigorously opposed to a House-passed measure that would open the Federal Reserve to an audit by the Government Accountability Office (GAO), a senior Treasury official said Monday. Instead, the official said, the Treasury prefers a substitute offered by Rep. Mel Watt (D-N.C.), and would like to see it enacted as part of the Senate bill.

The Watt measure, however, while claiming to increase transparency, actually puts new restrictions on the GAO’s ability to perform an audit.

03/2010: Mel Watt Amendment Used in Senate Version of the Financial Reform Bill

Ron Paul: “In the Senate, we didn’t get enough strong support over there and the Republicans didn’t really fight for it and at the Senate side it is not included. Matter of fact, they have included Mel Watts’s language. His language and my language competed in the House Financial Services Committee and of course we won that pretty easily. But they inserted that in so Mel Watt and the bankers were able to influence the senators enough to put their language in there. So what probably will happen is the two bills will be passed. It’ll be in one bill and not the other and then the fight will be to put pressure on the conference to go with the House [bill] instead of the Senate.”

04/2010: Bernie Sanders Introduces Audit the Fed Amendment in the Senate

Sen. Bernie Sanders (I-Vt.) introduced an amendment on the floor effectively adding the Grayson-Paul language to the Senate bill.

05/2010: Bernie Sanders Sells Out, Senate Passes Watered Down Amendment

On May 6, 2010 Bernie Sanders sold out to the bankers by modifying his amendment to the extent that it would allow the Fed to keep many of its activities secret. On May 11, 2010 the Sanders amendment passed the Senate by a unanimous 96-0 vote.

05/2010: David Vitter Comes To The Rescue But His Amendment is Defeated

Sen. David Vitter reintroduced an amendment with Ron Paul’s original Audit the Fed language. The Senate rejected the amendment on May 11, 2010 by a 37-62 vote.

06/2010: 114 Democrats Jump Ship and Vote Down Audit the Fed

On June 30, 2010, Ron Paul’s attempt to audit the Federal Reserve, which was previously co-sponsored by 320 members of the House (HR 1207), failed by a vote of 229-198. All Republicans voted in favor of the measure with 23 Democrats crossing the aisle to vote with Republicans. 114 co-sponsors of HR 1207, all Democrats, jumped ship and voted against Audit the Fed.

The GOP had offered the Fed audit as the minority’s last chance to alter the financial regulation bill. The bill does have an watered-down audit provision in the conference report, but it is limited to loans made by the Fed during the height of the economic crisis. Ron Paul’s bill would have allowed a total examination of the Fed’s books.

How they voted

Democrats, Republicans, HR 1207 Co-Sponsors

YEA

Aderholt
Akin
Alexander
Austria
Bachmann
Bachus
Barrett (SC)
Bartlett
Barton (TX)
Biggert
Bilbray
Bilirakis
Blackburn
Blunt
Boehner
Bonner
Bono Mack
Boozman

Boucher
Boustany
Brady (TX)
Broun (GA)
Brown (SC)
Brown-Waite, Ginny
Buchanan
Burgess
Burton (IN)
Buyer
Calvert
Camp
Campbell
Cantor
Cao
Capito

Carney
Carter
Cassidy
Castle
Chaffetz
Childers
Coble
Coffman (CO)
Cole
Conaway
Crenshaw

Critz
Culberson
Davis (KY)
Dent
Diaz-Balart, L.
Diaz-Balart, M.
Djou
Dreier
Duncan

Edwards (TX)
Ehlers
Emerson
Fallin
Flake
Fleming
Forbes
Fortenberry
Foxx
Franks (AZ)
Frelinghuysen
Gallegly

Garrett (NJ)
Gerlach

Giffords
Gingrey (GA)
Gohmert
Goodlatte
Granger
Graves (GA)
Graves (MO)

Grayson
Griffith
Guthrie
Hall (TX)
Harper
Hastings (WA)
Heller
Hensarling
Herger

Hodes
Hoekstra
Hunter
Inglis
Issa
Jenkins
Johnson (IL)
Johnson, Sam
Jones
Jordan (OH)
King (IA)
King (NY)
Kingston
Kirk

Kirkpatrick (AZ)
Kline (MN)
Kratovil
Lamborn
Lance
Latham
LaTourette
Latta
Lee (NY)
Lewis (CA)
Linder

Lipinski
LoBiondo
Lucas
Luetkemeyer
Lummis
Lungren, Daniel E.
Mack
Manzullo
Marchant

Markey (CO)
McCarthy (CA)
McCaul
McClintock
McCotter
McHenry

McIntyre
McKeon
McMorris Rodgers

McNerney
Mica
Miller (FL)
Miller (MI)
Miller, Gary
Minnick
Mitchell
Moran (KS)
Murphy, Tim
Myrick
Neugebauer
Nunes

Nye
Olson
Paul
Paulsen
Pence

Perriello
Petri
Pitts
Platts
Poe (TX)
Posey
Price (GA)
Putnam
Radanovich
Rehberg
Reichert
Roe (TN)
Rogers (AL)
Rogers (KY)
Rogers (MI)
Rohrabacher
Rooney
Ros-Lehtinen
Roskam

Ross
Royce
Ryan (WI)
Scalise
Schmidt
Schock
Sensenbrenner
Sessions
Shadegg
Shimkus
Shuster
Simpson

Skelton
Smith (NE)
Smith (NJ)
Smith (TX)

Space
Stearns
Sullivan

Teague
Terry
Thompson (PA)
Thornberry
Tiahrt
Tiberi

Titus
Turner
Upton
Walden
Westmoreland
Whitfield
Wilson (SC)
Wittman
Wolf
Young (FL)

NAY

Ackerman
Adler (NJ)
Altmire

Andrews
Arcuri
Baca
Baird
Baldwin
Barrow

Bean
Becerra
Berkley
Berman
Berry
Bishop (GA)
Bishop (NY)

Blumenauer
Boccieri
Boren
Boswell
Boyd

Brady (PA)
Braley (IA)
Bright
Brown, Corrine

Butterfield
Capps
Capuano
Cardoza
Carnahan
Carson (IN)
Castor (FL)
Chandler
Chu

Clarke
Clay
Cleaver
Clyburn
Cohen
Connolly (VA)
Conyers
Cooper
Costa
Costello
Courtney
Crowley
Cuellar
Cummings
Dahlkemper
Davis (AL)
Davis (CA)
Davis (IL)
Davis (TN)
DeFazio

DeGette
Delahunt
DeLauro
Deutch
Dicks
Dingell
Doggett
Donnelly (IN)
Doyle
Driehaus
Edwards (MD)

Ellison
Ellsworth
Engel
Eshoo
Etheridge
Farr
Fattah
Filner
Foster
Frank (MA)
Fudge
Garamendi

Gonzalez
Gordon (TN)
Green, Al
Green, Gene
Grijalva
Gutierrez
Hall (NY)
Halvorson
Hare
Harman

Hastings (FL)
Heinrich
Herseth Sandlin
Higgins
Hill

Himes
Hinchey
Hinojosa
Hirono
Holden

Holt
Honda
Hoyer
Inslee
Isra-el
Jackson (IL)
Jackson Lee (TX)
Johnson (GA)
Johnson, E. B.
Kagen

Kanjorski
Kaptur
Kennedy
Kildee
Kilpatrick (MI)

Kilroy
Kind
Kissell
Klein (FL)
Kosmas
Kucinich
Langevin

Larsen (WA)
Larson (CT)
Lee (CA)
Levin
Lewis (GA)
Loebsack
Lofgren, Zoe

Lowey
Luján
Lynch
Maffei
Maloney
Markey (MA)
Marshall
Matheson
Matsui
McCarthy (NY)
McCollum
McDermott
McGovern

McMahon
Meek (FL)
Meeks (NY)
Melancon
Michaud
Miller (NC)

Miller, George
Mollohan
Moore (KS)
Moore (WI)
Moran (VA)
Murphy (CT)
Murphy (NY)
Murphy, Patrick
Nadler (NY)

Napolitano
Neal (MA)
Oberstar
Obey
Olver
Ortiz
Owens
Pallone
Pascrell
Pastor (AZ)
Payne
Perlmutter

Peters
Peterson
Pingree (ME)
Polis (CO)

Pomeroy
Price (NC)
Quigley
Rahall
Rangel
Reyes
Richardson
Rodriguez

Rothman (NJ)
Roybal-Allard
Ruppersberger
Rush
Ryan (OH)
Salazar

Sánchez, Linda T.
Sanchez, Loretta
Sarbanes
Schakowsky
Schauer
Schiff
Schrader

Schwartz
Scott (GA)
Scott (VA)
Serrano
Sestak
Shea-Porter
Sherman
Shuler

Sires
Slaughter
Smith (WA)
Snyder
Speier
Spratt
Stark

Stupak
Sutton
Tanner
Thompson (CA)
Thompson (MS)
Tierney
Tonko

Towns
Tsongas
Van Hollen
Velázquez
Visclosky
Walz

Wasserman Schultz
Waters
Watson
Watt
Waxman
Weiner
Welch

Wilson (OH)
Wu
Yarmuth

Not Voting

Bishop (UT)
Taylor
Wamp
Woolsey
Young (AK)

THE END? Not yet! Audit the Fed will be back in 2011.

(The information below covers the original HR 1207 and S 604 bills.)

Ron Paul’s bill to audit the Federal Reserve (HR 1207) now has 320 co-sponsors, and the numbers keep growing! HR 1207′s companion bill in the Senate, S 604, has already attracted 32 co-sponsors.

This is history in the making, and victory is within reach. Imagine what will happen if HR 1207, The Federal Reserve Transparency Act, comes up for vote in Congress! With two thirds of the House of Representatives already co-sponsoring this bill, it has real potential to pass — BUT only if we educate and rally the people to support it and get our Congresspeople to put it to vote and pass it.

HR 1207 Co-Sponsors

Rep Abercrombie, Neil [HI-1] – 2/26/2009
Rep Aderholt, Robert B. [AL-4] – 5/6/2009
Rep Adler, John H. [NJ-3] – 5/6/2009
Rep Akin, W. Todd [MO-2] – 3/19/2009
Rep Alexander, Rodney [LA-5] – 3/10/2009
Rep Altmire, Jason [PA-4] – 5/20/2009
Rep Arcuri, Michael A. [NY-24] – 9/23/2009
Rep Austria, Steve [OH-7] – 5/6/2009
Rep Bachmann, Michele [MN-6] – 2/26/2009
Rep Bachus, Spencer [AL-6] – 4/29/2009
Rep Baird, Brian [WA-3] – 7/10/2009
Rep Baldwin, Tammy [WI-2] – 4/21/2009
Rep Barrett, J. Gresham [SC-3] – 4/28/2009
Rep Barrow, John [GA-12] – 5/12/2009
Rep Bartlett, Roscoe G. [MD-6] – 2/26/2009
Rep Barton, Joe [TX-6] – 5/4/2009
Rep Berkley, Shelley [NV-1] – 5/21/2009
Rep Berry, Marion [AR-1] – 5/20/2009
Rep Biggert, Judy [IL-13] – 4/28/2009
Rep Bilbray, Brian P. [CA-50] – 4/21/2009
Rep Bilirakis, Gus M. [FL-9] – 5/4/2009
Rep Bishop, Rob [UT-1] – 4/21/2009
Rep Bishop, Sanford D., Jr. [GA-2] – 10/27/2009
Rep Bishop, Timothy H. [NY-1] – 7/10/2009
Rep Blackburn, Marsha [TN-7] – 3/16/2009
Rep Blunt, Roy [MO-7] – 3/24/2009
Rep Boccieri, John A. [OH-16] – 7/28/2009
Rep Boehner, John A. [OH-8] – 6/10/2009
Rep Bonner, Jo [AL-1] – 6/9/2009
Rep Bono Mack, Mary [CA-45] – 4/29/2009
Rep Boozman, John [AR-3] – 5/7/2009
Rep Boren, Dan [OK-2] – 12/1/2009
Rep Boswell, Leonard L. [IA-3] – 6/9/2009
Rep Boucher, Rick [VA-9] – 7/20/2009
Rep Boustany, Charles W., Jr. [LA-7] – 5/13/2009
Rep Boyd, Allen [FL-2] – 7/14/2009
Rep Brady, Kevin [TX-8] – 4/22/2009
Rep Braley, Bruce L. [IA-1] – 6/11/2009
Rep Bright, Bobby [AL-2] – 6/11/2009
Rep Broun, Paul C. [GA-10] – 2/26/2009
Rep Brown, Corrine [FL-3] – 6/11/2009
Rep Brown, Henry E., Jr. [SC-1] – 4/28/2009
Rep Brown-Waite, Ginny [FL-5] – 5/20/2009
Rep Buchanan, Vern [FL-13] – 3/17/2009
Rep Burgess, Michael C. [TX-26] – 3/19/2009
Rep Burton, Dan [IN-5] – 2/26/2009
Rep Buyer, Steve [IN-4] – 4/30/2009
Rep Calvert, Ken [CA-44] – 4/29/2009
Rep Camp, Dave [MI-4] – 6/18/2009
Rep Campbell, John [CA-48] – 5/4/2009
Rep Cantor, Eric [VA-7] – 6/23/2009
Rep Cao, Anh “Joseph” [LA-2] – 6/11/2009
Rep Capito, Shelley Moore [WV-2] – 4/1/2009
Rep Carney, Christopher P. [PA-10] – 6/9/2009
Rep Carter, John R. [TX-31] – 3/31/2009
Rep Cassidy, Bill [LA-6] – 5/4/2009
Rep Castle, Michael N. [DE] – 3/17/2009
Rep Chaffetz, Jason [UT-3] – 3/6/2009
Rep Chandler, Ben [KY-6] – 7/7/2009
Rep Childers, Travis [MS-1] – 6/9/2009
Rep Chu, Judy [CA-32] – 10/6/2009
Rep Clay, Wm. Lacy [MO-1] – 11/19/2009
Rep Coble, Howard [NC-6] – 6/11/2009
Rep Coffman, Mike [CO-6] – 6/16/2009
Rep Cohen, Steve [TN-9] – 10/22/2009
Rep Cole, Tom [OK-4] – 4/21/2009
Rep Conaway, K. Michael [TX-11] – 5/7/2009
Rep Conyers, John, Jr. [MI-14] – 6/23/2009
Rep Courtney, Joe [CT-2] – 7/8/2009
Rep Crenshaw, Ander [FL-4] – 5/4/2009
Rep Cuellar, Henry [TX-28] – 9/24/2009
Rep Culberson, John Abney [TX-7] – 3/26/2009
Rep Dahlkemper, Kathleen A. [PA-3] – 7/22/2009
Rep Davis, Danny K. [IL-7] – 6/26/2009
Rep Davis, Geoff [KY-4] – 5/6/2009
Rep Davis, Lincoln [TN-4] – 9/30/2009
Rep Deal, Nathan [GA-9] – 3/23/2009
Rep DeFazio, Peter A. [OR-4] – 3/9/2009
Rep Delahunt, Bill [MA-10] – 9/9/2009
Rep Dent, Charles W. [PA-15] – 5/6/2009
Rep Diaz-Balart, Lincoln [FL-21] – 7/10/2009
Rep Diaz-Balart, Mario [FL-25] – 6/18/2009
Rep Doggett, Lloyd [TX-25] – 4/21/2009
Rep Doyle, Michael F. [PA-14] – 9/29/2009
Rep Dreier, David [CA-26] – 6/10/2009
Rep Driehaus, Steve [OH-1] – 10/6/2009
Rep Duncan, John J., Jr. [TN-2] – 3/6/2009
Rep Edwards, Chet [TX-17] – 6/16/2009
Rep Edwards, Donna F. [MD-4] – 6/11/2009
Rep Ehlers, Vernon J. [MI-3] – 4/21/2009
Rep Emerson, Jo Ann [MO-8] – 7/15/2009
Rep Fallin, Mary [OK-5] – 4/2/2009
Rep Farr, Sam [CA-17] – 7/8/2009
Rep Filner, Bob [CA-51] – 7/28/2009
Rep Flake, Jeff [AZ-6] – 5/11/2009
Rep Fleming, John [LA-4] – 3/18/2009
Rep Forbes, J. Randy [VA-4] – 5/20/2009
Rep Fortenberry, Jeff [NE-1] – 5/12/2009
Rep Foxx, Virginia [NC-5] – 3/10/2009
Rep Franks, Trent [AZ-2] – 3/23/2009
Rep Frelinghuysen, Rodney P. [NJ-11] – 6/3/2009
Rep Fudge, Marcia L. [OH-11] – 7/9/2009
Rep Gallegly, Elton [CA-24] – 7/7/2009
Rep Garrett, Scott [NJ-5] – 3/5/2009
Rep Gerlach, Jim [PA-6] – 5/11/2009
Rep Giffords, Gabrielle [AZ-8] – 6/16/2009
Rep Gingrey, Phil [GA-11] – 3/30/2009
Rep Gohmert, Louie [TX-1] – 4/23/2009
Rep Goodlatte, Bob [VA-6] – 4/28/2009
Rep Gordon, Bart [TN-6] – 9/8/2009
Rep Granger, Kay [TX-12] – 4/28/2009
Rep Graves, Sam [MO-6] – 4/22/2009
Rep Graves, Tom [GA-9] – 6/17/2010
Rep Grayson, Alan [FL-8] – 3/11/2009
Rep Griffith, Parker [AL-5] – 6/16/2009
Rep Grijalva, Raul M. [AZ-7] – 6/3/2009
Rep Guthrie, Brett [KY-2] – 5/7/2009
Rep Hall, Ralph M. [TX-4] – 4/29/2009
Rep Halvorson, Deborah L. [IL-11] – 6/3/2009
Rep Hare, Phil [IL-17] – 5/11/2009
Rep Harman, Jane [CA-36] – 7/7/2009
Rep Harper, Gregg [MS-3] – 5/11/2009
Rep Hastings, Doc [WA-4] – 5/11/2009
Rep Heinrich, Martin [NM-1] – 11/2/2009
Rep Heller, Dean [NV-2] – 3/6/2009
Rep Hensarling, Jeb [TX-5] – 5/4/2009
Rep Herger, Wally [CA-2] – 4/21/2009
Rep Herseth Sandlin, Stephanie [SD] – 5/6/2009
Rep Higgins, Brian [NY-27] – 10/13/2009
Rep Hill, Baron P. [IN-9] – 10/22/2009
Rep Hinchey, Maurice D. [NY-22] – 6/2/2009
Rep Hinojosa, Ruben [TX-15] – 9/10/2009
Rep Hirono, Mazie K. [HI-2] – 7/8/2009
Rep Hoekstra, Peter [MI-2] – 4/28/2009
Rep Holden, Tim [PA-17] – 6/4/2009
Rep Hunter, Duncan D. [CA-52] – 5/13/2009
Rep Inglis, Bob [SC-4] – 4/23/2009
Rep Inslee, Jay [WA-1] – 5/12/2009
Rep Issa, Darrell E. [CA-49] – 6/16/2009
Rep Jackson, Jesse L., Jr. [IL-2] – 7/30/2009
Rep Jenkins, Lynn [KS-2] – 4/23/2009
Rep Johnson, Eddie Bernice [TX-30] – 9/15/2009
Rep Johnson, Henry C. “Hank,” Jr. [GA-4] – 6/9/2009
Rep Johnson, Sam [TX-3] – 4/22/2009
Rep Johnson, Timothy V. [IL-15] – 4/23/2009
Rep Jones, Walter B., Jr. [NC-3] – 2/26/2009
Rep Jordan, Jim [OH-4] – 6/2/2009
Rep Kagen, Steve [WI-8] – 2/26/2009
Rep Kaptur, Marcy [OH-9] – 4/23/2009
Rep Kildee, Dale E. [MI-5] – 9/21/2009
Rep Kilpatrick, Carolyn C. [MI-13] – 12/1/2009
Rep King, Peter T. [NY-3] – 6/4/2009
Rep King, Steve [IA-5] – 6/11/2009
Rep Kingston, Jack [GA-1] – 3/6/2009
Rep Kirk, Mark Steven [IL-10] – 7/15/2009
Rep Kirkpatrick, Ann [AZ-1] – 7/14/2009
Rep Kissell, Larry [NC-8] – 11/5/2009
Rep Kline, John [MN-2] – 4/29/2009
Rep Kosmas, Suzanne M. [FL-24] – 6/17/2009
Rep Kratovil, Frank, Jr. [MD-1] – 6/4/2009
Rep Kucinich, Dennis J. [OH-10] – 6/11/2009
Rep Lamborn, Doug [CO-5] – 4/21/2009
Rep Lance, Leonard [NJ-7] – 5/11/2009
Rep Langevin, James R. [RI-2] – 9/8/2009
Rep Latham, Tom [IA-4] – 4/21/2009
Rep LaTourette, Steven C. [OH-14] – 4/28/2009
Rep Latta, Robert E. [OH-5] – 5/20/2009
Rep Lee, Christopher J. [NY-26] – 6/10/2009
Rep Lewis, Jerry [CA-41] – 6/24/2009
Rep Lewis, John [GA-5] – 9/23/2009
Rep Linder, John [GA-7] – 5/6/2009
Rep Lipinski, Daniel [IL-3] – 6/4/2009
Rep LoBiondo, Frank A. [NJ-2] – 5/4/2009
Rep Loebsack, David [IA-2] – 6/10/2009
Rep Lofgren, Zoe [CA-16] – 7/7/2009
Rep Lucas, Frank D. [OK-3] – 4/21/2009
Rep Luetkemeyer, Blaine [MO-9] – 4/21/2009
Rep Lujan, Ben Ray [NM-3] – 11/19/2009
Rep Lummis, Cynthia M. [WY] – 3/19/2009
Rep Lungren, Daniel E. [CA-3] – 5/7/2009
Rep Mack, Connie [FL-14] – 5/12/2009
Rep Maffei, Daniel B. [NY-25] – 5/12/2009
Rep Manzullo, Donald A. [IL-16] – 4/21/2009
Rep Marchant, Kenny [TX-24] – 3/11/2009
Rep Markey, Betsy [CO-4] – 6/25/2009
Rep Massa, Eric J. J. [NY-29] – 4/22/2009
Rep McCarthy, Kevin [CA-22] – 5/4/2009
Rep McCaul, Michael T. [TX-10] – 4/21/2009
Rep McClintock, Tom [CA-4] – 3/6/2009
Rep McCotter, Thaddeus G. [MI-11] – 3/19/2009
Rep McDermott, Jim [WA-7] – 4/29/2009
Rep McGovern, James P. [MA-3] – 6/10/2009
Rep McHenry, Patrick T. [NC-10] – 4/30/2009
Rep McHugh, John M. [NY-23] – 5/4/2009
Rep McIntyre, Mike [NC-7] – 6/10/2009
Rep McKeon, Howard P. “Buck” [CA-25] – 6/11/2009
Rep McMorris Rodgers, Cathy [WA-5] – 5/4/2009
Rep McNerney, Jerry [CA-11] – 3/16/2010
Rep Melancon, Charlie [LA-3] – 7/10/2009
Rep Mica, John L. [FL-7] – 5/12/2009
Rep Michaud, Michael H. [ME-2] – 5/7/2009
Rep Miller, Brad [NC-13] – 9/22/2009
Rep Miller, Candice S. [MI-10] – 4/28/2009
Rep Miller, Gary G. [CA-42] – 6/10/2009
Rep Miller, Jeff [FL-1] – 3/24/2009
Rep Minnick, Walter [ID-1] – 5/13/2009
Rep Mitchell, Harry E. [AZ-5] – 6/9/2009
Rep Moran, Jerry [KS-1] – 5/4/2009
Rep Murphy, Christopher S. [CT-5] – 7/7/2009
Rep Murphy, Patrick J. [PA-8] – 6/9/2009
Rep Murphy, Scott [NY-20] – 7/9/2009
Rep Murphy, Tim [PA-18] – 4/29/2009
Rep Myrick, Sue Wilkins [NC-9] – 4/28/2009
Rep Nadler, Jerrold [NY-8] – 9/10/2009
Rep Neugebauer, Randy [TX-19] – 4/30/2009
Rep Nunes, Devin [CA-21] – 6/12/2009
Rep Nye, Glenn C., III [VA-2] – 9/17/2009
Rep Oberstar, James L. [MN-8] – 7/31/2009
Rep Olson, Pete [TX-22] – 4/21/2009
Rep Ortiz, Solomon P. [TX-27] – 5/14/2009
Rep Pascrell, Bill, Jr. [NJ-8] – 6/9/2009
Rep Pastor, Ed [AZ-4] – 5/20/2009
Rep Paulsen, Erik [MN-3] – 3/30/2009
Rep Payne, Donald M. [NJ-10] – 7/30/2009
Rep Pence, Mike [IN-6] – 4/21/2009
Rep Perlmutter, Ed [CO-7] – 6/10/2009
Rep Perriello, Thomas S.P. [VA-5] – 5/13/2009
Rep Peterson, Collin C. [MN-7] – 3/19/2009
Rep Petri, Thomas E. [WI-6] – 3/10/2009
Rep Pingree, Chellie [ME-1] – 10/6/2009
Rep Pitts, Joseph R. [PA-16] – 4/28/2009
Rep Platts, Todd Russell [PA-19] – 3/19/2009
Rep Poe, Ted [TX-2] – 2/26/2009
Rep Polis, Jared [CO-2] – 6/11/2009
Rep Posey, Bill [FL-15] – 2/26/2009
Rep Price, Tom [GA-6] – 3/10/2009
Rep Putnam, Adam H. [FL-12] – 4/28/2009
Rep Quigley, Mike [IL-5] – 3/9/2010
Rep Radanovich, George [CA-19] – 5/6/2009
Rep Rehberg, Denny [MT] – 2/26/2009
Rep Reichert, David G. [WA-8] – 5/20/2009
Rep Reyes, Silvestre [TX-16] – 12/1/2009
Rep Richardson, Laura [CA-37] – 7/28/2009
Rep Rodriguez, Ciro D. [TX-23] – 12/1/2009
Rep Roe, David P. [TN-1] – 4/21/2009
Rep Rogers, Harold [KY-5] – 7/14/2009
Rep Rogers, Mike D. [AL-3] – 5/13/2009
Rep Rogers, Mike J. [MI-8] – 5/20/2009
Rep Rohrabacher, Dana [CA-46] – 3/6/2009
Rep Rooney, Thomas J. [FL-16] – 4/22/2009
Rep Ros-Lehtinen, Ileana [FL-18] – 4/28/2009
Rep Roskam, Peter J. [IL-6] – 6/2/2009
Rep Ross, Mike [AR-4] – 5/21/2009
Rep Rothman, Steven R. [NJ-9] – 6/18/2009
Rep Royce, Edward R. [CA-40] – 5/12/2009
Rep Ruppersberger, C. A. Dutch [MD-2] – 10/20/2009
Rep Ryan, Paul [WI-1] – 5/14/2009
Rep Ryan, Tim [OH-17] – 10/23/2009
Rep Salazar, John T. [CO-3] – 7/15/2009
Rep Sarbanes, John P. [MD-3] – 6/15/2009
Rep Scalise, Steve [LA-1] – 5/20/2009
Rep Schakowsky, Janice D. [IL-9] – 5/6/2009
Rep Schauer, Mark H. [MI-7] – 5/20/2009
Rep Schiff, Adam B. [CA-29] – 7/14/2009
Rep Schmidt, Jean [OH-2] – 6/11/2009
Rep Schock, Aaron [IL-18] – 5/6/2009
Rep Schrader, Kurt [OR-5] – 9/15/2009
Rep Scott, David [GA-13] – 7/20/2009
Rep Sensenbrenner, F. James, Jr. [WI-5] – 5/7/2009
Rep Sessions, Pete [TX-32] – 3/23/2009
Rep Shadegg, John B. [AZ-3] – 5/7/2009
Rep Shea-Porter, Carol [NH-1] – 6/9/2009
Rep Sherman, Brad [CA-27] – 6/23/2009
Rep Shimkus, John [IL-19] – 4/22/2009
Rep Shuler, Heath [NC-11] – 6/12/2009
Rep Shuster, Bill [PA-9] – 5/7/2009
Rep Simpson, Michael K. [ID-2] – 4/28/2009
Rep Slaughter, Louise McIntosh [NY-28] – 6/17/2009
Rep Smith, Adam [WA-9] – 4/22/2009
Rep Smith, Adrian [NE-3] – 4/28/2009
Rep Smith, Christopher H. [NJ-4] – 6/15/2009
Rep Smith, Lamar [TX-21] – 4/2/2009
Rep Snyder, Vic [AR-2] – 6/23/2009
Rep Souder, Mark E. [IN-3] – 6/16/2009
Rep Space, Zachary T. [OH-18] – 6/23/2009
Rep Speier, Jackie [CA-12] – 6/11/2009
Rep Spratt, John M., Jr. [SC-5] – 10/13/2009
Rep Stark, Fortney Pete [CA-13] – 3/26/2009
Rep Stearns, Cliff [FL-6] – 3/6/2009
Rep Sullivan, John [OK-1] – 7/8/2009
Rep Sutton, Betty [OH-13] – 10/6/2009
Rep Taylor, Gene [MS-4] – 3/6/2009
Rep Teague, Harry [NM-2] – 6/12/2009
Rep Terry, Lee [NE-2] – 3/30/2009
Rep Thompson, Bennie G. [MS-2] – 7/17/2009
Rep Thompson, Glenn [PA-5] – 4/22/2009
Rep Thornberry, Mac [TX-13] – 5/21/2009
Rep Tiahrt, Todd [KS-4] – 4/28/2009
Rep Tiberi, Patrick J. [OH-12] – 4/28/2009
Rep Tierney, John F. [MA-6] – 7/20/2009
Rep Titus, Dina [NV-3] – 7/14/2009
Rep Tonko, Paul D. [NY-21] – 6/9/2009
Rep Turner, Michael R. [OH-3] – 5/13/2009
Rep Upton, Fred [MI-6] – 4/29/2009
Rep Visclosky, Peter J. [IN-1] – 7/20/2009
Rep Walden, Greg [OR-2] – 5/4/2009
Rep Walz, Timothy J. [MN-1] – 5/7/2009
Rep Wamp, Zach [TN-3] – 3/16/2009
Rep Weiner, Anthony D. [NY-9] – 11/5/2009
Rep Welch, Peter [VT] – 5/21/2009
Rep Westmoreland, Lynn A. [GA-3] – 4/2/2009
Rep Whitfield, Ed [KY-1] – 5/14/2009
Rep Wilson, Joe [SC-2] – 4/29/2009
Rep Wittman, Robert J. [VA-1] – 4/1/2009
Rep Wolf, Frank R. [VA-10] – 6/11/2009
Rep Woolsey, Lynn C. [CA-6] – 2/26/2009
Rep Wu, David [OR-1] – 7/13/2009
Rep Yarmuth, John A. [KY-3] – 7/14/2009
Rep Young, C.W. Bill [FL-10] – 6/3/2009
Rep Young, Don [AK] – 3/6/2009

Step 2: Your Senator

HR 1207′s identical companion bill in the Senate is known as S 604, the Federal Reserve Sunshine Act, sponsored by Sen. Bernie Sanders.

S 604 Co-Sponsors

Sen Barrasso, John [WY] – 7/15/2009
Sen Bennett, Robert F. [UT] – 7/15/2009
Sen Boxer, Barbara [CA] – 9/17/2009
Sen Brownback, Sam [KS] – 7/8/2009
Sen Burr, Richard [NC] – 7/9/2009
Sen Cardin, Benjamin L. [MD] – 7/28/2009
Sen Chambliss, Saxby [GA] – 7/8/2009
Sen Coburn, Tom [OK] – 7/20/2009
Sen Cochran, Thad [MS] – 10/1/2009
Sen Cornyn, John [TX] – 7/20/2009
Sen Crapo, Mike [ID] – 6/25/2009
Sen DeMint, Jim [SC] – 6/11/2009
Sen Dorgan, Byron L. [ND] – 9/9/2009
Sen Feingold, Russell D. [WI] – 7/15/2009
Sen Graham, Lindsey [SC] – 7/24/2009
Sen Grassley, Chuck [IA] – 8/3/2009
Sen Harkin, Tom [IA] – 7/20/2009
Sen Hatch, Orrin G. [UT] – 7/24/2009
Sen Hutchison, Kay Bailey [TX] – 7/20/2009
Sen Inhofe, James M. [OK] – 7/9/2009
Sen Isakson, Johnny [GA] – 7/8/2009
Sen Landrieu, Mary L. [LA] – 12/17/2009
Sen Leahy, Patrick J. [VT] – 9/17/2009
Sen Lincoln, Blanche L. [AR] – 7/15/2009
Sen McCain, John [AZ] – 7/15/2009
Sen Murkowski, Lisa [AK] – 9/15/2009
Sen Risch, James E. [ID] – 8/3/2009
Sen Thune, John [SD] – 9/22/2009
Sen Vitter, David [LA] – 6/16/2009
Sen Webb, Jim [VA] – 8/3/2009
Sen Wicker, Roger F. [MS] – 10/1/2009
Sen Wyden, Ron [OR] – 1/28/2010

Step 3: The People

Tell everyone you know about HR 1207 and S 604 ask them to support the bills and to contact their representative as well. Link to this page and to CampaignForLiberty.com.

Link: http://www.ronpaul.com/on-the-issues/audit-the-federal-reserve-hr-1207/

Banner:


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Why Audit The Federal Reserve?

Ron Paul’s legislation is aimed at pulling back the curtain from a secretive and unaccountable Federal Reserve. Congress and the American people have minimal, if any, oversight over trillions of dollars that the Fed controls.

With recent bailouts and spending decisions shining a spotlight on the actions of the Federal Reserve, more and more pressure is bearing down on Congress to take action and demand accountability and transparency.

Auditing the Fed is only the first step towards exposing this antiquated insider-run creature to the powerful forces of free-market competition. Once there are viable alternatives to the monopolistic fiat dollar, the Federal Reserve will have to become honest and transparent if it wants to remain in business.

Introducing HR 1207

Ron Paul introduced bill H.R. 1207 on February 26, 2009 with the following speech to Congress:

Madame Speaker,

I rise to introduce the Federal Reserve Transparency Act. Throughout its nearly 100-year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar. Since 1913 the dollar has lost over 95% of its purchasing power, aided and abetted by the Federal Reserve’s loose monetary policy. How long will we as a Congress stand idly by while hard-working Americans see their savings eaten away by inflation? Only big-spending politicians and politically favored bankers benefit from inflation.

Serious discussion of proposals to oversee the Federal Reserve is long overdue. I have been a longtime proponent of more effective oversight and auditing of the Fed, but I was far from the first Congressman to advocate these types of proposals. Esteemed former members of the Banking Committee such as Chairmen Wright Patman and Henry B. Gonzales were outspoken critics of the Fed and its lack of transparency.

Since its inception, the Federal Reserve has always operated in the shadows, without sufficient scrutiny or oversight of its operations. While the conventional excuse is that this is intended to reduce the Fed’s susceptibility to political pressures, the reality is that the Fed acts as a foil for the government. Whenever you question the Fed about the strength of the dollar, they will refer you to the Treasury, and vice versa. The Federal Reserve has, on the one hand, many of the privileges of government agencies, while retaining benefits of private organizations, such as being insulated from Freedom of Information Act requests.

The Federal Reserve can enter into agreements with foreign central banks and foreign governments, and the GAO is prohibited from auditing or even seeing these agreements. Why should a government-established agency, whose police force has federal law enforcement powers, and whose notes have legal tender status in this country, be allowed to enter into agreements with foreign powers and foreign banking institutions with no oversight? Particularly when hundreds of billions of dollars of currency swaps have been announced and implemented, the Fed’s negotiations with the European Central Bank, the Bank of International Settlements, and other institutions should face increased scrutiny, most especially because of their significant effect on foreign policy. If the State Department were able to do this, it would be characterized as a rogue agency and brought to heel, and if a private individual did this he might face prosecution under the Logan Act, yet the Fed avoids both fates.

More importantly, the Fed’s funding facilities and its agreements with the Treasury should be reviewed. The Treasury’s supplementary financing accounts that fund Fed facilities allow the Treasury to funnel money to Wall Street without GAO or Congressional oversight. Additional funding facilities, such as the Primary Dealer Credit Facility and the Term Securities Lending Facility, allow the Fed to keep financial asset prices artificially inflated and subsidize poorly performing financial firms.

The Federal Reserve Transparency Act would eliminate restrictions on GAO audits of the Federal Reserve and open Fed operations to enhanced scrutiny. We hear officials constantly lauding the benefits of transparency and especially bemoaning the opacity of the Fed, its monetary policy, and its funding facilities. By opening all Fed operations to a GAO audit and calling for such an audit to be completed by the end of 2010, the Federal Reserve Transparency Act would achieve much-needed transparency of the Federal Reserve. I urge my colleagues to support this bill.

HR 1207

This is the bill itself, H.R. 1207:

111th Congress – 1st Session

H.R. 1207

A BILL

To amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes.

1. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.
This Act may be cited as the “Federal Reserve Transparency Act of 2009″.

SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

(a) IN GENERAL. – Subsection (b) of section 714 of title 31, United States Code, is amended by striking all after “shall audit an agency” and inserting a period.

(b) AUDIT. – Section 714 of title 31, United States Code, is amended by adding at the end the following new subsection:

“(e) AUDIT AND REPORT OF THE FEDERAL RESERVE SYSTEM. -

“(1) IN GENERAL. – The audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) shall be completed before the end of 2010.

“(2) REPORT -

“(A) REQUIRED. – A report on the audit referred to in paragraph (1) shall be submitted by the Comptroller General to the Congress before the end of the 90-day period beginning on the date on which such audit is completed and made available to the Speaker of the House, the majority and minority leaders of the House of Representatives, the majority and minority leaders of the Senate, the Chairman and Ranking Member of the committee and each sub-committee of jurisdiction in the House of Representatives and the Senate, and any other Member of Congress who requests it.

“(B) CONTENTS. – The report under subparagraph (A) shall include a detailed description of the findings and conclusion of the Comptroller General with respect to the audit that is the subject of the report, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate.”.

Ron Paul’s Quotes on HR 1207

In this speech to Congress, Ron Paul refutes Ben Bernanke’s interpretation of HR 1207, the bill to audit the Federal Reserve, and explains why only an audit will protect the public’s interest.

Date: 7/30/2009

Ron Paul: Mr. Speaker, the big guns have lined up against HR 1207, the bill to audit the Federal Reserve. What is it that they are so concerned about? What information are they hiding from the American people? The screed is: transparency is okay except for those things they don’t want to be transparent.

Federal Reserve Chairman Ben Bernanke, argues that HR 1207, the legislation to audit the Federal Reserve, would politicize monetary policy. He claims that monetary policy must remain independent, that is; secret. He ignores history because chairmen of the Federal Reserve in the past, especially when up for reappointment, do their best to accommodate the president with politically driven low interest rates and a bubble economy.

Former Federal Reserve Board Chairman Arthur Burns, when asked about all the inflation he brought about in 1971 before Nixon’s reelection, said that the Fed has to do what the president wants it to do, or it would lose its independence. That about tells you everything.

Not by accident Chairman Burns strongly supported Nixon’s program of wage and price controls the same year, but I guess that’s not political. Is not making secret deals with the likes of Goldman Sachs, international financial institutions, foreign governments and foreign central banks politicizing monetary policy?

Bernanke argues that the knowledge that their discussions and decisions will one day be scrutinized will compromise the freedom of the Open Market Committee to pursue sound policy. If it is sound and honest and serves no special interest, what’s the problem?

He claims that HR 1207 would give power to Congress to affect monetary policy. He dreamt this up to instill fear, an old statist trick to justify government power. HR 1207 does nothing of the sort. He suggested that the day after an FOMC meeting, Congress could send in the GAO to demand an audit of everything said and done. This is hardly the case. The FOMC function under HR 1207 would not change.

The detailed transcripts of the FOMC meetings are released every 5 years, so why would this be so different and what is it that they don’t want the American people to know? Is there something about the transcripts that need to be kept secret, or are the transcripts actually not verbatim?

Fed sycophants argue that an audit would destroy the financial markets’ faith in the Fed. They say this in the midst of the greatest financial crisis in history brought on by none other than the Federal Reserve. In fact, Chairman Bernanke stated on November 14th 2007, “A considerable amount of evidence indicates that Central Bank transparency increases the effectiveness of monetary policy and enhances economic and financial performance”.

They also argue that an audit would hurt the value of the U.S. dollar. In fact, the Fed, in less than a 100 years of its existence, has reduced the value of the 1914 dollar by 96%.

They claim HR 1207 would raise interest rates. How could it? The Fed sets interest rates and the bill doesn’t interfere with monetary policy. Congress would have no say in the matter and besides, Congress likes low interest rates.

It is argued that the Fed wouldn’t be free to raise interest rates if they thought it necessary. But Bernanke has already assured the Congress that rates are going to stay low for the foreseeable future. And again, this bill does nothing to allow Congress to interfere with interest rate setting.

Fed supporters claim that they want to protect the public’s interest with their secrecy. But the banks and Wall Streets are the opponents of HR 1207, and the people are for it. Just who best represents the public’s interest?

The real question is: why are Wall Street and the Fed so hysterically opposed to HR 1207? Just what information are they so anxious to keep secret? Only an audit of the Federal Reserve will answer these questions.

Excerpt from Ron Paul’s 4/22/2009 appearance on Judge Andrew Napolitano’s Freedom Watch:

Ron Paul: After we came back yesterday from our 2-week break, I think have 15 new people signed on and somebody came up to me and says, “I signed on your bill this morning because I went to my town hall meetings, I went four of them and in every meeting people were there and say, “It’s time that we have transparency of the Fed.’”

But I call them the Fourth Branch of government. Some people don’t think of them as part of the government because they’re so secretive. But we created it, we can end it, we take no responsibility to supervise it, and look at what they’re doing. We spend hundreds of billions, but the Fed deals in trillions, and they don’t have any responsibility to tell us about it. So there’s a lot of power there and it deserves looking at.

And I think I have to say Barney Frank has been sympathetic with this. He’s for transparency. He’s not for hard money and the type of monetary policy I’m talking about. He believes that we should have more transparency of the Fed, so whether this bill gets passed or something very similar, the mood in the country is such that not only do they want us to be better in handling the appropriated fund and knowing where these TARP funds went, the American people have awakened to this whole idea of what the Federal Reserve does behind the scenes.

So I’m delighted. I’ve been pushing this monetary issue for more than 30 years believing it was THE significant economic issue of our time, and I think people are starting to realize this and we’re going to keep hearing about it and there’s a good chance that it will eventually make it to the floor.

Excerpt from Ron Paul’s 3/5/2009 appearance on Judge Andrew Napolitano’s Freedom Watch:

Judge Napolitano: Before we switch gears, Congressman Paul, how did Ben Bernanke react to the legislation that you introduced calling for an audit of the Fed. Did he give you a call on the phone?

Ron Paul: Oh yes, he called me, wanted to congratulate me and he wanted to support my bill. You know, interestingly, just recently, I cannot name his name but I was talking to a former member of the Federal Reserve board and told him about the bill and he was friendly enough.

I said, “What do you think of that?” He said, “I think it’s not a very good idea”. And I said, “Do the people at the Federal Reserve ever talk about, are concerned about the dollar”. I said, you know, I’m always talking about the dollar and what this is going to do to the dollar. And I said, “Do they know that all this debt and inflation could hurt the dollar?” He says, “Yes, they do.” He confirmed it. He said, “They absolutely do.” He says, “But they can’t answer your questions in public because it would cause panic.”

Judge Napolitano: This administration came to power and we all knew the words that they used, “hope” and “change”. But one of the words that they really used was “transparency”. I would think the President himself should be in favor of transparency at the Fed if he wants to be ideologically consistent. What are they afraid we will find out, Congressman Paul?

Ron Paul: Well, what they’re going to find out is, that’s the first step. Once we get the audit bill passed and we can reveal what they are doing, I think the next step is to end the Fed. That’s why they don’t want that.

You know, we had some very good comments made by our Senator Bernie Sanders yesterday from Vermont. I talked with him this morning and we’re going to be talking a lot about the need for having transparency.

And I think the mood is right. The mood is right both with the Democrats and the Republicans, because they don’t know exactly what is going on but they know the American people are sick and tired of just throwing money out there, whether it’s to the Treasury and nobody knows where it goes, whether they send it to Iraq and nobody knows where the bundles of money go, or whether the Federal Reserve can create 2 trillion dollars, and they don’t even have to tell us.

As a government all onto itself, it’s bigger than the whole U.S. Congress. They create trillions in a day, you know, in a short period of time, and in the Congress we do talk a little bit when we pass 400 million or 800 million. But the Fed is a much bigger problem.

Excerpt from Ron Paul’s 3/10/2009 interview with Alex Jones:

Alex Jones: Every few weeks they come before the banking committee and you bring up the fact that what they are doing is destroying us. What do we need to do to bring the private Federal Reserve under control?

Ron Paul: Well, there has to be an uprising by the people. There has to be enough people who will demand that their Congressmen respond, and that is building. You know, a year or two ago nobody in Washington even thought about the Federal Reserve. Today there is a lot more thinking going on and a lot more support for our position. So it is growing. And yet, we’re not on the verge of changing it. I have the bill to get rid of the Federal Reserve, that’s the major step and the ultimate step and they’ll probably self-destruct before we actually pass legislation.

But the bill that is more important in the short run is the auditing bill, the 1207 bill, because that means they have to start answering our questions. Today they are protected. They are in total secrecy and they are protected by the law. If 1207 is passed we have an audit and they have to answer the questions. And I figure if we ever get that far and get the exposure and get the transparency that we need, then people will wake up and realize, ‘why do we have them at all?’

Alex Jones: Senator Sanders grilled them, as you know, last week saying that he is supporting 1207 or a version in the Senate because, Bernanke, the private Fed chief just said, “I’m not going to tell you where the money, buddy.” I mean, that’s amazing to see our elected Congress, the most powerful branch of the government according to our founders, being told to kiss off.

Ron Paul: Right, and I know Sanders real well. He was on the banking committee with me before he went into the Senate, and I called him after that, and I believe he has now introduced my version of the transparency bill and I’ve introduced his version. So both bills exist. Mine is a little bit more conclusive, in that it removes the total authority for them to not answer questions. His is specifically designed to answer certain questions and reveal where certain trillion dollars went. They are very similar, but somewhat different in nature, so we both support each other’s bill and they’ve been introduced in both chambers.

Alex Jones: Well, public support for this and the majority of the Congress itself are saying they are angry, they don’t know where the money is and Bloomberg sued to find out and he’s been told No on their foyer. If this gets media attention I can see now way that Congress wouldn’t vote for a proper audit of the private Federal Reserve.

Ron Paul: They’re going to, if we can get it that far. It’s a good issue, like so many of our issues, we bring different many factions together, liberals and conservatives, under the constitution. Because, if you’re a good honest liberal like Bernie Sanders, he is an honest person but is very, very liberal. He calls himself a socialist, but he agrees on the transparency issue.

So this whole idea that we expose them to bring populists, libertarians, constitutionals, liberals, socialist all together and think, “If we can’t do this, what’s left of representative government? There’s nothing left.” So it’s a good unifier, I think it’s a great issue.

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    [...] would allow the Federal Reserve to be audited, something that has never been done. And that bill, H.R. 1207 has 92 co-sponsors as of right now. Hmm, maybe he’s not so crazy. Please, watch this video [...]

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  2. Brenton

    How many sponsors does Paul need to have this bill as something that’ll be ‘concrete’ passed?

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    1. steve osmond

      good questions i am also lookin for this answer

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    2. anarchist

      Brenton:

      Ron Paul needs 218 co-sponsors to pass the House of Rep.

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    3. George

      It doesn’t matter if all of the house co-sponsors the bill. It will NEVER get through the bankers bought and paid for Senators. And, even if all odds were overcome, it absolutely would never be signed by O’Bastard Banker Boy, he’ll veto it the second it hit his desk.
      You can not legislate what is owned. The Federal Reserve owns the United States Government. Period!

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  3. aaron

    Actually, I met with Bill Foster on Saturday to ask him to support this Bill…and he told me they were “considering it”. Then gave us a ton of bullcrap about how dangerous it is to audit a bank.

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  4. Momentum for HR 1207: Audit the Federal Reserve, Continues to Build! | Red Pills

    [...] This Post When I attended the TEA Party in Salt Lake, I carried a sign which stated, “Support HR 1207 – Audit the Fed”. I have posted concerning Rep. Ron Paul’s legislation previously in [...]

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  5. KENNY

    the fed should go and the members should go to jail and their monies should be grabbed up and returned to the treasury dept and paid towards the deficit and fines put on people responsible for this mess paulson needs to be in jail along with bernacky and greenspan and the congress that votes against hr 1207 should be tossed to the curb with no retirement and no fed benifits and give them a taste of what they have been giving us since 1913 and barney frank is a criminal and should be brought down
    amen brother
    can i get an amen
    yeah
    peace out

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  6. Chuck Roberts

    All good posts! Realistically what are the chances of Barney Frank letting this get out of committee? It seems to me that you can have all the co-sponsors you want but what really matters are the 71 Finance committe members and the Chairman. Anyone know about the rules within a committee/subcommittee? Does majority rule?Can Chairman scuttle the Bill from going to the House Floor? What about all the other Bills that are already in the Finance Committee for consideration? How does HR 1207 get precidence?
    This may never get to the floor before they recess again.

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  7. Shaun Andrew

    Go Ron Paul! I called my Congressman, Jeff Miller, to support HR 1207 and HR 833. My Congressman is a co-sponsor of HR 1207. I called the House of Representative’s switchboard today, 04/27, and again expressed my support for these bills. The prospect of either, or both, passing gives me great HOPE!!!

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  8. A Bill To Audit the Federal Reserve Gaining Momentum In the House | This Week | Conservative Christian News — LATEST NEWS

    [...] version of the bill, called the Federal Reserve Transparency Act of 2009, HR 1207 now has over 90 co-sponsers. With truly bipartisan support, this bill is seen by many as a “God-send”. The Federal [...]

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  9. H.R. 1207 has 91 Cosponsors, so far... - TDR Roundtable

    [...] 1207 has 91 Cosponsors, so far… Audit the Federal Reserve (HR 1207) | Ron Paul .com __________________ A man with an experience, is never at the mercy of a man with an [...]

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  10. HR 1207 - Federal Reserve Transparency Act | The Final Prayer

    [...] For a listing of all the co-sponsors, members of the House Committee on Financial Services, and fliers and letters you can send to your Congressmen, click here. [...]

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  11. The Liberty Papers »Blog Archive » Barney Frank On Ron Paul’s Federal Reserve Transparancy Act

    [...] are no hearing dates set right now, but that doesn’t mean that it isn’t time to contact your Representative and tell them they need to get on board, especially if they’re on the Banking Committee. [...]

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  12. The Liberty Papers »Blog Archive » It’s time for libertarians to start taking Federal Reserve issues seriously

    [...] by Paul are often disregarded by the rest of Congress, this one is starting to show some legs. According to Paul’s website, the bill now has 71 [...]

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  13. Sarah B.

    Woohoo!
    After writing him twice, I received an email from Rep. Lloyd Doggett (D, Texas, 25th) saying that he is a sponsor of this bill. Apparently I’m very persuasive. Add him to the list! (I’m happy to forward the email to you if you want it).
    Sarah B.

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  14. Political Action Item: Audit the Federal Reserve! | Michigan Blogger

    [...] Sample letters, fliers, and faxes available here. [...]

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  15. Last Call for HR 1207 - Audit the Fed « The Truth Or The Fight

    [...] Paul’s legislation HR 1207, The Federal Reserve Transparency Act, is gaining support. HR 1207 has 55 co-sponsors and real [...]

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  16. Dave P.

    I’m posting this to keep things real. I recently submitted a letter to one of my US senators posing four questions.

    I asked the following:

    “1. If the CEO’s of banks like Citi, JP Morgan Chase, and Bank of America are saying as of last week they want to pay back TARP funds, and also claim they will be fine without any more financial assistance from the taxpayer, then why does the Congress and the Treasury continue to give them funds?

    2. Why does Congress continue to overspend when the overarching source of the present crisis is Federal deficit spending?

    3. How does Congress intend to immediately deal with the $55 Trillion Federal Net Debt. Secondly, how does Congress intend to pay for its obligations once the Social Security Budget begins running massive deficits in 2017? Thirdly, how does the Federal Government intend to avoid defaulting on its debt or hyper-inflating the currency in the near future in light of this present reality?

    4. Why does the US Government feel it is necessary to keep paying dividends to shareholding banks of the Federal Reserve when the US Government could restructure and eliminate the Federal Reserve, issue its own currency (instead of relying on the private banking Fed), and save paying interest money?”

    Here was her response.

    “Thank you for contacting me regarding the Federal Reserve. I appreciate hearing from you, and I welcome the chance to respond.

    As you know, the Federal Reserve (Fed) has been active in U.S. monetary policy and bank regulation since it was established in 1913. Its decisions regarding interest rates have a significant impact on inflation, growth, and other aspects of the economy.

    Recently, the Federal Reserve’s emergency powers, enumerated in the Federal Reserve Act, to lend in “unusual and exigent circumstances,” have caused some concern. The Fed has taken several actions, such as issuing guarantees on short term corporate debt (also known as “commercial paper”), providing inter-bank loans, and further providing a substantial amount of credit to institutions like AIG that are in danger of failing.

    Missourians are right to be concerned about transparency and accountability within the organization. By law and by custom, it is supposed to be independent and free of political influence. I support this independence. However, given the concentration of economic power currently housed at the Fed, it is more important than ever for the Fed to operate in a transparent and accountable manner.

    As your Senator, I have been vocal about the need for stringent oversight of taxpayer dollars that have been committed to stabilize the financial system. For instance, when there were questions about whether the Inspector General would have the authority to hire staff quickly or investigate all aspects of the program, I wrote legislation, which has since become law, to make it clear that he did have that authority. I also believe we need to take a hard look at the regulatory structure that allowed us to get into this mess. Congress will be considering various proposals for reform and perhaps consolidation of federal regulatory agencies. I will be sure to keep your thoughts in mind as I consider any relevant legislation. However, I do not think that abolishing the Federal Reserve system, as some have suggested, is a workable solution.

    Thank you again for contacting me. I hope you will continue to reach out in the future with your thoughts and advice.

    All best,
    Senator Claire McCaskill”

    She didn’t answer directly all of my questions obviously, but it does reveal where she stands with regards to the powers of the Federal Reserve.

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  17. Sunguard

    Audit the Fed? Why is a private Corporation issuing our own money to us at interest in the first place? That’s just like this BS banker bailout; we give them trillions of our own money to loan back to us at interest (and they won’t even do that)? WTF? How about the “arrest the criminal bankers” bill? or the “you work for us and you’re fired” bill?

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  18. Dear Nancy - David Dalpiaz Dot Com

    [...] wildly printing money with no traceability is a problem, why on earth aren’t you supporting Ron Paul’s bill to audit the Fed? All it is asking for is accountability and transparency. That’s it. That’s the [...]

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  19. Jan

    THE FIRST 10 AMENDMENTS TO THE CONSTITUTION AS RATIFIED BY THE STATES
    Amendment I
    Congress shall make no law respecting an establishment of religion, or prohibiting the free exercise thereof; or abridging the freedom of speech, or of the press; or the right of the people peaceably to assemble, and to petition the Government for a redress of grievances.

    Amendment II
    A well regulated Militia, being necessary to the security of a free State, the right of the people to keep and bear Arms, shall not be infringed.
    Amendment III
    No Soldier shall, in time of peace be quartered in any house, without the consent of the Owner, nor in time of war, but in a manner to be prescribed by law.
    Amendment IV
    The right of the people to be secure in their persons, houses, papers, and effects, against unreasonable searches and seizures, shall not be violated, and no Warrants shall issue, but upon probable cause, supported by Oath or affirmation, and particularly describing the place to be searched, and the persons or things to be seized.
    Amendment V
    No person shall be held to answer for a capital, or otherwise infamous crime, unless on a presentment or indictment of a Grand Jury, except in cases arising in the land or naval forces, or in the Militia, when in actual service in time of War or public danger; nor shall any person be subject for the same offence to be twice put in jeopardy of life or limb; nor shall be compelled in any criminal case to be a witness against himself, nor be deprived of life, liberty, or property, without due process of law; nor shall private property be taken for public use, without just compensation.

    Amendment VI
    In all criminal prosecutions, the accused shall enjoy the right to a speedy and public trial, by an impartial jury of the State and district wherein the crime shall have been committed, which district shall have been previously ascertained by law, and to be informed of the nature and cause of the accusation; to be confronted with the witnesses against him; to have compulsory process for obtaining witnesses in his favor, and to have the Assistance of Counsel for his defence.
    Amendment VII
    In suits at common law, where the value in controversy shall exceed twenty dollars, the right of trial by jury shall be preserved, and no fact tried by a jury, shall be otherwise reexamined in any Court of the United States, than according to the rules of the common law.

    Amendment VIII
    Excessive bail shall not be required, nor excessive fines imposed, nor cruel and unusual punishments inflicted.
    Amendment IX
    The enumeration in the Constitution, of certain rights, shall not be construed to deny or disparage others retained by the people.
    Amendment X
    The powers not delegated to the United States by the Constitution, nor prohibited by it to the States, are reserved to the States respectively, or to the people.

    Exploring Constitutional Law

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  20. Dave Brown

    I ask all of you to support Dr. Paul’s FED transparency bill. It may make sense to dissolve the FED, but the key function of the FED is to regulate credit/debt thru the regulation of interest rates. The FED was created to stabilize the American economy. Unfortunately, the members of the FED came to the conclusion that growth in GDP was it’s purpose. Of course it was driven by our federal government, the media, and the public at large into that growth at any cost strategy. The bubbles that created has lead to the inevidible recession we are in today.

    But before you throw out the baby with the bath water, consider who will control credit/debt if not the FED. It appears the concensus is Treasury, the same outfit that engineered TARP and Stimulus Package which has and is simply an attempt to reinflate the bubbles. Although I am not a fan of the FED, I trust the Treasury less to manage the economy effectively. Federal politicians have been leading the growth at any cost pack for over a century.

    Rather than focus on organization or personality, it would be really great if we could focus on ideas. Our founding fathers managed to do that, and we can too. If our situation/problem is excessive debt by the federal goverenment which Congress can control thru spending discipline; and by the private area which the FED controls thru interest rates; the question becomes

    “What should be the goal that would lead to a stable economy?”

    Or is an unstable economy preferable?

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  21. Jesse

    Ron I believe you are right about the global currency as well. There are a number of the countries that are gunnin’ for a new monetary reserve fund that will replace the USD. After some research I found that congresswoman Bachmann from MN is proposing a bill that will prevent anything happening to the USD as legal tender here in America. I need to do a little research to find out what happened to europeans when they switched the currency over to the Euro, as it is one of my concerns should they drive the dollar into the ground. Stocks, mutual funds etc. If you have any info I’m willing to listen!

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  22. Jesse

    First off, I am behind Dr. Paul completely. But I do have a few questions pertaining to the HB1207. It is my understanding that the findings would have to be shown to ALL members of congress, correct? Also, there seems to be little talk about the latest G20 summit and the regulation that came about. Currently they’ve created Global economic union(FSB, Financial Stability Board) with uniform regulations and bylaws for all nations, to INCLUDE the U.S. It is primarily compromised by a body of bankers from each of the G20 states and the European union. They will oversee our SEC, commodities trading commission, federal reserve board and other regulators. We will no longer be looking to Washington DC for rules, instead we’ll look to Brussels! My concern with HB1207 now is this: WHO WILL AUDIT THEM?!?! I don’t claim to be smart by any means, but one would have to believe that this new regulation and the FSB will play a role in this audit, right? If thats the case, you can forget about any honest feedback on they’re part! This new regulation is a threat to our National Sovereignty and a direct path to socialism!

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    1. Sean

      Well actually the FSB is just a larger version of the FSF, which has been around for 10 years.. We wouldn’t need to audit them because they don’t handle any transactions. All they will do is report any financial threats they might find. They don’t hold any special powers or authority.

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  23. Krysina

    It a great start; the transperancy act- to abolishing the federal reserve. It is nothing more than a private bank that robs people of their money, creates depressions, and bascially regulates everything in your life. We need to voice to everyone we know to get on this and get this bill passed!

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  24. Ron

    I started compiling everything I can possibly find on the Fed on my website http://politicaladept.com/theunfederalreserve/

    Please send or post anything you can find. For instance, I’m looking for an organizational chart that includes the Rothschild’s that is newer than the one from the 70′s. I have it on my site but I want a newer one.

    See you at the rallies!

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  25. Ron

    ONE of the treasonous things done at the G20:
    The G20 moves the world a step closer to a global currency
    http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/5096524/The-G20-moves-the-world-a-step-closer-to-a-global-currency.html

    “The G20 has just concluded. Make no mistake, these people (the NWO people) are slick. Where is the bold new world currency?? Buried in:

    A single clause in Point 19 of the communiqué issued by the G20 leaders amounts to revolution in the global financial order.

    “We have agreed to support a general SDR allocation which will inject $250bn (£170bn) into the world economy and increase global liquidity,” it said. SDRs are Special Drawing Rights, a synthetic paper currency issued by the International Monetary Fund that has lain dormant for half a century. ‘

    Source http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/5096524/The-G20-moves-the-world-a-step-closer-to-a-global-currency.html

    The G20 moves the world a step closer to a global currency.

    Reporter goes on : “There is now a world currency in waiting. In time, SDRs are likely to evolve into a parking place for the foreign holdings of central banks, led by the People’s Bank of China. Beijing’s moves this week to offer $95bn in Yuan currency swaps to developing economies show how fast China aims to break dollar dependence.”
    =================
    Are you begging to pick-up on their M.O. ?? Nothing over the top, nothing jerky or lurching. We are going to slip right into this one; the New Order. That’s the plan.

    Notice it was Gordon Brown who said:

    http://www.telegraph.co.uk/finance/financetopics/g20-summit/5096722/G20-summit-Gordon-Brown-strikes-historic-1-trillion-deal.html

    The Prime Minister announced the creation of a “new world order” after the conclusion of the G20 summit of world leaders in London.
    =================

    Yes he is the Tavistock Program guru of the bunch. Saying the words and catch phrases with all the right emotional punch to keep the Tavistock manipulation program in play, for all the puppets , characters and “players” to the extent that successful manipulation can be had. But they are no donkey’s fool. They still have all the required laws and Halliburton Detention centers ready as the back –up plan… pick a letter.. and manipulation tool.

    Multi-faceted, multi-tasking webs of agendas and intrigue. So while all eyes are being held on the big ticket item, under the auspices of those who think they are modern Houdini’s, the New World Order will just take form and slowly materialize all around us, slick well-fitting straight jackets or body-suits. Just like one of those lobster-cooking cook-outs famously held at Kennebunkport Maine.

    All eyes are on the event of a Iron Ruler dictator; but the world currency is taking shape, the regulation over sovereign economies will take shape, the global police state apparatus will take shape since the super advanced personnel intrusion and tracking technology and its support Tavistock “program “is already fully functional. And with all mention of this said technology ‘politely” never mentioned or discussed, and for self-serving “I-want-a-piece-of-that-too” reasons, the slush-boots of the Iron Ruler can be kept in reserve and I am sure that is the plan. Who can fight invisible carbon dioxide, until of course it is too late. Chlorine? Well, no one has to tell you to fight that.

    Who is beginning to see that it is all quite slick. Well, my values and principles are not going to change, especially on the police-state part. These principles were all well thought out 300 years ago when harnessing electricity was not even a gleam in Mr. Jefferson’s or Mr. Franklin’s eyes.

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  26. Greg Lawrence

    Anybody who thinks that there is a real difference between democrats and republicans should take another look at 9/11.

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  27. Jim McDonough

    Or here is an idea an 85% cut in taxes across the board for 4 years hahahaha

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  28. Jim McDonough

    Mr Paul are you going to run for the presidency in 2012 and if not i ask you to change your mind ty

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  29. Ron

    Did everyone see the video where Dick Morris admitted to the goal of a global government??? He even said conspiracy theorists have been right all along. Well look at his latest analysis of what happened at the G20. Wish I had a better source then him at the moment, but this is good stuff, and remember, opportunistic or not, this guy turned against the socialist left and has insight.
    You can view the video on the dickmorrisreports youtube channel. I’m also uploading it to mine, politicalaficionado.

    http://www.youtube.com/watch?v=dFDBkf4F_hs

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  30. Norm Kane

    I have a 1 page stimulus that would do much more than their 1400 page fiasco.
    Give each registered voter $10,000 ($20,000 per family)- cost two trillion dollars.
    Half the money paid directly on a mortgage or other credit card debt. This money ($1 trillion)goes directly to the banks without going through the hands of our “fine” representatives. No further bailout money needed for banks/mortgage companies!
    The other half given to the voter to sustain his/her family until the economy turns around.

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    1. Jim McDonough

      I have heard mention of something similar There are over 40 million workers in America over age of 40 if you give every worker $1Million dollars.On the stipulation that A) They quit their job B)They buy or pay off the house C) They buy a new car.

      The results would be 40 million new jobs – Unemployment fixed
      40 million homes bought or paid off – Houseing fixed
      40 million new cars (green) – Auto Ind fixed
      And to top it off the tax income from all this would eliminate the need to borrow off of our children and grandchildrens future

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      1. Sean

        the reason why individuals will not recieve any stimulus is because its artificial wealth that leads to hyper-inflation. If people work for their money, they will spend it accordingly at a balanced rate.. The reason why germany went through hyper inflation is because they increased wages and gave people money, it became worthless.

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        1. Matt

          Agreed. Any fabrication of money with no backing in value (products or services) cheapens all notes in circulation. Whether a tactic like that forces the creation of more products/services…I’ve never seen it succeed myself. Human psychology seems to be opposed–if you work hard and see your money lose value, lots of people have a tendency to just throw up their hands in frustration or start hording.

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      2. Norm Kane

        To give 40 million people 1 million dollars would cost 40 Trillion Dollars. Where would all this money come from? Crank up the presses

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        1. Jim McDonough

          Under obama the debt would be in interest only under what ive heard of $1mil to everyone the interest would be minimal by the taxes received by 40 mil new homes cars and jobs

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  31. Ahmad

    Hi iam from pakistan and i have all support to american nations (not government) which is just continuation zionist regime and carrying out the policies of jews…….. and federal reserve should be accountable
    we support u RON PAUL

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  32. Fred the Protectionist

    Ah the Federal Reserve, the boogeyman of the Libertarians.

    Republicans think all the ails in the world originate from labor unions.

    Democrats think all the ails in the world originate from the rich.

    Greens think all the ails in the world originate from Global Warming.

    Libertarians think all the ails in the world originate from the Federal Reserve.

    The Neo Nazis think all the ails in the world originate from the Jooz.

    That only leaves the Constitution Party which doesn’t use the tactics you’d find “the party” using in the story 1984; a target of hate.

    Long live Pat Buchanan.

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    1. Nate Y

      What the hell?

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    2. Matt

      Come on Nate, it’s the Constitution Party, which has risen above cheap party tactics like the fabrication of truth and the use of fear as control. Except when it comes to use of the Bible as a political weapon, or diametrically opposing the concept of separation of church and state. Heaven forbid we’d have a government whose authority is divorced from religious affiliation. It’s not like the Revolution had any reasons tied to religion, or that there was ever this thing called “The First Amendment”. That’s all blasphemous crazy talk.

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      1. Jim McDonough

        Every principle that is in the Constitution is derived from the Bible.In those days they had Mass before any meeting. This so called seperation of church and state is a falsehood.And because of that reasoning is which why we are in this state of affairs today

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        1. Matt

          The fact that a lot of the founding principles of our country were formed by good ideas from the “Good Book” doesn’t mean that we need government influenced in any way by religions that call themselves aligned with that book. Because as soon as that happens, someone that doesn’t share the beliefs of that religion loses representation.

          Why we’re in the situation we are in today…I’m actually in partial agreement with you on that one, if it makes a difference. The corrupt people we see involved with matters could learn something from a ‘good book’.

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          1. Sean

            haha right, there are lots of good political philosphy books we should follow that covers ethics. It’s wrong how people use the bible for a political tool, and don’t even follow its guidelines. People all over the world see us with a bible in one hand and a gun in the other.

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      2. Nate Y

        I’ve heard of the Constitution party. But I don’t really care about political parties. So meh…

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    3. Sean

      Fred, that is the truest thing i’ve ever heard. Protectionism is key.

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      1. Nate Y

        Yeah protectionism is key if you want to destroy the economy

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        1. Sean

          Protectionism would hurt the economy right now, but after the recession we could go back into it. Protectionism protects domestic production.. I guess you want more foreign products and the federal reserve to pay for it.. haha

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        2. Sean

          “As the United States entered the 20th century, the “American School” was the policy of the United States under such names as: “American Policy”, “Economic nationalism”, “National System”,[23] “Protective System”, “Protection Policy”,[24] and “Protectionism”, which alludes only to the ‘tariff policy’ of this system of economics.[25][26][27][15][28]

          This continued until 1913 when the administration of Woodrow Wilson initiated his The New Freedom policy that replaced the National Bank System with the Federal Reserve System, and lowered tariffs to revenue only levels with the Underwood Tariff.”

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  33. Jan

    I”m blocked from writing on this folks …..the Truth will set you free….but since they have closed down the newspapers across our nation and now the internet to some I guess the takeover of the middleclass is here! Worldwide poverty is on its way!

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  34. Mike

    The John Birch Society has a magazine, and I beleive it is the Feb. 2001 or 2002 issue that is a complete expose on the UN. The whole magazine that month was dedicated to exposing the inner workings, and plans of the New World Order. I liked it so much I ordered 25 copy’s. They are all gone now but if you could get a back issue you would people would find is very educational for the present. One article that comes to mind was about Public Education. See if this magazine can still be ordered. It was well over 80 pages. Very very informative.

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  35. Audit the Federal Reserve (HR 1207) @ Triceratops Tone

    [...] @ Audit the Federal Reserve (HR 1207) | Ron Paul .com. Economics, New Legislation, Resistance, The [...]

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