Billion secs = 32 yrs, Trillion secs = 32,000 yrs


Visit USADebtClock.com to learn more!

Wednesday, June 27, 2012

RON PAUL MOVES FORWARD WITH 'AUDIT THE FED' BILL

The only man in DC that actually means what he says and says what he means. Ron Paul has been fighting big government, and especially the FED (although it’s not really a government entity), for about 35 years.

He could get us out of this mess but too many people just can’t see past the image the R&R Luciferian bankster cartel, through their media and their RINO’s, have created about him.

He has done yeomen's work to get his bill this far but it will never happen. Too many congressmen are owned by the R&R Luciferian bankster cartel aka the synagogue of Satan. They will never let it happen!

‘Audit the Fed’ bill advances in House

By Stephen Dinan - The Washington Times

Rep. Ron Paul, Texas Republican, speaks at the University of California at Berkeley on Thursday, April 5, 2012. (AP Photo/Ben Margot)

Rep. Ron Paul, Texas Republican
The House oversight committee voted Wednesday to demand a broad audit of the Federal Reserve system by congressional investigators - a major move lawmakers said is designed to bring accountability to the murky workings of the independent board.

The bill was sponsored by Rep. Ron Paul, the Texas Republican who turned the push for an audit into a powerful campaign slogan and whose criticism of the Fed’s monetary policy drew hundreds of thousands of voters into the political process.


PatriotPantry IBD GoFoods<br />72Hour Emergency Kit


PatriotPantry IBD GoFoods Free<br />Sample


It passed by voice vote, signaling the growing sense among lawmakers that the time has come for a full review. Committee members said they hope for a vote in the full House next month, and the legislation has been sponsored by 263 members, virtually assuring its passage.

“Clearly the Fed must be made too big to fail, and too big to fail requires a considerable amount of oversight,” said Rep. Darrell E. Issa, California Republican and chairman of the committee.

Federal law right now specifically prohibits such a broad audit, and opponents fear undermining the independence of the Federal Reserve.

The bill would direct the Government Accountability Office to complete a broad audit that would presumably include a peek at the Fed’s decision-making and many of its lending policies.

The committee defeated an amendment sponsored by Rep. Elijah E. Cummings, Maryland Democrat, that would have prevented auditors from getting a look at internal board-discussion minutes.

“This whole idea about ‘Well we can’t touch the Fed‘ is baloney,” said Rep. Dennis J. Kucinich, Ohio Democrat. “We have to be able to have control over the Fed because it’s controlling every aspect of our economy.”

The Federal Reserve consists of a board of governors and 12 regional banks, which act as lenders of last resort to the country’s banking system.

Last year, a more limited audit by GAO found the Fed repeatedly invoked emergency authority to expand its lending during the Wall Street crisis in 2008 and 2009, including major loans to prop up the housing market.

The audit also found that the Federal Reserve Bank of New York, which had a major role in the lending, did not have sufficient controls to prevent conflicts of interest for its employees.

Mr. Paul has pursued an audit for years, and said the bill’s time has come.

“The Fed’s purchases of dubious assets from favored Wall Street institutions; its lending of hundreds of billions of dollars to foreign governments and central banks; and the prospect of further quantitative easing and European bailouts underscore the critical need for transparency,” he said in a statement.

If the bill clears the House it will still need a vote in the Senate - but Senate Majority Leader Harry Reid, Nevada Democrat, has spoken approvingly of an audit in the past.

1 comment:

  1. Our author makes no secret about his reverance for Dr. Paul and I commend him for it. The movement to audit the Fed will be carried on by Gary Johnson as his presidential platform becomes better known to the American people as we inch towards November. Dr. Paul has carried the Torch of Liberty up till now and passed it to Gary Johnson who is sprinted to the finish line.

    ReplyDelete