CQ TODAY ONLINE NEWS
June 29, 2009 – 12:07 a.m.
Ron Paul’s ‘Audit the Fed’ Bill Gathers Steam
By Emily Cadei, CQ Staff
He may have faded from the national political scene a year ago, after his dark-horse presidential run came to naught, but Rep. Ron Paul ’s influence is still being felt in campaigns and policy debates across the country. Indeed, the latest legislative priority of the libertarian Texas Republican — auditing the Federal Reserve — has gained support in unlikely quarters.
Paul’s legislation, popularly known as the “Audit the Fed” bill, has drawn 244 cosponsors, ranging from Ohio’s John A. Boehner , the conservative Republican floor leader, to Michigan’s John Conyers Jr. , the liberal Democratic chairman of the Judiciary Committee. Some Democrats have even picked up on Paul’s rhetoric. “It’s time to yank the shroud off the Fed and shine some light on these events,” New York Democrat Edolphus Towns , chairman of the Oversight and Government Reform Committee, said at a hearing last week about the shotgun marriage between Bank of America and Merrill Lynch last fall to stave off the latter’s collapse.
Paul’s efforts have only gained in political significance since the Obama administration unveiled its proposal to give the Fed new powers over the financial regulatory system.
At the heart of Paul’s anti-Fed crusade, as well as his other ventures, is the grass-roots lobbying organization Campaign for Liberty, a home base for his fervent band of presidential supporters. The organization was launched just over a year ago with cash left over from his bid for the GOP nomination. The 501(c)4 non-profit group claims a quarter-million members and says it has 20 full-time employees and coordinators in all 50 states.
According to spokesman Jesse Benton, Campaign for Liberty has raised approximately $3 million so far this year and plans “to spend millions of dollars educating as many Americans as possible on monetary policy.”
Paul is the organization’s honorary chairman, and though he has no official day-to-day duties, “we consult with him on every major move that we make,” Benton said.
Paul’s imprint is also seen on the 2010 campaign: At least five prospective candidates for the House and Senate are being dubbed the next generation of the Ron Paul movement, including his son and fellow physician Rand Paul. The younger Paul is considering a run for the Senate in Kentucky if incumbent Republican Jim Bunning decides not to run again.
But the potential candidate generating the most interest among Paul’s followers is Peter Schiff, who might join the increasingly crowded filed of Republicans wanting to take on Democratic Sen. Christopher J. Dodd in Connecticut.
Schiff, a financial commentator on cable news and president of the investment firm Euro Pacific Capital Inc., was an economic adviser to Paul’s presidential campaign and espouses many of Paul’s free-market principles.
Comments
Great read, us Ron Paul supporters haven't gone anywhere, we are just getting started!! Audit the Fed, then end it, that is our goal!!
Woot! And lets hope Schiff and Rand both get a seat. Along with Harris and Kokesh in the house.
Faded from the scene? I see him on cable news all the time. Wth is your idea of 'the scene'?
'Bout time the media and congress started to pay attention to Dr. Paul!
For those not drunk off Obama, Paul has remained very much on the scene as a voice of much needed reason in DC. Ever since he accurately predicted the recession and coming depression he's been getting much better coverage than during his campaign.
too bad for them, the Fed already is audited every year, the other part of this not mentioned is the idiotic idea of placing Monetary Policy in the hands of Nancy Pelosi. Too bad the sane Libertarians like Milton Friedman aren't the main source of "Libertarian" ideas, and instead its Anarchist like Paul and their brand of Murray Rothbard crankery. This will never pass, its grass roots fodder. Anytime the economy is bad, the anti-Fed conpsiracies will heat up. The Senate would shoot this down if it were ever voted on
" dark-horse presidential run " only because he is a real conservative and the GOP is a group of big-government deficit spending neo-cons. Remember, mccain in 2004 put language into Senate bill 1805 to outlaw some gun sales. Mccain is a gun grabber and the ruling GOP chiefs supported the gun grabber.
JP - Get some more information; the Fed is audited for about 15% of its monetary operations - specifically exempt from those "audits" are any FOMC operations, loans to foreign banks, and anything else they deem inappropriate as they see fit. In short, everything.
Ron Paul is a great American...the last honest public servant. The Fed must be desolved. It's a private bank with its own agenda. Monetary policy belongs in the congress where voters can set the agenda, not the bankers. Thanks.
It's definitely time to jerk the shroud off the Federal Reserve. Their so-called yearly audit only skims the surface. No information is provided on the money they invest in foreign transactions nor is there an accounting for the money they've "lost" along the way. Stop the secrecy. AUDIT THE FED.
It's about time someone ivestigated this private enterprise that controls the finances of the American people.
Bernanke is desperately trying to avoid the audit, see http://www.thecitizen.com/~citizen0/node/37264 He's hired Enron's (remember them) PR team to defeat the legislation to look into his books, which have never been audited, even after he "lost" 9 trillion, see http://www.youtube.com/watch?v=CY8xz3Q7aig and threatens that if we look into his books, the ECONOMY WILL COLLAPSE! see http://www.prisonplanet.com/bernanke-threatens-economic-collapse-if-fed-audited.html hmmm..... what's in those dangerous Fed accounts anyway, i'd like to know, especially since he's using my money to bail out every bank he's ever worked with (former board member goldman sachs, one of the first to take taxpayer money), and which surely he still owns stock in... and Mr Obama, were still waiting on the "transparancy website" to track the TARP money, no progress there either...
Abolish Federal Reserve
Every historical example of paper fiat currency has always ended in collapse.
jp, you sound a little nervous!
JP... we're not trying to give Princess Pelosi the money policy... we're trying to give money policy to the market by having "competing currency" which would circulate next to Federal Reserve Notes with a floating exchange rate (like ForEx). This would provide an "escape" from the collapsing fiat dollar, and would allow the market to determine value of money and interest rates. We don't support centraly controlled economics from the Fed or the Congress. Plus, only congress has monetary authority and that can not be legally delegated. Constitutionally, they can only use gold and silver, and can not print "bills of credit". Therefor, the argument that we'd be politicizing monetary policy is completely unfounded and demonstrates a lack of understanding on your part. There's nothing wrong with misunderstanding, but you shouldn't pontificate when you don't know what you're talking about. The old saying "better to remain silent and thought a fool than to open your mouth and remove all doubt"
Greetings HR1207 & HR4683 Free Competition To The Currency Act. Pray have time to study and support LibertyDollar.org & Freedom-Force.org FAME.org Abolish Fed Res World Bank IMF BIS & ect. St. Paul Convert US to honest monetary system. Prayerfully v
JP, I regret to inform you that you a misinformed in regards to the Federal Reserve undergoing a yearly audit. A financial audit of the Federal Reserve would imply that their financial statements are being checked for relevance, completion, and accuracy. The only things being audited by the Federal Reserve are its intranational transactions, mostly dealing with the actions of the FOMC in regards to the money supply. None of it's international transactions are audited, so we do not have a complete picture of their balance sheet.
JP has no idea what he is talking about. He is right that there are a lot of Conspiracy theories out there, and it is correct there is an audit of the FED. The point he does not understand is that the audit is NOT a full audit and Congress does NOT even know many of the things the FED does. That is what HR 1207 is addressing. He may be right about the Senate, however the most Socialist and most Conservative members of the Senate have already signed on.
Thank you for a very well-written and enjoyable article. It's my first time reading from CQ Politics and a very favorable impression. I do have to wonder at the motives of ANY politician who would oppose the auditing of the Federal Reserve.
It wont do us any good to get rid of the Fed if they just make it a global fiat money system. People should stop taking Fed notes and demand silver or gold.
Ron Paul was the best Republican to run. The Dems would be wise to support these sensible Republicans. They at least have some common ground on civil liberties and war, except Obama is now fully imposing a Bush foreign policy of nation building and interfering in political squables.
Wow....this story is breath of fresh air in an economy of stagnant socialism! Go Ron Paul !!!!! If you run for Presidesnt, you certainly have my vote again.
##SPREAD THIS INFORMATION - END THE FRAUD!## **Wall Street criminals exposed By Marcy K.** kaptur.house.gov/index.php?option=com_content&task=view&id=289&Itemid=1 youtube.com/watch?v=S27yitK32ds youtube.com/watch?v=oAADyc6t4nY **Rep. Alan Grayson asks the FEDERAL RESERVE Inspector General where the money is gone...** [Answer was: bla bla bla] youtube.com/watch?v=PXlxBeAvsB8 HQ version: youtube.com/watch?v=cJqM2tFOxLQ #####BEAT THEM##### Bills to be supported: 'S 604' and HR 1207 (information and SAMPLE LETTER here) [S 604 IS SLEEPING!] http://www.ronpaul.com/on-the-issues/audit-the-federal-reserve-hr-1207 & www.campaignforliberty.com/campaigns/auditthefed.php Senators Who are NOT Co-Sponsors of S 604 (Sister Bill to HR 1207) scribd.com/doc/16483157 www.senate.gov/general/contact_information/senators_cfm.cfm #PETITIONS# www.thepetitionsite.com/1/down-with-federal-reserve www.thepetitionsite.com/2/The-Federal-Reserve-Transparency-Act More information and events here: anewwayforward.org
Ron Paul founded the C4L with with "cash left over from his bid for the GOP nomination." How many other presidential candidates had cash left over after their bids, as opposed to significant debts? Ron Paul - a true fiscal conservative.
To the commenter below...The Fed cannot be audited fully by the GOA. There are a number of restrictions placed upon any audit of the Fed. http://www4.law.cornell.edu/uscode/31/714.html Audits of the Federal Reserve Board and Federal reserve banks may not include-- (1) transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization; (2) deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations; (3) transactions made under the direction of the Federal Open Market Committee; or (4) a part of a discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to clauses (1)–(3) of this subsection. Comptroller General Charles A. Bowsher (appointed under Reagan) discusses the limitations of the GOA audit authority: http://archive.gao.gov/t2pbat5/150187.pdf "The question of whether to lift the statutory constraints on our authority to audit the Federal Reserve System ultimately depends on what Congress wants us to do, Our access needs to be commensurate with the types of audits Congress expects us to perform."
No sane Libertarian or person supports the Federal Reserve. It is corrupt hybrid (part government, part private company). Didn't Mussolini refer to that model as "corporatism" a.k.a. economic fascism? The only conspiracy is what is going on behind the closed doors of the FED. They hand out money to their friends when they are in trouble and the loss is spread among the people.
It is indeed great news that the audit is gaining traction. But, don't forget, Congress is a BIcameral entity and the senate was nationalized by the 17th Amendment specifically to protect the 16th. Think about the coincidence that the 17th Amendment sundered Jefferson's 17th Grievance.
Call the Senate at 800 833 6354 and tell them to co-sponsor S. 604, H.R. 1207's companion bill in the Senate.
Nice article!! More and more people are waking up to the truth of what Ron Paul is saying about the Federal Reserve!
Thank god, they're starting to listen to Ron Paul. Tears filled my eyes when I read this part of a line: "...being dubbed the next generation of the Ron Paul movement..." Growing, growing, and finally born! Long live the R3VOLution!
JP, The federal reserve HAS NEVER BEEN AUDITED in the 95 years it has existed. Nice try with your lies though, liar.
In order to control something (such as your public "servants") or make any choice, accurate information is mandatory. Ignorance is not bliss, it is non-survival. LEARN HOW TO THINK (and be FREE): http://www.nazisociopaths.org/modules/article/view.article.php/c1/33 Bill Ross (Electronics Design Engineer)
JP, is he anarchist or is he trying to put power into Pelosi's hands? Your desire for accusation is strong, but you should make up your mind first.
The real significance here is the pathway Paul is creating for liberty-minded politicians to get into office. Auditing the fed is really important, but having people like Schiff and Rand in the senate can't be overlooked and will hopefully open a tidal wave of new politicians that truly have the welfare and wellbeing of the nation in their actions, not the politicking of dems vs republicans etc. Paul woke me up as his rhetoric cut through the jargon spewed the last few decades.
JP, Milton Friedman was not a libertarian. Neither are the folks over at Reason or Cato or the LP. Ron Paul is neither libertarian nor anarchist, but he is a hell of a lot closer to it than Friedman and his ilk. Libertarians occupy the moral high ground on the topics of economics, and rights and liberties.
Step 1. Audit the Fed. Step 2. End the Fed.
We already have enough public information to know that the Fed is a walking disaster: the CPI reports ever since 1913, when the Fed was created. If you spend $100 today, you get what less than $5 would have purchased in 1913, according to the government's calculations. But $100 in 1815 was worth about the same as $100 in 1915. Pre-1965 silver coins now sell for about a 10:1 premium. Judging by its actions, the purpose of the Fed is to prop up banks, inflate the currency, and lend to the government. We would be better served by an honest currency which cannot be debased by either the government or the central banks. Constant inflation discourages savings, investment, the creation of capital, and the consequent increases in productivity. The Fed, to counter these negative effects, must constantly jigger the economy this way and that, leading to the boom/bust cycles which are destabilizing our economy.
I am not a Ron Paul Supporter but can frankly say that I see his wisdom in hindsight of the election.
In a related question, why doesn't anyone in the government investigate the SEC(?) people that investigated Madoff on numerous ocassion and found nothing....how competent can that group of people be! Shouldn't hey bear some of the responsibility for what happened to all those investors?
Win or not, Ron Paul has done far more to educate Americans than 12 years of public school on how things work. He's a good man and a person who really sticks to and cares about principles. One in a billion, he is!
No, Emily, Ron Paul did not fade away and his campaign was not for naught. He is more popular today than ever as your article makes clear. Now that many of the suckerz who voted for Obama are experiencing buyer's remorse, Ron Paul stands out for continuing his consistently principled ways as the true guardian of the Constitution. If more of the suckerz wake up and smell the deceit, Peter Schiff and others like Adam Kokesh will join Dr. Paul in Washington and truly create the long-overdue rEVOLution.
Thank you for all of the very enlightening comments. It gives me hope that perhaps We The People will succeed in getting our country back.
All of the band-aid measures will fail. The problem is the Federal Reserve, which concept is founded upon debt-based currency and fraud. It must be closed down or it will continue to suck the resources of the U.S. with its currency management contract. [...] 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. http://thomaspainereturns.net/posts/sdfr.html
I'm afraid it may be too late.
I totally agree with Ron Paul. The Fed Reserve is nothing but a group of men stealing our hard earned dollars, legally, of course. Before you can blink, we will be relying on the euro instead of the dollar. That is where this is really headed. I hope and pray Ron Paul get this bill passed, but do you know who is supposed to see that it gets up for a vote? None other than BARNEY FRANK! Goodbye bill!!!
Some sobering thoughts--one person referred to a competing currency alongside FRNs. My first thought was, "you mean like the silver-backed US Treasury notes JFK authorized before he was shot?"--which two events MAY be related. A commentator (I think it was Daryl Robert Schoon) said that in his opinion, Ron Paul's DC life insurance policy is that no one takes him seriously. That was a couple of years ago, I think. I fear for Dr. Paul's safety. I hope he's taking reasonable precautions.
It is scary to read the Ron Paul cultists comments but not surprising. Everything you people say was said by Timothy McVeigh. Lets just face it; you're the anarchists, hippies, militia members who wrap themselves up in the "Don't tread on me" flag who prey on the anti-Obama socialists and the feckless Republicans. Hopefully America will wake up to your agenda when the next crazy goes into a building and kills. Of course make sure you pull your blogs like you did with Von Brunn.
I think it is time to audit the Federal Reserve and find out what is going on! It's time to get THE BILDERBERG GROUP out of pulling the strings of the House/Senate!
Just remember that the banking establishment can use this to their advantage and hop on the band wagon only to hand over that power to the world bank and IMF. That is their desired goal, so they will try to trick us all. It's all the same owners as the federal reserve. Beware of that.
I live for the day that the banksters behind the FED are arrested and put on trial. Yeah, I don't have a life I guess. But I can think of worse things to live for.
Good Article. Always fun to keep up on the happenings of Dr. Paul. I became a fan a few years ago when reading some of his writting regarding the Fed. Then I started to watch him on U Tube pior to the "Insanity" known as US Elections. Its no wonder the US MSM keeps this guy censored, if the US public ever got a serious look at this man, it would be all over for the "1" party system (Republocrats). Can you say President Paul. lastly, if the US ever got rid of the Fed, it would start a healing process badly needed in that once great country. Akin to removing the "thorn" (causing the infection) from the wound. Instead of always drowning in the pus of inflation.
The Fed does need to be audited. My fear is, what will they do to the economy BEFORE they are audited? We all know that they are in control of the money honey, and the one thing they don't want to do is to lose it. Anyone got any idea's of what they might do for revenge?
August 13, 2009 http://www.auditthefed.com/ Dear Friend of Liberty, As you and I both know, Campaign for Liberty is leading the fight to pass Ron Paul's bill to Audit the Fed. With 282 cosponsors in the House and 23 in the Senate, your efforts have so far proven very successful in establishing large, bipartisan support for Federal Reserve transparency. We've come a long way in demonstrating to the nation that monetary policy is a critical issue, and every day more and more people are waking up to the harm that the Fed has caused our economy. But our mission is not yet complete. There are more Americans to educate, more signatures to collect, and more work to be done to combat the "big guns" that have come out against Ron Paul's Audit the Fed bill. That's why today I'm proud to announce that we've taken the next step in our efforts by launching AuditTheFed.com, a focused, coalition website with one purpose: to push this historic piece of legislation through Congress, past the President's desk, and into law. AuditTheFed.com includes: contact information for your congressman and senators, petitions, widgets, and banners to promote the website, dynamic graphs of the bill's cosponsors, a detailed summary of the Audit the Fed bill, a list of our growing coalition, a blog to keep you up to date on all the latest Audit the Fed news, a sign up for email updates, and social networks to help get the word out online. This website was designed to put you, the liberty-loving activist, in a position to efficiently and effectively promote Audit the Fed to family, friends, neighbors, and strangers alike. This new website is the latest addition to our efforts to Audit the Fed, but it is by no means the culmination. Stay tuned to CampaignforLiberty.com in the coming days for information on how we plan to mobilize to gain not only more cosponsors for HR 1207 and S 604, but support for a vote in the House and Senate. For Liberty, John Tate President
POST A COMMENT
Oops! The following errors must be addressed: