Ron Paul’s Amendment To Audit The Federal Reserve Approved

[tosso]

http://www.infowars.com/ron-pauls-amendment-to-audit-the-federal-reserve-approved/

A key House panel approved the Paul-Grayson Amendment by an overwhelming 43-26 Thursday afternoon, which will give watchdogs new authority to audit the Federal Reserve.

Here is a summary of the Paul-Grayson Amendment:

Dear Financial Services Committee Colleague:

It is encouraging to see the issue of Federal Reserve transparency receiving so much attention during this current markup. Today we plan to offer an amendment to the Financial Stability Improvement Act that expands on the many extant proposals to enhance Federal Reserve transparency. Our amendment is based on HR 1207, the Federal Reserve Transparency Act, which has broad bipartisan and grassroots support. The bill is cosponsored by 309 Members of Congress, including all Financial Services Committee Republicans and 13 Financial Services Committee Democrats.

The amendment removes restrictions on GAO audits of the Federal Reserve, as HR 1207 does, but makes a few changes to take into account some of the concerns that the Fed has made known in public testimony. Specifically, the Paul/Grayson amendment:

* Exempts unreleased transcripts and minutes from meetings of the Board and FOMC to address the Fed’s concerns that free and open debate in their meetings would be stifled.

* Sets a 180-day time lag for release of details of market actions the Fed has undertaken, to address the Fed’s concerns that Congress or GAO is second-guessing its actions.

* Removes boilerplate language that allowed GAO to make recommendations on monetary policy and adds a section stating that nothing in the amendment shall be construed as interference in or dictation of monetary policy to the Fed.

Unlike proposals that target the Fed’s 13(3) facilities, the Paul/Grayson amendment opens up the entire $2 trillion Federal Reserve balance sheet to a GAO audit. The Fed’s recent purchases of nearly $800 billion in mortgage-backed securities (MBS) have occurred under the MBS Purchase Program, authorized under section 14(b) of the Federal Reserve Act. This program, which is expected to reach a size of $1.25 trillion, would remain exempt from audit even if all the current 13(3) audit proposals were to go into effect. Targeting facilities that are in the process of being drawn down and that are authorized under a specific subsection of the Federal Reserve while allowing other facilities to spring up in their place is counterproductive to true transparency. All purchases and loans that appear on the balance sheet should be subject to audit, without loopholes for the Fed to evade scrutiny.

More importantly, the Paul/Grayson amendment does not create any additional burdens. Some competing proposals, while making a good effort at expanding the number of 13(3) facilities open to audit, take a step backwards by imposing new restrictions on GAO that are more burdensome than the restrictions currently written into law. We cannot accept these new restrictions. Unlike competing proposals, this amendment amends existing restrictions on GAO audit authority, a necessary precondition for a complete audit. Competing proposals leave these restrictions in place, and even add new ones.

We also reject the false dichotomy between transparency and independence. The Paul/Grayson amendment would achieve the necessary transparency of the trillions of dollars of Fed interventions while keeping Congress from directly intervening in the decision-making process. Independence should not be synonymous with secrecy. We urge our colleagues to support the Paul/Grayson amendment.

Sincerely,

Ron Paul, Member of Congress
Alan Grayson, Member of Congress

[thnkfstpal]

YEAH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

The New World Order will be defeated!!!!!!!

[TelepesT]

YEAH!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

The New World Order will be defeated!!!!!!!

Yes Brother - I will be at the END THE FED rally this SUNDAY NOV 22

Find one and GO  http://www.dailypaul.com/node/110322

[zdux0012]

I think we should take this victory as a victory in principle.  They agree that the people have the right (or power) to audit the fed.

[PTTurboe]

The end of the dollar... Be prepared...

[RoadRunner]

The end of the dollar... Be prepared...

yeah auditing the fed wont do much now, the system has already blown up

[Dig]

yeah auditing the fed wont do much now, the system has already blown up

yup, time to curl up in the fetal position, suck your thumb, and wait for the "standard issue" to kick in the door.

"the sky is falling, the sky is falling"

this disinfo was uncovered earlier, the system is severely messed up and auditing the fed will expose exactly who did it, wo is still benefiting, and how to never let it happen again.

[Kilika]

yup, time to curl up in the fetal position, suck your thumb, and wait for the "standard issue" to kick in the door.

"the sky is falling, the sky is falling"

this disinfo was uncovered earlier, the system is severely messed up and auditing the fed will expose exactly who did it, wo is still benefiting, and how to never let it happen again.

Totally agree it needs to be done. And people should prepare themselves for a whole lot of ugly once the can gets opened. You also might want to stand back a bit because there'll be some scattering taking place. The people still need to know all about their money. Once the Fed's doors are open, Fort Knox should be next.

[RoadRunner]

yup, time to curl up in the fetal position, suck your thumb, and wait for the "standard issue" to kick in the door.

"the sky is falling, the sky is falling"

this disinfo was uncovered earlier, the system is severely messed up and auditing the fed will expose exactly who did it, wo is still benefiting, and how to never let it happen again.

I meant that auditing the fed wont stop the collapse. But it will help jail the bankers

[worcesteradam]

i wanna see Bernanke shakin

[Shadow911Zeus]

Seriously, I want the Fed audited, and if the dollars falls, I hope we will have some form of exchange. I know gold and silver. But what if you don't have enough dollars to buy gold, and if the dollar falls what will we buy gold with? Was just curious.
What's going to happen to all the little people?

[Kilika]

Have you forgot about silver? many say it's a better deal dollar for dollar, and it can be used as US money such as the silver dollar coins. But if things are so bad that US currency is no good, it won't matter what currency because it will be down to barter time with whatever you got.

[Dig]

I meant that auditing the fed wont stop the collapse. But it will help jail the bankers

oh yeah, the collapse should have happened 20 years ago.

the longer they artificially hold it back, the worse it will be.

[Freebird100]

"A key House panel approved the Paul-Grayson Amendment by an overwhelming 43-26 "

Who were the 26 traitors that voted against it?

[Shadow911Zeus]

Have you forgot about silver? many say it's a better deal dollar for dollar, and it can be used as US money such as the silver dollar coins. But if things are so bad that US currency is no good, it won't matter what currency because it will be down to barter time with whatever you got.

Yeah, I was thinking about that Alex was talking to Ted, and he was saying you can get 90% silver coins quarters and dimes, at discount prices, guess we better hurry up and get some, because they would defiantly be worth more than 10cents and 25 cents. Maybe even just collecting the silver coins and using them might be worth some more also.
Stock up on silver coins.

[Shadow911Zeus]

"A key House panel approved the Paul-Grayson Amendment by an overwhelming 43-26 "

Who were the 26 traitors that voted against it?

Yeah who are the 26? This is going to be interesting.

[Shadow911Zeus]

Link plus videos of Ron Paul and other plus how they voted.
Link : http://www.dailypaul.com/node/115238

The Paul Amendment passed! 43-26! Thanks to everyone who made those calls!!! Round Two, December 1st.
Posted November 19th, 2009 by TenBobNote
Video and How they voted included (Yay or Nay FOR Congressman Paul's bill

Ron Paul introducing the Paul-Grayson amendment:
http://www.youtube.com/wa...

Alan Grayson and Mel Watt discuss the two amendments:
http://www.youtube.com/wa...

How they voted (HR 1207 co-sponsors in bold):

AL-06 Rep. Spencer Bachus yay  
CA-12 Rep. Jackie Speier yay  
CA-22 Rep. Kevin McCarthy yay  
CA-27 Rep. Brad Sherman yay  
CA-35 Rep. Maxine Waters  nay
CA-40 Rep. Edward R. Royce yay  
CA-42 Rep. Gary G. Miller  nay
CA-43 Rep. Joe Baca  nay
CA-48 Rep. John Campbell yay  
CO-07 Rep. Ed Perlmutter yay  
CT-04 Rep. Jim Himes  nay
DE-01 Rep. Michael N. Castle yay  
FL-08 Rep. Alan Grayson yay  
FL-12 Rep. Adam Putnam yay  
FL-15 Rep. Bill Posey yay  
FL-22 Rep. Ron Klein  nay
FL-24 Rep. Suzanne Kosmas
  
GA-06 Rep. Tom Price yay  
GA-13 Rep. David Scott yay  
ID-01 Rep. Walt Minnick yay  
IL-04 Rep. Luis V. Gutierrez  nay
IL-08 Rep. Melissa L. Bean  nay
IL-13 Rep. Judy Biggert yay  
IL-14 Rep. Bill Foster  nay
IL-16 Rep. Donald A. Manzullo yay  
IN-02 Rep. Joe Donnelly  nay
IN-07 Rep. Andre Carson  nay
KS-02 Rep. Lynn Jenkins yay  
KS-03 Rep. Dennis Moore  nay
MA-04 Rep. Barney Frank  nay
MA-08 Rep. Michael E. Capuano  nay
MA-09 Rep. Stephen F. Lynch  nay
MI-09 Rep. Gary Peters yay  
MI-11 Rep. Thaddeus McCotter yay  
MN-03 Rep. Erik Paulsen yay  
MN-05 Rep. Keith Ellison  nay
MN-06 Rep. Michele Bachmann yay  
MO-01 Rep. William Lacy Clay yay  
MO-05 Rep. Emanuel Cleaver  nay
MS-01 Rep. Travis Childers yay  
NC-03 Rep. Walter B. Jones yay  
NC-10 Rep. Patrick T. McHenry yay  
NC-12 Rep. Melvin L. Watt  nay
NC-13 Rep. Brad Miller
 nay
NH-02 Rep. Paul W. Hodes yay  
NJ-03 Rep. John Adler yay  
NJ-05 Rep. Scott Garrett yay  
NJ-07 Rep. Leonard Lance yay  
NY-03 Rep. Peter King yay  
NY-04 Rep. Carolyn McCarthy yay  
NY-05 Rep. Gary L. Ackerman  nay
NY-06 Rep. Gregory W. Meeks  nay
NY-12 Rep. Nydia M. Velázquez yay  
NY-14 Rep. Carolyn B. Maloney  nay
NY-25 Rep. Dan Maffei yay  
NY-26 Rep. Christopher Lee yay  
OH-01 Rep. Steve Driehaus yay  
OH-06 Rep. Charles Wilson  nay
OH-15 Rep. Mary Jo Kilroy  nay
OK-03 Rep. Frank D. Lucas yay  
PA-06 Rep. Jim Gerlach yay  
PA-11 Rep. Paul E. Kanjorski  
SC-03 Rep. J. Gresham Barrett yay  
TX-05 Rep. Jeb Hensarling yay  
TX-09 Rep. Al Green  nay
TX-14 Rep. Ron Paul yay  
TX-15 Rep. Rubén Hinojosa yay  
TX-19 Rep. Randy Neugebauer yay  
TX-24 Rep. Kenny Marchant yay  
WI-04 Rep. Gwen Moore  nay
WV-02 Rep. Shelley Moore Capito  nay





Later this afternoon, the House Financial Services Committee will be voting on the Paul-Grayson amendment (which is essentially the “Audit the Fed” bill HR 1207 in the form of an amendment), and the opposing Watt amendment to audit the Fed.

Over the course of today’s hearing, Chairman Barney Frank unsurprisingly came out in support of the opposing Watt amendment, arguing that perception is important and that the Paul-Grayson amendment would increase inflationary pressure on the dollar.

Earlier today, Ron Paul and Alan Grayson sent the following letter to members of the Committee:

Dear Financial Services Committee Colleague:

It is encouraging to see the issue of Federal Reserve transparency receiving so much attention during this current markup. Today we plan to offer an amendment to the Financial Stability Improvement Act that expands on the many extant proposals to enhance Federal Reserve transparency. Our amendment is based on HR 1207, the Federal Reserve Transparency Act, which has broad bipartisan and grassroots support. The bill is cosponsored by 309 Members of Congress, including all Financial Services Committee Republicans and 13 Financial Services Committee Democrats.

The amendment removes restrictions on GAO audits of the Federal Reserve, as HR 1207 does, but makes a few changes to take into account some of the concerns that the Fed has made known in public testimony. Specifically, the Paul/Grayson amendment:

* Exempts unreleased transcripts and minutes from meetings of the Board and FOMC to address the Fed’s concerns that free and open debate in their meetings would be stifled.
* Sets a 180-day time lag for release of details of market actions the Fed has undertaken, to address the Fed’s concerns that Congress or GAO is second-guessing its actions.
* Removes boilerplate language that allowed GAO to make recommendations on monetary policy and adds a section stating that nothing in the amendment shall be construed as interference in or dictation of monetary policy to the Fed.

Unlike proposals that target the Fed’s 13(3) facilities, the Paul/Grayson amendment opens up the entire $2 trillion Federal Reserve balance sheet to a GAO audit. The Fed’s recent purchases of nearly $800 billion in mortgage-backed securities (MBS) have occurred under the MBS Purchase Program, authorized under section 14(b) of the Federal Reserve Act. This program, which is expected to reach a size of $1.25 trillion, would remain exempt from audit even if all the current 13(3) audit proposals were to go into effect. Targeting facilities that are in the process of being drawn down and that are authorized under a specific subsection of the Federal Reserve while allowing other facilities to spring up in their place is counterproductive to true transparency. All purchases and loans that appear on the balance sheet should be subject to audit, without loopholes for the Fed to evade scrutiny.

More importantly, the Paul/Grayson amendment does not create any additional burdens. Some competing proposals, while making a good effort at expanding the number of 13(3) facilities open to audit, take a step backwards by imposing new restrictions on GAO that are more burdensome than the restrictions currently written into law. We cannot accept these new restrictions. Unlike competing proposals, this amendment amends existing restrictions on GAO audit authority, a necessary precondition for a complete audit. Competing proposals leave these restrictions in place, and even add new ones.

We also reject the false dichotomy between transparency and independence. The Paul/Grayson amendment would achieve the necessary transparency of the trillions of dollars of Fed interventions while keeping Congress from directly intervening in the decision-making process. Independence should not be synonymous with secrecy. We urge our colleagues to support the Paul/Grayson amendment.

Sincerely,

Ron Paul, Member of Congress
Alan Grayson, Member of Congress

FROM RONPAUL.COM

output

[Shadow911Zeus]

Doesn't list how FL-24 Rep. Suzanne Kosmas voted?

[TelepesT]

GOOD JOB RON PAUL!!

[Dig]

This may have been touched upon.

Will auditing the Fed speed up the demise of the dollar? Thus lessening it's value. Thus causing TSTHTF?

Auditing the Fed is big then.

Just sayin'.

Why do you ask Mr. Rockefeller, planning a one way trip to Brazil?

Just sayin'.

[jofortruth]

Doesn't list how FL-24 Rep. Suzanne Kosmas voted?

She and another guy weren't there for the vote, it appears! (PA-11 Rep. Paul E. Kanjorski)

[Pazuzu]

This may have been touched upon.

Will auditing the Fed speed up the demise of the dollar? Thus lessening it's value. Thus causing TSTHTF?

Auditing the Fed is big then.

Just sayin'.

When Andrew Jackson refused to renew the charter for America's first central bank the bankers got mad and sabotaged the economy.  Naturally, the people got angry and blamed  Pres Jackson for the economic turmoil. But several politicians in the know cautioned the people and warned about the renegade bankers and to stay firmly in support of Jackson. Pres Jackson successfully defeated the bank, survived an assassination attempt by the banking interests and prosperity eventually smiled on the country once again. Yes, the Fed will probably wreck the economy like spoiled children throwing a tantrum. If you haven't seen the film The Money Masters you should go to Google Video and watch it. It pretty much explains this all pretty well. 

[NX]

This is very bad news. Now our Economy will crash and everything will be exposed. We should not have done this, we are all gonna die!!!

 HAHA bring it down!! Good job RP!

[Dig]

When Andrew Jackson refused to renew the charter for America's first central bank the bankers got mad and sabotaged the economy.  Naturally, the people got angry and blamed  Pres Jackson for the economic turmoil. But several politicians in the know cautioned the people and warned about the renegade bankers and to stay firmly in support of Jackson. Pres Jackson successfully defeated the bank, survived an assassination attempt by the banking interests and prosperity eventually smiled on the country once again. Yes, the Fed will probably wreck the economy like spoiled children throwing a tantrum. If you haven't seen the film The Money Masters you should go to Google Video and watch it. It pretty much explains this all pretty well. 

Nice! thanks for the info

[Dig]

This is very bad news. Now our Economy will crash and everything will be exposed. We should not have done this, we are all gonna die!!!

 HAHA bring it down!! Good job RP!

Yeah i mean WTF, just like people saying "we cannot get out of iraq and afghanistan because it will be a mess" total insanity, you cannot cover up genocide! you just gotta end it ASAP!

[TelepesT]

Yeah i mean WTF, just like people saying "we cannot get out of iraq and afghanistan because it will be a mess" total insanity, you cannot cover up genocide! you just gotta end it ASAP!

It will implode and we will be the only few that know what is going on.

I have tried to warn folks when I can, but people just dont care

[Dig]

It will implode and we will be the only few that know what is going on.

I have tried to warn folks when I can, but people just dont care

Better an open and logical exposure of the reality of the economy now that a three mile island meltdown as they are planning later where all records and truth are vanished forever.

[jwest]

All Hail Ron Paul!
It is my understanding that all of the meat that was gutted was put back in.

This is great news.  But, I am sure the opposition thinks they are 20 moves ahead of us.

[Dig]

All Hail Ron Paul!
It is my understanding that all of the meat that was gutted was put back in.

This is great news.  But, I am sure the opposition thinks they are 20 moves ahead of us.

yeah the disinfo is very thick concerning the supposed gutting.

it was a psyops and i suppose like others you fell for it.

hang out here more and you may avoid getting hoodwinked again

as far as 20 moved ahead...they genocided every race of the 7 billion inhabitants on this pplanet, they could be 1,000,000 moves ahead, they have nowhere to run and nowhere to hide.

[evolve]

I sure hope this goes through,I just want to see them FALL! I will have to get out the vaseline.

[evolve]

[DarkKnightNomeD]

yeah the disinfo is very thick concerning the supposed gutting.

it was a psyops and i suppose like others you fell for it.

hang out here more and you may avoid getting hoodwinked again

as far as 20 moved ahead...they genocided every race of the 7 billion inhabitants on this pplanet, they could be 1,000,000 moves ahead, they have nowhere to run and nowhere to hide.

that was the last thing i heard, they "gutted" Ron Paul's bill, blah blah blah

but whos putting the disinfo out? specifically?

man i was sort of freaking out, i didn't really have the time to find out if it was true or not

i sort of believed it for a while, but i remembered all the cosponsors and such, I know something was up....

[Scientific_Mania]

A Great Victory for Ron Paul. I congratulate him and all of us fighting for Truth, Liberty and Light.
END THE FED!! SHUT DOWN THE FEDERAL RESERVE!!
this is still relevant, although you have to add 2 Trillion to the debt lol:

http://thomaspainereturns.net/posts/sdfr.html

There is no rational reason why the U.S. Congress cannot print its own currency. The Congress was intimidated, bribed and blackmailed into creating and maintaining the Federal Reserve Bank. The Federal Reserve was awarded a contract to manage the currency in America. The cost of that contract to the U.S. has been $10 trillion in national debt.

[...]

It is time to let the U.S. currency debt fail, close down the Federal Reserve entirely, and begin on the road to correcting the fraud that lies deep in world economic affairs. It is time to shut down every central bank that mirrors the Federal Reserve. It is time that the people stop feeding the ruling elite through their central banks.

[...]

The Federal Reserve is a cancer that has nearly killed the entire world economy. That cancer must be surgically removed from the world's economy, or it will soon kill the patient. There is no other viable alternative at this late stage. If either candidate, McCain or Obama, will pledge to eradicate the Federal Reserve, all freedom-loving people should get behind that candidate. If neither of them will take down the Federal Reserve, the world's economic doom is sealed.

[Typhoon]

When is this going to happen?
When will the FED be audited?

[egypt]

With the nay-sayers below..btw are *all* republicans.   I'd like to get the mainstream stats on poles taken in their States & present them with the simple fact, in writing, that they did not vote according to the opinion of those who elected them.  They need to be accountable and answer "why."

Note also needs to be made that these naysayers below are possibly only "posing" as republicans?  


CA-35 Rep. Maxine Waters  nay
CA-42 Rep. Gary G. Miller  nay
CA-43 Rep. Joe Baca  nay
CT-04 Rep. Jim Himes  nay
FL-22 Rep. Ron Klein  nay
FL-24 Rep. Suzanne Kosmas (? vote?)
IL-04 Rep. Luis V. Gutierrez  nay
IL-08 Rep. Melissa L. Bean  nay
IL-14 Rep. Bill Foster  nay
IN-02 Rep. Joe Donnelly  nay
IN-07 Rep. Andre Carson  nay
KS-03 Rep. Dennis Moore  nay
MA-04 Rep. Barney Frank  nay
MA-08 Rep. Michael E. Capuano  nay
MA-09 Rep. Stephen F. Lynch  nay
MN-05 Rep. Keith Ellison  nay
MO-05 Rep. Emanuel Cleaver  nay
NC-12 Rep. Melvin L. Watt  nay
NC-13 Rep. Brad Miller nay
NY-05 Rep. Gary L. Ackerman  nay
NY-06 Rep. Gregory W. Meeks  nay
NY-14 Rep. Carolyn B. Maloney  nay
OH-06 Rep. Charles Wilson  nay
OH-15 Rep. Mary Jo Kilroy  nay
PA-11 Rep. Paul E. Kanjorski  (? vote?)  
TX-09 Rep. Al Green  nay
WI-04 Rep. Gwen Moore  nay
WV-02 Rep. Shelley Moore Capito  nay

[amazon]

One easy thing to do is to contact the nay-sayers in our districts and tell them you would never vote for them if they try to seek re-election.

[worcesteradam]

first the FED then the IMF where the real evil lies.
need to make sure someone is regulating them.

[Mike Philbin]

I bet the FEDERAL RESERVE has broken the "trading with the enemy" act, on numerous occassion -- imagine what deals it did during WW2 and Cold War and Contra and...

I think what we might need ISN'T a Fed Audit but a FEDGATE moment where the 'actual personalities and voices' behind transmitted emails for motivational purposes gets exposed -- that might tell a sorrier tale...



Mike

[sternzy]

I bet the FEDERAL RESERVE has broken the "trading with the enemy" act, on numerous occassion -- imagine what deals it did during WW2 and Cold War and Contra and...

I think what we might need ISN'T a Fed Audit but a FEDGATE moment where the 'actual personalities and voices' behind transmitted emails for motivational purposes gets exposed -- that might tell a sorrier tale...



Mike

I tend to agree. I mean by the time this thing actually passes they will have had.....what....five or six years to prepare for it? An insider at the white house (read Timothy Geithner @ wiki)?

This is like being back in the mafia-era. The corrupt politician tells the corrupt mob boss he is going to be audited, 5 years in advance;

are you kidding me?

[OpticalOut22]

first the FED then the IMF where the real evil lies.
need to make sure someone is regulating them.

I am also interested in when this will take place...