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News & Politics News & Politics

Ron Paul's Bill to Audit the Fed

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Ron Paul's  bill to Audit the Federal Reserve was approved by the House Oversight Committee on Wednesday.

Next month the bill will go to the House floor. If it passes, the GAO (govt accountability office) will conduct a full audit which will be the first full audit of the Federal Reserve in history.

Ron Paul has made many attempts to audit the Federal Reserve, which is a private bank. There have been previous audits credited to Paul, but those had limitations imposed on them. Reportedly, these limited audits showed conflicts of interest of the Federal Reserve bank.

The name "Federal" is only a name; the bank itself is not part of the federal government. The Federal Reserve Act of 1913 gave the Federal Reserve, a private bank, the power to print money as well as to adjust the discount rate , and buy and sell US treasuries.

In other words, we gave a private bank the power to create monetary policy for the whole country, and in effect the economy world wide; and this entity has yet never been fully audited.

Two influential people off the top of my head that have ties to the Fed are Tim Geithner  who was named president of Federal Reserve Bank of New York in 2003, and Herman Cain, chairman of the Federal Reserve Bank of Kansas City Omaha Branch from 1989 to 1991.

Imagine electing a president who had once worked for the privately owned bank our nation borrows money from, and pays back with interest! That is a complete conflict of interest, not to mention allowing a private bank to hold and manage our money being a conflict of interest to begin with.

Ron Paul largely blames the Federal Reserve for our current economic problems and says that the Fed needs transparency.

Both Obama and Romney have never attempted to audit the Fed and seem to instead, support it. When asked during debates if Romney would try to audit it, he basically said no. Obama, likewise has never suggested auditing the Fed.

Considering the power over our economy that the Federal Reserve bank has, it is interesting that no president has caused either by legislation or executive order, an audit of this institution, even in time of recession.

That this bill passed a House committee is one small victory for our economy that will hopefully keep snowballing.

 

by on Jun. 29, 2012 at 1:32 AM
Replies (11-15):
buttersworth
by Bronze Member on Jun. 30, 2012 at 7:01 PM

well if that's true, then i hope he does it

and thank God for the Pauls who would've been instrumental and convincing him to do it


 

Quoting Jambo4:


Quoting buttersworth:

You're absolutely right, he could have never audited the Fed, I made a mistake. I meant towrite that about obama.

 I was not trying to smear Romney  though I make no secret that I don't support Romney at all.

It is true, however, that when asked in debates if he would audit the Fed, he said he wouldn't bother with it.

Quoting Jambo4:

Good for Paul!  He finally got one of his bills approved by committee!

 

Both Obama and Romney have never attempted to audit the Fed and seem to instead, support it.

... tell me.. when was Romney supposed to audit the Fed?  He's never lived in Washington.  As far as I know being a governor of a state doesn't put you in position to attempt it. wink mini(nice try to smear though...)

 

Really?  Because according to Rand Paul (and this was the first I found in my search.. I'm still looking to verify or discredit your statement and all I can find is where he's said he wouldn't abolish the fed reserve.. nothing about refusing to have it audited), Rand says this:

According to Rand Paul, Mitt Romney has agreed to at least adding one item to the GOP platform: 
You know, I try to look for commonalities, areas where we agree and, you know, Governor Romney, I’ve had a meeting with him. We’ve talked extensively about audit the Fed, which is very important not only to me but my father and to his supporters and I think there’s a very good chance we get it in the platform. There has been an announcement in the House that we’re going to get a vote in the House and I’m working with both Republican and Democrat leadership to try to get a vote here, but some of my dad’s supporters don’t realize that if you call people names and call them evil, they’re less likely to allow you to have a vote on something you really want to pass.
GLENN: Hang on just a second. You’re saying that Romney may put audit the Fed into the platform?
PAUL: Well, the Ron Paul supporters are going to be — about 2 or 300 delegates there are going to help him to do that, but he has already said publicly that he’s for audit the Fed. That he has said many times. As far as the specific bill –
GLENN: That’s fantastic.
PAUL: — I would like him to endorse the specific bill but — that my father has introduced that will be voted on, but publicly he’s already stated that he is in support of auditing the Fed.


gsprofval
by Gold Member on Jun. 30, 2012 at 7:45 PM

Go Ron Paul. This needs to be done. Then audit all the bills Congress passes, too, and get rid of the pork.

NiCo86
by Member on Jun. 30, 2012 at 7:47 PM
Thank you Dr Paul! Not a POTUS likely, but still doing EVERYTHING he can to better out country!!

RON PAUL 2012
Posted on CafeMom Mobile
-Eilish-
by Johnson 2012 on Jun. 30, 2012 at 8:06 PM



Friday
by Platinum Member on Jun. 30, 2012 at 10:03 PM

I support this.

 


Thank God......it's Friday!!!

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