House passes Ron Paul’s ‘audit the Fed’ bill

[James]

In a move that serves as a capstone to Rep. Ron Paul’s colorful career, the House on Wednesday approved a bill that would let Congress’s chief investigators conduct a full audit of the Federal Reserve’s shrouded decision-making process.

The overwhelming 327-98 vote sends the bill to the Senate where Majority Leader Harry Reid, Nevada Democrat, has previously expressed support for an audit — though it’s unclear he’ll carve out time for the legislation this year.

But House passage already marks a high-water mark for those who for years have been pushing for an audit, led by Mr. Paul. The Texas Republican rode the issue to prominence in two different presidential campaigns, and said the bill is a chance for Congress to begin to reclaim the money and banking powers it is given in the Constitution, but had delegated to the Fed.

“It is up to us to reassert ourselves,” Mr. Paul said during floor debate Tuesday.

Fed Chairman Ben Bernanke doesn’t like the prospect of such a broad audit, calling it a “nightmare scenario” last week and saying it will lead to politicians second-guessing his decisions.

Opposition in Congress came chiefly from Democrats who said they doubt the bill ever becomes law — but worried about sending a signal to financial markets that lawmakers want to intervene in financial affairs.

“It seems to me what we’re talking about is taking some fake punches at the Federal Reserve but not doing anything serious,” said Rep. Barney Frank, the ranking Democrat on the House Financial Services Committee.

The bill would grant the Government Accountability Office, which is Congress’s chief investigative arm, the power to retroactively review the Fed’s decision-making — particularly on monetary policy.

Congress established the Federal Reserve nearly a century ago. The system, which consists of a board of governors and 12 regional banks, act as lenders of last resort to the country’s banking system, and it is charged both with fighting inflation and with promoting economic growth and employment.

The interest rates it sets have a direct impact on the rates charged by banks to consumers, but Congress shielded the board’s decision-making from view in order to give it independence.

After the recent financial collapse, many lawmakers have begun to question the Fed’s decisions and want a closer look at what it’s been doing.

http://www.washingtontimes.com/news/2012/jul/25/house-passes-ron-pauls-audit-fed-bill/

[howardroark]

BOOM. http://www.thenewamerican.com/usnews/congress/item/12213-rep-pauls-audit-the-fed-bill-passes-house-327-98

Now on to the Senate, where the Democrats are determined to kill this bill - despite the fact that many of them previously supported it. But of course it's the Republicans who have injected partisan gridlock in government, right?!? 

It's also great to have on record the Democrat leadership against greater transparency in government, and specifically against auditing a privately-owned organization ran by unelected bureaucrats that can create trillions of U.S. dollars out of thin air whenever it wants and can loan that money to whoever it wants to.

[240 is Back]

house can pass anything and 'keep it real' with their base, knowing full well the senate will kill it.

this bill will never happen, it'd eassentially crash the economy.  some houses of cards ya gotta leave alone, if you're living in the Penthouse haha.

[howardroark]

house can pass anything and 'keep it real' with their base, knowing full well the senate will kill it.

this bill will never happen, it'd eassentially crash the economy.  some houses of cards ya gotta leave alone, if you're living in the Penthouse haha.

I'm not sure it would crash the economy as much as it would cause a revolution when people find out the trillions of dollars created out of thin air which have been used to bail out Big Business and even foreign central banks.

[240 is Back]

I'm not sure it would crash the economy as much as it would cause a revolution when people find out the trillions of dollars created out of thin air which have been used to bail out Big Business and even foreign central banks.

remember that huge 1000+ point crash the same hour Ron paul intro'd the bill?  Something about "a trader enterd a B instead of an M for million..."  weak excuse.  My consipracy theory mind believes the Fed is just one of those things you have to live with and work around.  Any entity that controls the monetary system to that level will crash that fvcker before ending their grasp.

We biult our home upon a shitty foundation, but we're stuck there now.  move to  Europe or live with the fed.  that's my belief.

[howardroark]

I prefer to rip off the band-aid, thank you very much.

[240 is Back]

I prefer to rip off the band-aid, thank you very much.

if i was a single guy, 25 years old with a stack of guns and nothing to lose, i'd agree.

but taking the little ones to daycare amidst an economic collapse just sounds messy.  Carrying a kid and a diaper bag AND a rifle to fend off attackers?  yikes.

[howardroark]

if i was a single guy, 25 years old with a stack of guns and nothing to lose, i'd agree.

but taking the little ones to daycare amidst an economic collapse just sounds messy.  Carrying a kid and a diaper bag AND a rifle to fend off attackers?  yikes.

Economic collapse is going to happen whether you like it or not... the economy sucks but it still is a bubble economy. This cannot be sustained forever.

[240 is Back]

Economic collapse is going to happen whether you like it or not... the economy sucks but it still is a bubble economy. This cannot be sustained forever.

agreed.  if we could just limp thru for another 110 or 120 years, I'll be happy.

[whork]

house can pass anything and 'keep it real' with their base, knowing full well the senate will kill it.

this bill will never happen, it'd eassentially crash the economy.  some houses of cards ya gotta leave alone, if you're living in the Penthouse haha.

How should it crash the economy that we find out what the FED is actually doing

We have a right to know

[Soul Crusher]

House Minority Leader Nancy Pelosi said she did not vote in favor of the House-passed bill that would audit the Federal Reserve because it “covered more territory” than necessary.

“The fact is, is that that bill covered more territory than I think it should have,” Pelosi told reporters Thursday on Capitol Hill. “I did not vote for it. There is interest in monitoring the Fed from the standpoint of certain of its activities.”

“But if Congress gets in the business of monitoring the Fed in terms of monetary policy, I think that’s a very — I don’t see that’s a very good path to go down,” she said. “And I don’t know that everyone who voted for the bill was subscribing to that part of the bill.”

“But should the Fed be accountable? Yes. Should they be able to have a discussion about it, about how monetary policy is made? I think they should be able to do that. But I don’t know that we — Congress and the public should be completely — having a political impact on monetary policy. And the central banks in all countries have these responsibilities, and if the thought is that we’re politicizing monetary policy, I don’t think it’s good idea.”

The legislation, H.R. 459 sponsored by Republican Rep. Ron Paul, would allow the government accountability office to conduct a full audit of the Federal Reserve. (RELATED: Harry Reid called for Fed audit as recently as 2010 campaign)

Democrats like Rep. Dennis Kucinich voted for the bill.

“It’s time that Congress stood for its Constitutional role: Article 1, Section 8, the power to coin or create money. It’s time we stood up for America’s 99 percent. It’s time that we stood up to the Federal Reserve that right now acts like it’s some kind of high exalted priesthood, unaccountable in a democracy,” Kucinich said on the House floor Tuesday.

[Shockwave]

House Minority Leader Nancy Pelosi said she did not vote in favor of the House-passed bill that would audit the Federal Reserve because it “covered more territory” than necessary.

“The fact is, is that that bill covered more territory than I think it should have,” Pelosi told reporters Thursday on Capitol Hill. “I did not vote for it. There is interest in monitoring the Fed from the standpoint of certain of its activities.”

“But if Congress gets in the business of monitoring the Fed in terms of monetary policy, I think that’s a very — I don’t see that’s a very good path to go down,” she said. “And I don’t know that everyone who voted for the bill was subscribing to that part of the bill.”

“But should the Fed be accountable? Yes. Should they be able to have a discussion about it, about how monetary policy is made? I think they should be able to do that. But I don’t know that we — Congress and the public should be completely — having a political impact on monetary policy. And the central banks in all countries have these responsibilities, and if the thought is that we’re politicizing monetary policy, I don’t think it’s good idea.”

The legislation, H.R. 459 sponsored by Republican Rep. Ron Paul, would allow the government accountability office to conduct a full audit of the Federal Reserve. (RELATED: Harry Reid called for Fed audit as recently as 2010 campaign)

Democrats like Rep. Dennis Kucinich voted for the bill.

“It’s time that Congress stood for its Constitutional role: Article 1, Section 8, the power to coin or create money. It’s time we stood up for America’s 99 percent. It’s time that we stood up to the Federal Reserve that right now acts like it’s some kind of high exalted priesthood, unaccountable in a democracy,” Kucinich said on the House floor Tuesday.

Yes, how dare we want to make sure that the private organization that somehow has control over the entire countries monetary supply (and who currently has NO accountability or oversite) stays honest.
How DARE we citizens want to know why the fed are making these ridiculous policy decisions with our money, and where its going.

 

Its pretty obvious what this means - they dont want us knowing what the Fed does, cause it will cause a major backlash. That should tell the public everything they need to know right there.

[Soul Crusher]

God help us if that wench becomes speaker again.

[whork]

House Minority Leader Nancy Pelosi said she did not vote in favor of the House-passed bill that would audit the Federal Reserve because it “covered more territory” than necessary.

“The fact is, is that that bill covered more territory than I think it should have,” Pelosi told reporters Thursday on Capitol Hill. “I did not vote for it. “But if Congress gets in the business of monitoring the Fed in terms of monetary policy, I think that’s a very — I don’t see that’s a very good path to go down,” she said. “And I don’t know that everyone who voted for the bill was subscribing to that part of the bill.”

“But should the Fed be accountable? Yes. Should they be able to have a discussion about it, about how monetary policy is made? I think they should be able to do that. But I There is interest in monitoring the Fed from the standpoint of certain of its activities.”don’t know that we — Congress and the public should be completely — having a political impact on monetary policy. And the central banks in all countries have these responsibilities, and if the thought is that we’re politicizing monetary policy, I don’t think it’s good idea.”

The legislation, H.R. 459 sponsored by Republican Rep. Ron Paul, would allow the government accountability office to conduct a full audit of the Federal Reserve. (RELATED: Harry Reid called for Fed audit as recently as 2010 campaign)

Democrats like Rep. Dennis Kucinich voted for the bill.

“It’s time that Congress stood for its Constitutional role: Article 1, Section 8, the power to coin or create money. It’s time we stood up for America’s 99 percent. It’s time that we stood up to the Federal Reserve that right now acts like it’s some kind of high exalted priesthood, unaccountable in a democracy,” Kucinich said on the House floor Tuesday.

WTF