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/

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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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1,929 responses to “Audit the Federal Reserve”

  1. Jan

    Sean, we are not bailing them (China) out, they are bailing us out.!
    The USA corporations went overseas and we lost all our jobs.
    Paulson went over to China before becoming Sec. Treasury and established many banks in China….he made Billions on those transactions. Then he TARPed them with bail out money.
    China paid for the Iraq war thanks to our congress and Bush!
    China has $2.2 Trillion in excess…they could buy us out in a day!
    All the countries overseas are prospering due to the decline of the USA workforce. Our country betrayed its own people to build auto factories over there, If our government hadn’t of started NAFTA..and we have to pay to export and they don’t pay a dime to import…..so of course its cheaper to build the cars and whatever else overseas and then import them here than it is to export them!
    The republicans and democrats and the CFR are responsible for our collapse not the workers. Everyone thinks the GM workers are making too much per hour and that has caused GM to go overseas….has anyone asked how much the excuetives and CEO’s make an hour?
    The government got rid of our jobs……and they won’t take responsibility for it either. Let the illegals take over ….they don’t’ care about us…..we need to vote all of them out next term ……
    And Sean, congress makes the monetary policy and voted for all that money Bush asked for for the Iraq War…
    I bet the Taliban sure think we are all fools….they have set us up to deplete our economy and congress has done a damn good job of it. We are now the 3 rd world country and they aren’t….I suppose we are still trying to rebuild Iraq aren’t we.
    Cynically, why don’t we just give the entire world our money our labor our food our health care. Make sure the illegals get healthcare and the children….but don’t make sure the children’s parents have a job ….or a house or car or food……but boy we got to educate the Chinese over here and let them steal our patents and our ideas and make sure they are educated while our kids are dummer than doornails……and they may get a degree but why ..there are no jobs for them work to pay back the loans….
    I am so sick and tired of this mess I do not even want to think about it anymore…….Like I said….let them print as much money as they want to….if no bank loans any of it out …that money will just set there collecting dust…..if we don’t get people back to work they couldn’t afford a loan anyway……its all an illusion anyway….and once their crap they are trying to feed us hits that bubble will burst too…..what’s money anyway…..? paper…..its just a means of exchange for goods…..why is there so much value put on gold? its just a shiny rock….why is so much value put on oil…its nothing but a lubricant or runs our cars so what……..lets go back to bartering. And we don’t need tax collectors either…….espcially when all our taxes go for government salaries,benefits and their retirement. I wish I was Amish about now! LoL….they are surviving probably the better than we are……Who needs to stocks? all that money makes the stock broker rich and the CEO”s bonus get bigger…does nothing for the working conditions of the people who make the product..doesn’t increase their wages…….who would have thought a damn car would cost as much as house.
    What a joke…talk about deflation……we have been living it for 25 years……none of us can afford to live anymore…but by god the wealthy are living real well…and so is congress.
    That is why they can’t help us they aren’t a part of us…they don’t represent us……besides all they make policies for is the corporations and wars and wall street and credit and monetary stuff….they could care less about how much we pay for food, gas, lights…they’ll never get theirs shut off…..unless we vote them out of there and elect people that are not professional lawyers, doctors, politicians and rich….real people who have worked their asses off. They just want to get rich themselves and network with all the wealthy……..Ask Senator Dodd how much his wife made last year? I dare yah….Dodd and Frank need to be audited and so does Polosi’s husband……
    Not even Ron Paul will do us any good…….this website is just to appease the peasants…..no action…..well……I can’t do anything about it either …….all I can say is I”ll believe it when I see it….in the meantime…….talk is cheap and I”m getting older and I feel very sad for those who have more years to live on this earth than I do……I do not really want to be around to see it all……
    If the Federal Reserve thinks its the right way to go than let them take the full responsibility for what good comes out of it or what bad comes out of it……IT will be all their fault is printing $20Trillion dollars still destroys us financially….
    Lay it on their shoulders…..we can’t say or do nothing about it.
    We the people have no say …..period….and haven’t. So, what makes yah think we do now……they do not listen to us….only when they want our vote and then they give us empty promises….
    THis entire site is a promise and no action.

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    1. Sean

      A lot of these investment firms that we are bailing out (leeman brothers, bear sterns, freddie mac, fannie may) are partially to mainly owned by foreigners. We’re bailing these firms and putting plenty of money in banks for us to borrow. That money is for us…

      There’s lots of promise here.. There are steps that we can take to reverse a bunch all this bad stuff your talking about. Government policies can steer a country into any direction.. Like I strongly agree that we should raise corporate taxes and get rid the income tax. THat was a proposal brought forward by ben bernankes friend.. There are a lot more steps we can take to balance out our trade and income inequality.

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      1. Sean

        I was watching this dvd last night. It was the history channel documentaries on different presidents, and wow did they ever critisize Thomas Jefferson. Thomas Jefferson campaigned for limited government etc, and when he became president he increased the presidents power more than any other president. He increased the power of the executive branch to for the louisiana purchase. It was bad, they summed up his presidency as a liar, and compared him to other presidents who have campaigned for limited government just to do the opposite when they gain power in the white house..

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        1. Sean

          that and he had an affair with his slave, he had a mental breakdown, and almost got us into war with both france and england.

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  2. Micah Turner

    Why is everyone so concerned with where Ron Paul stands on other issues, who’s fault it is that America is in debt, and various other things that have NOTHING to do with this bill? This bill is simple. It’s about transparency of the Fed.

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    1. Sean

      no, everyone is trying to bring down the fed. “end the fed”. They think that it would help for some reason. They think every problem we have is associated with the federal reserve… Why not look at the bigger picture? why not try to do something productive? 99.99% of the people here didn’t even know who the federal reserve a couple years ago. Now they think they know everything about them and they blame every problem we have on them.. I garuntee in 10 years that 99.99% of these people still wont have a clue whats going on.

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      1. Sean

        This seems like a huge waste of energy going in the wrong direction. What happens after we make the federal reserve more transparent? What then? What else do we have to prove? Are any of these people going to care the least bit about the federal reserve 5 years from now when they are more transparent?.. If this everyones idea of liberty, than the dream is lost.

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        1. Silvia

          Lets KICK SOME BANKER ASSETS FIRST and then worry about the big picture you keep talking about. The FED is unconstitutional and illegal and needs to be dismantled and a constitutional monetary system and currency must be restored first. The dream is LIBERTY (meaning government out of our lives) and liberty isn’t going to die unless we’re not willing, as a people, to make it happen through some effort. The rest of the world is watching and counting on us to make it happen.

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          1. Sean

            Its other countries assets that we’re bailing out because we had an unregulated system. We’re bailing out china, japan, and oil producing countries. Banks used to allow 8% subprime but it was republicans that wanted to put poorer people in homes by increasing subprime to 20%.. The fed is just trying to clean up this mess. Their money does not come from taxpayer funds and it wont cause inflation. this “bailout” money is for the public. Its money you will use to build a home, start a business, buy a car. Banks aren’t getting rich off this, they are given money to loan us. Everything will be back to normal.

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        2. Nate Y

          Your most recent comments have outdone all your past nonsensical posts.

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  3. Xaphius

    Question:

    I support HR 1207, but what would you guys say in response to this post on a board I’m trying to respond to:

    “you know i use to believe this until i worked at one of the Big Four firms that audited one of the Fed’s. kind of threw that out the window. but i think this whole things stems from the fact that GAO auditors are restricted by law from reviewing monetary policy operations and transactions carried out by the Federal Reserve on behalf of foreign central banks. this was imposed by Congress to assure the independence of the Federal Reserve from political influence. and technically speaking the Fed falls under the GAO’s wings. while i admit that is a little worrisome, doesn’t mean anything in particular.”

    Thanks!

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  4. Audit the Fed! « CallowTeen Blog

    [...] Ron Paul’s new bill HR 1207.  Learn everything about it by clicking here. [...]

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  5. Federal Reserve destroys U.S. economy « rolling rocks around

    [...] is a bill in the Congressional pipeline called Audit the Federal Reserve (HR 1207) you can demand your elected officials support. More and more of Congress is getting behind it but [...]

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  6. we the people

    http://profile.myspace.com/index.cfm?fuseaction=user.viewprofile&friendid=476922889

    May 26, 2009 – Tuesday

    Documentarys exposing the Federal Reserve
    Current mood: animated
    Category: News and Politics
    h1
    Documentaries Exposing The Federal Reserve
    March 9, 2009

    Two wars were fought to kick the international banking cartel out of America: The American Revolution and the War of 1812.

    The international banking cartel made it back into the country in 1913 with the passing of the Federal Reserve Act by Woodrow Wilson. JFK was killed because he was trying to expose it.

    There are numerous books and documentaries exposing the Federal Reserve. The Creature From Jekyll Island and Tragedy and Hope are two important books, among many.

    Tragedy and Hope exposes the Council on Foreign Relations, which is heavily related to the agenda of the Federal Reserve. The Trilateral Commission, the Royal Institute of International Affairs (Chatham House), and the Bilderberg Group are other key organizations related to the agenda of the international banking cartel. There are many more. Collectively, the agenda is the New World Order.

    If you want to know where this is all going, watch the last film. This is very serious and very real. 90% of us could be dead very soon. The rest of you will be highly controlled and manipulated slave labor, and in a lot of regards, you already are and don’t even know it.

    Here is a long list of videos exposing the Federal Reserve system, and there are still many more.

    Pastor Rod Parsley – National Debt: To whom do we owe

    The Money Masters

    Zeitgeist: The Federal Reserve

    Money As Debt

    Money, Banking, and The Federal Reserve

    Federal Reserve, the CFR, and the Media

    Fiat Empire

    Eustace Mullins – The World Order

    G. Edward Griffin – The Creature from Jekyll Island

    G. Edward Griffin – A Reality Course on Money

    Murray Rothbard – The Founding of the Federal Reserve

    Dennis Kucinich – Federal Reserve No More Federal Than Federal Express

    Murray Sabrin – Ron Paul and The Federal Reserve

    Alan Greenspan, Ron Paul, Aaron Russo – Federal Reserve is Private and Above the Law

    Glenn Beck – Who owns the Federal Reserve?

    Ron Paul – Monetary System is Unconstitutional (1/2)

    Ron Paul – Monetary System is Unconstitutional (1/2)

    Carroll Quigley – 1974 Interview

    The Most Important Video on the Internet

    Aaron Russo – America: from Freedom to Fascism

    Alex Jones – Endgame: Blueprint for Global Enslavement

    Let me put the solution in perspective: if you jail and confiscate the wealth of every Federal Reserve owner, the economy would boom the very next day. The Rothschild family alone is estimated to be worth $500 trillion. If you redistribute that wealth, that is almost $100,000 for every person in the world.

    How can one family own over half the world? The answer, as stated by the Rothschild family, is by controlling the monetary policy of nations. Being completely ruthless and secretive helped. It is the mother of all rackets, which relies on the naive nature of people.

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  7. Jan

    Sean we get the big picture, we know who did it, and we know who’s doing it, and we know none of them are taking any action just all talk. How long has this blog been going on and still no action?????? It’s just a way to distract us all!
    No one can break up the Feds now……and congress just keeps passing no laws to defend us and just keeps writing more checks to the rich in each state and they still get their raises and we still get nothing. Michigan is going to get Federal money for the wealthy resorts and air ports towers to fly them all in to the ski lodges and maybe a few pot holes filled and thats it.
    Hippie parks and trails and puppy dog tails……so that is that and let them write their fiat money on paper and run the bill up so we will be the weakest nation in the world….cuz none of them see any value in our dollar and any value now in our workforce.
    So, all the powers that be have done a good job in ruining the USA inventions and workforce and economy…..so that is the way it is and the damage done and now we can all just try to eixist and live on nothin!

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    1. Sean

      we did this to ourselves. it was greedy americans who wanted cheaper products who have supported free trade that have ruined our country. Even ron paul is for free trade, when the theory its based off of (comparative advantage) has failed. The federal reserve has nothing to do with government policies. Its the government, not the federal reserve who allows other countries to rape our economy and make us slaves. We’re already slaves if you haven’t noticed. Everytime you drive your car, everytime you buy something including most food has come from another country. We are dependent on these countries to provide us with capital so we can buy goods from them And until people realize this, nothing will change. You can’t fix a problem without understanding what the problem is, thats just idiodic.

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      1. Sean

        it wasn’t the federal reserve that created the fiat currency. It wasn’t the federal reserve that destroyed our manufactoring base through crooked tax systems. It wasn’t the federal reserve that increased government debt. It wasn’t the federal reserve that encouraged subprime lending.. It was all Republicans.

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        1. Sean

          In a perfect world, competition would be based off quality instead of quantity. In a perfect world we wouldn’t have to rely on other countries and they would not rely on us. In a perfect world we wouldn’t have such a large income inequality.. The only reason we aren’t living in a perfect world is because of the lack in government regulation in certain areas.

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      2. Jan

        IT wasn’t greedy American citizens Sean…….its
        Walmart, Dollar Stores etc., becoming a Warehouse’s for China’s products.
        That was a business deal from Corporate America and Congress
        The same thing they are doing with JC Penny’s, Charter communications, Orchard Bank….etc. they are hiring people overseas to employ an American company with foreigners…
        To avoid taxes and to avoid american wages.
        Capitalism is to blame and congress for allowing it in their policy making.
        The worldwide economy loves it to bring down our country…..
        and to make the workers now live in a 3 rd world country….
        We aren’t going worldwide the companies are……and their the greedy ones……plus all the monopolies on corporate hospitals is bringing down our healthcare system……while they contract with foreign doctors and nurses and CEO’s to run them as profit making….
        We’ll never be rich…..the elitest’s will but not the american citizen anymore…..we are in the miniority now….and will be for hundreds of years……so get a tent and be happy.

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        1. Sean

          True, but the main cause is free-trade policies that started 30 years ago. The main purpose of free trade is to provide cheaper products. Abraham Lincoln and other political figures throughout history have been strongly against free trade because it cheapens the product by cheapening the producer. In other words it makes slaves out of the producer, but I don’t think they understood how far it could go by making us slaves to the producers.. Free trade is a relatively new approach and it has failed because other countries aren’t buying goods from us.

          Income inequality has a lot to do with a decline in the Union. The union is what created the middle class. All countries that have a larger union have less income inequality. Economists suggest that we unionize Wal-Mart and other companies so that people making the big bucks have to pay their workers benefits. It’s only fair. These companies should not be able to make all this money and dick over their employees.

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  8. danny donald

    FR is outof line,timefor an accounting. they have ripped off america enough , Common Sense is needed, any business can tell you where the money is except our country, no accountability which breeds corruption and greed which in my view has brought this country to its knees. When america has to borrow money from other countries , does anyone see a problem here , WakeUP lets take back our country for the working man.i and many others have answers but know one is asking , why??Does anyone remember that russia was taken apart without a shot being fired because of economical failure, military budget that couldnt be sustained remind you of anyone we might know???

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  9. After NWO bankers implode our economy, let’s rebuild one without a central bank. Americans can not allow the Federal Reserve to destroy us any longer! International bankers will NOT win! The U.S. Congress must issue money. « rolling rocks arou

    [...] Ron Paul’s bill to audit the Federal ReserveH.R. 1207. [...]

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  10. we the people

    hey guys they are having a discussion about hr 1207 on infowars.com and it seems as if those blogger s over their don’t have the intellectual capacity to see it for what it is. although i fully understand what this bill means to our freedoms. i am not as good at explaining and the defending the details of the bill and its importance as most of you are. im am begging you guys to take a look and drop a comment or two and post your counter arguments. it seems as if they are being bombarded with misinformation and it would be a shame to let this medium to get more aboard, go to waste. please guys if you can help in this mater please do so and im looking forward to see some real intellectuals set the record straight. thank you all

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  11. Jan

    Well, the TRANSFER OF WEALTH FROM THE TAXPAYERS POOR to the ELITEST BANKERS WEALTHY is accomplished!
    No one stopped it, its been done. This site seems to be just a sounding board is all, for the poor taxpayers who have all gone under.
    We the people have no power,no action in the representation in congress, no wealth, not much of a life, no job,and soon starvation will ensue, and we will be a has been! I give up!
    So, I’ll set back and watch the world go byeeeeeeeeeeeeee

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    1. Sean

      No. its the poor man’s debt that we have to bail out.. A transfer of wealth is when we buy everything from china. Each dollar you spend is as good as burning it because it’s probably going to end up overseas..

      It was a sloppy free market unregulated system that caused itself to collapse. If we didn’t bail out all these banks, China could seize all of our assets. I guess thats what you don’t understand, so you can rant on about whatever you want and but your missing the big picture.

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      1. Sean
  12. Jan

    Well, it looks like I was right. I just found this article that I read to tonight. And that is most likely China’s plans. I heard two years ago. China could buy everything in the USA, if we give them the chance. And sure enough…this government we have had for the past 10 years is letting them…..No wonder they want to get rid of the Constitution. Now I hope all you senators that want us to work for nothing to be competitive with the 3rd world countries are happy. Don’t forget you all are partners withe Federal Reserve and the fiat money that you demand. So, now your going to allow China to take us over from Walmart to GM…and they did without firing a shot! Thanks alot for 1984!

    Chinese Automakers May Buy GM and Chrysler
    Chinese Automakers May Buy GM and Chrysler

    By Bertel Schmitt
    November 18, 2008

    Chinese carmakers SAIC and Dongfeng have plans to acquire GM and Chrysler, China’s 21st Century Business Herald reports today. [A National Enquirer the paper is not. It is one of China's leading business newspapers, with a daily readership over three million.] The paper cites a senior official of China’s Ministry of Industry and Information Technology– the state regulator of China’s auto industry– who dropped the hint that “the auto manufacturing giants in China, such as Shanghai Automotive Industry Corporation (SAIC) and Dongfeng Motor Corporation, have the capability and intention to buy some assets of the two crisis-plagued American automakers.” These hints are very often followed with quick action in the Middle Kingdom. The hints were dropped just a few days after the same Chinese government gave its auto makers the go-ahead to invest abroad. And why would they do that?

    A take-over of a large overseas auto maker would fit perfectly into China’s plans. As reported before, China has realized that its export chances are slim without unfettered access to foreign technology. The brand cachet of Chinese cars abroad is, shall we say, challenged. The Chinese could easily export Made-in-China VWs, Toyotas, Buicks. If their joint venture partner would let them. The solution: Buy the joint venture partner. Especially, when he’s in deep trouble.

    At current market valuations (GM is worth less than Mattel) the Chinese government can afford to buy GM with petty cash. Even a hundred billion $ would barely dent China’s more than $2t in currency reserves. For nobody in the world would buying GM and (while they are at it) Chrysler make more sense than for the Chinese. Overlap? What overlap? They would gain instant access to the world’s markets with accepted brands, and proven technology.

    21st Century Business Herald, obviously with input from higher-up, writes that Chinese industry must change and upgrade. China wants their factories to change from low-value-added manufacturing to technically innovative and financially-sound high-value-add industries. Says the paper: “It would be much easier now for strong Chinese automakers to go global by acquiring some assets of their U.S. counterparts in times of crisis.”

    Deloitte & Touche sees a trend: “Chinese automakers can start with buying out the OEM projects and Chinese ventures of some global carmakers such as GM and Chrysler.”

    The Chinese appear to have bigger plans than an accounting firm can imagine. 21st Century Business Herald acts and writes as if its already a done deal, and the beginning of more to come. “In the coming two years China is likely to see a few of its large Chinese automakers and other manufacturing enterprises set a precedent for achieving globalization by acquiring global companies, just like SAIC or Dongfeng’s possible acquisition of troubled GM or Chrysler.”

    Just in case you missed it, the Shanghai Automotive Industry Corporation (SAIC) is China’s largest auto manufacturer. In 1984, the company entered a joint venture with Volkswagen. A decade later, SAIC entered a joint venture with General Motors. In 2007, SAIC bought the Nanjing Automobile Corporation, which had acquired British MG Rover in 2005.

    Dongfeng Motor Corporation is a public company, although 70 percent of their shares are reported to be in government hands. They also are one of China’s Big Three. The company has numerous joint venture partners, such as Nissan, Peugeot-Citroen, Honda, and Kia. Dongfeng (which means “East Wind”) was founded at the behest of Mao Zedong himself in 1968.

    Email This Post Subscribe to New Content Alerts Back to Top End of Comments
    93 Comments on “ Chinese Automakers May Buy GM and Chrysler ”

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    1. Sean

      hahaha well duhhhh. This is a free market economy that lets whoever invest in our country. Thats what caused the housing bubble. If you described our economy 5 years ago, it would be that we’re building houses for china with their money. Our financial system is pretty much owned by China, Japan, and oil producing countries because we have had a transfer of wealth due to 40 years of trade deficits. Who do you think invests in Freddie mac, fanny may, leeman brothers, bear sterns etc.? It’s not some secret, it’s a known fact that these countries have been pouring in money for the past decade. We’ve had economists suggest restrictions on trade and money flowing into our country, but free-market advocates like everyone on this page is against that.

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  13. Jan

    #
    Why a Federal Reserve Note is not worth a Dollar.
    A Federal Reserve Note, Redeemable in lawful money, dated 1934. … Legally, such currency is called “scrip” or “fiat money”. …
    http://www.geocities.com/tthor.geo/debasedmoney.html – 33k – Cached – Similar pages
    #
    Video results for FED and fiat money.
    FIAT EMPIRE – Why the Federal Reserve Violates …
    59 min
    video.google.com

    Money, Banking and the Federal Reserve
    42 min
    http://www.youtube.com
    #
    FIAT EMPIRE Home Page
    Watch this award-winning film to find out why some feel the Federal Reserve’s practices of facilitating fiat money are a violation of the U.S. Constitution …
    http://www.fiatempire.com/ – 19k – Cached – Similar pages
    #
    Fed Plans Next Layer of Funny Fiat Money — Seeking Alpha
    While the privately owned Fed’s right to print unbacked fiat money is already constitutionally doubtful (see sidebar here), even the Federal …
    seekingalpha.com/article/110301-fed-plans-next-layer-of-funny-fiat-money – 84k – Cached – Similar pages
    #
    Fiat money – Wikipedia, the free encyclopedia

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  14. Jan

    Well, I just heard Dennis Kunvinch, on C-Span,speak on the truth of what the Bankrupty of Chrysler and GM is all about.
    Apparently, in Senator Dennis’s opinion that the reason that President Obama’s CFR cabinet advisor’s, encouraging the auto companies to go into to bankruptcy and close hundreds of dealerships. In order, to make room for China to import American cars built in China, into this country. With our tax dollars! Once we do that, if those Senators can’t stop it. We will become a Red China country…….so good luck….our government let the Mexican government send their citizens over here to take our jobs and now our government is going to let China either buy up our plants or take our jobs away from us and expect us to buy their cars……Another thing is,is our President, being black-mailed by China for Presidents Bush’s loans he received from China for the Iraqi war? When congress granted President Bush all that money for the Iraq war, did the congress memebers know that we the US was borrowing it from China? IF they did, and did not see the indebtedness of their actions and vote to China, they sure do not have very good common sense. The same with this move to close all the dealerships and give them to China….it is about as dumb a move I heard…..and these idiots keep making absolutely no sense in running our country. I think the people ought to boycott the buying of any car or product made in China….for sure I won’t be buying one of their cars….What a absolute mess this country is in and it keeps getting worse and worse….cuz they won’t let President Obama do what he promised us he would do. So, don’t yah think someone besides our government is running it?

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  15. Jan

    Ahhh the money game goes on and on.
    Where does Ron Paul and all those senators stand on Universal Healthcare?
    Where does Ron Paul and all those senators stand on taxation on everything we eat and breath and buy?
    Money runs our government don’t yah think?
    Where does Ron Paul stand on auditing the CAFR funds in every goverenment budget from city to county to state to federal…..that is where they have been putting our excess taxes for 100′s years!
    Into their own healthcare and retirement funds………why don’t they use some of that money for the taxpayers? Instead of increasing our taxes….http://www.svpvril.com/cafrupdate.html

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  16. Micah Turner

    I finally got an affirmative response by email from Walt Minnick! Add him to the co-sponsor list!

    W00T!

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    1. Micah Turner

      Oh I see his name on the list of co-sponsors, BUT

      on the democrats list his name still doesn’t have a [co-sponsoring] next to it

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  17. Ron Paul, Bernie Sanders and the Federal Reserve Transparency Act (HR 1207) - Politics and Other Controversies - City-Data Forum

    [...] [...]

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  18. Audit the Fed, Then End It! « Liberty and Economics Blog

    [...] Rep. Ron Paul and Sen. Bernie, would assert greater control over the Fed. As Ron Paul writes on his Web site: “Auditing the Fed is only the first step towards exposing this antiquated insider-run [...]

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  19. Chris Zeller

    We need to make sure this bill passes and root out these financial Oligarchs who wish to keep us enslaved. We are a free people!

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  20. John Smith

    If this bill does not pass, we as a nation should openly revolt and storm DC with shotguns and nooses.

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  21. Joe

    I am from his(Barney Franks)district.I emailed him earlier on when Ron Had 34 co sponsors. I just received an email from Barney. I didn’t like it. Here it is:
    Thank you for expressing your support for H.R. 1207. I have told
    Ron Paul, with whom I have worked closely on a number of issues,
    that I agree with the general thrust of his bill and I am planning to
    see that we take action on this subject in the committee which I
    chair. There have already been some moves forward in increasing
    the transparency of the Federal Reserve, and I agree that there are
    further steps we can take. I cannot at this point tell you exactly
    how I think we should proceed, but I will be in the next few weeks
    meeting with the chairs of the subcommittees who have
    jurisdiction over this matter, as well as with Representative Paul, to
    plan a course of action that will result in much more openness with
    regard to the activities of the Federal Reserve. I also intend when
    this current crisis is over to seek an amendment to the law which
    was passed in 1932 and signed by Herbert Hoover, which gives the
    Federal Reserve vast powers to lend money to any entity in
    America which it deems sufficiently collateralized whenever the
    Federal Reserve thinks there are exigent circumstances. I do
    believe that the Federal Reserve is exercising that power with some
    good effects recently, but it is not a power that should exist in a
    democratic society in the hands of an entirely unelected entity and
    I will be working next year to put some restraints on this power as
    well.

    BARNEY FRANK

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  22. Michael Smith

    Dr. Paul, you are the captain of the ship and the wind in its sails. I hope we may one day sail the seas of freedom on the REAL “Hope” you give us so that we can bring REAL “Change”. We were robbed of what your Presidency could have brought us and the world. In my heart, you are the true Commander-In-Chief of the USA. I am not a religious person, but, God Bless You And Keep You Safe. O Captain, My Captain. Peace.

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  23. Mike

    SUPPORT RON PAUL!!!

    REAL POLICIES, REAL CHANGE!!!

    LET’S WIN AMERICA BACK, THE REAL AMERICA!!!

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  24. Amped Status » Blog Archive » Time to Audit the Federal Reserve

    [...] You can get information on taking action in support of these bills here. [...]

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  25. David

    The fed may have miscalculated in the stress tests. Their worst case was for 10-11% unemployment. The week to week new unemployment claims have stayed at over 600,000, while the unemployment rate goes up .3-.4% per month. GM is looking at going to bankruptcy. That will easily get unemployment over 10%. Last time the U.S. had this high of an unemployment rate was back in 1982, but there were fewer jobs per household. Today both spouses hold jobs and single people often work more than one job. In 1982 we switched to a supply side economy. Today, I assume, we’re switching back. If today a proportionate amount of work is lost, then a higher unemployment rate would result since more people are working more jobs. This could put the unemployment rate at 15-18%. Are the banks prepared for this?

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    1. Jan

      Of course there is more unemployment……..
      They shipped our jobs overseas for the past ten years
      They crashed the housing and wall street market
      They let a 50 million illegals come in a take over our jobs
      They gave millions of foreigners free education
      They gave away GREEN CARDS for 30 years
      They deflated cars and houses and stocks for 15 years
      They started NAFTA 15 years ago, penalizing the USA manufacturers for making products here and shipping it overseas for a fee and giving the world free trade to inside the United States.
      What the hell do you expect?

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  26. Audit the Fed - Debate Politics Forums

    [...] with your representative and demand that they bring accountability to our financial system. [1] – Audit the Federal Reserve (HR 1207) | Ron Paul .com [2] – GovTrack: H.R. 1207: Text of Legislation, Introduced in House Contact Elected Officials: [...]

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  27. Brad

    Here is The Daily Show Forum

    http://forum.thedailyshow.com/tds/

    SPREAD THE RON PAUL MESSAGE!!

    RON PAULS SUPPORT CAN BE EXPONENTIAL!!

    CANADA LOVES RON PAUL

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  28. Brad

    We all need to spread the message…

    I’ve started bombarding the COLBERT NATION

    http://forum.colbertnation.com/tcr/

    I think there are alot of untapped people who would be responsive to Ron Pauls message who watch The Colbert Report and The Daily Show even though they are quite left leaning and love Obama….they will wake up slowly…I did.

    EOVL CANADA

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  29. Edward

    The Federal Reserve has assumed so much authority, outside of the constitution and any external accountability, I believe it should immediately be brought under the direct control of the US Treasury. Given the huge allocation of credit in the last year to specific industries, it has already surrendered the fundamental basis of independent monetary policy. Huge currency swaps are entered into with foreign powers across the world. The international bankers are seizing control of the global economy. I’d not be surprised if an audit would uncover massive fraud, maybe even a ponzi scheme. Private, often foreign, banks are making massive profits from the “market support” (read: their international banker friends on wall street). I sincerely hope the Fed can be forced into liqudiation ASAP, although hopefully their reckless balance sheet expansion might soon cause that already!!

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  30. Christian Palmer

    The Federal Reserve is taking money from every American without any accountability!

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  31. Brad

    Canadian living in Australia supports Ron Paul

    Does anyone know how many votes are required to pass HR1207?

    When is the final vote?

    I try to inform as many people as I can…I get alot of resistance but some progress….generations of brainwashing will take time to penetrate..

    God Bless Ron Paul and others like him (and Dennis Kucinch)

    evol Canada

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    1. Ross

      Brad it has to get out of committee before it is allowed to go to a congressional vote.There are 71 memebers of committee with 24 Republican and only about 2 or 3 Democrats.I think that a lot more work needs to be done in creating public awareness.Congress has about 500 members and 165 co-sponsors is just a bit short,however in a secret ballot{if this is the case]many non sponsors may vote for HR1207.

      If a lot more of the general public knew,then they would be baying for the blood of those who have sold them out.

      Where are the Hollywood glamours who strut about the stage full of indignation at many social injustices,yet the most important bill yet to be put before Congress in 100 yrs finds them gone missing in action?

      Either the Fed has them intimidated or they lack the intellectual fibre to really understand the issues.

      I’m Australian by birth,but this battle has ramifications for the entire planet.

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  32. Mike

    I may have a better idea and it’ll definately cure the economy. Since the Fed doesn’t have to balance their books and is never held accountable I propose the same for the rest of us. Just write checks with no accounting or balance keeping. Our accounts are unlimited, buy what you want when you want! Think of the possibilities. Let O’Bama figure it out…

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  33. Fed clashes with FDIC on corporate governance « Alexandra Hamilton’s Blog

    [...] to support H.R. 1207,  currently referred to a Committee it’s a bill introduced by Rep. Ron Paul, as well as the companion bill S. 604 introduced in the Senate, by Sen. Bernard Sanders.  Please [...]

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  34. audit the federal reserve! - Business, Finance, and Investing - City-Data Forum

    [...] of this release). here is the format for how this bill proceeds and what people can do to help: Audit the Federal Reserve (HR 1207) | Ron Paul .com [+] Rate this post [...]

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  35. Ron Pauls H.R. 1207 fikk støtte av 162. Federal Reserve Sunshine Act | Motion

    [...] http://www.ronpaul.com/on-the-issues/audit-the-federal-reserve-hr-1207/ Vurdert til: av 0 lesere [...]

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