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

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THIS JUST IN: – a few hours ago…..I just stumbled across this article discussing the bill proposed by Ron Paul….the “Audit the Fed” bill, has passed the vote in the House of Reps –

Here’s the article –

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

Published: 25 July, 2012, 23:14

Ron Paul (T.J. Kirkpatrick / Getty Images / AFP)

Ron Paul (T.J. Kirkpatrick / Getty Images / AFP)

TAGS: Law, Corruption, USA, Banking

 

A bill introduced by Rep. Ron Paul (R-Texas) to audit America’s central bank, the Federal Reserve, passed the US House of Representatives overwhelmingly Wednesday afternoon by a 327-98 vote.

Paul’s ongoing efforts to call for increased transparency in the Federal Reserve have become a hallmark of his tenure in Congress and of his current campaign for the presidency.

Rep. Paul is still vying for the GOP nomination and intends to speak at the Republican National Convention in Florida next month. And although Paul has as recently as this week refused to endorse presumptive party nominee Mitt Romney, the former Massachusetts governor has supported the congressman’s proposal to audit the Fed.

“Ron Paul’s ‘Audit The Fed’ bill is a reminder of his tireless efforts to promote sound money and a more transparent Federal Reserve,” Romney writes on his official Twitter page.

During the Wednesday afternoon vote in Washington, D.C., Paul received backing from all House Republicans but one, as well as support from 89 congressional Democrats.

Rep. Dennis Kucinich (D-Ohio), was among those on the opposing party of Paul’s that still saw reason to support the bill. “The Fed creates trillions of dollars out of nothing and gives it to banks,” Rep. Kucinich said before Wednesday’s vote. “Congress is in the dark. The Fed sets the stage for the subprime meltdown. Congress is in the dark. The Fed takes a dive on LIBOR. Congress is in the dark. The Fed doesn’t tell regulators what is going on. Congress is in the dark.”

“It is time for us to bring the Fed into the sunshine of accountability,” the democratic congressman continued.

House Minority Whip Steny Hoyer (D-Md.) was one of those opposed to the bill, saying that passing it “increases the likelihood that the Fed will make decisions based on political rather than economic considerations, and that is not a recipe for sound monetary policy.”

Ben Bernanke, chairman of the US Federal Reserve has said that, although the Fed is “quite transparent and accountable on monetary policy,” there was room for improvement. Speaking to the House Financial Service Committee last week, Bernanke said the agency still “needs to be transparent and it needs to be accountable,” even though he believes that his quarterly projections and press conferences already allow the central bank to be relatively open with Americans.

Although Wednesday’s vote was a success for the congressman’s efforts to bring added transparency to the Fed, his fight for an audit doesn’t end here. Next the bill will be brought to the Senate for a vote, wheer it is not expected to pass. If it does clear both sides of Congress, however, it will then be sent to the desk of President Barack Obama for him to sign into law.

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Would be quite remarkable if this bill where to make it out….for it would signify the first time that the “Federal Reserve” would be subject full audits amidst calls for more transparency of the controversial central banking system of the U.S. –

Although, it would have to clear the Senate as well….which could be a challenge…let’s just hope that something indeed changes here for the better –

 

3 Comments:

  1. Excellent idea to audit the Federal Reserve! Great awareness and articles, Yannaki! ~

    If I may put some thoughts into my own words on this topic … Some basic things to keep in mind (as I know Divine Earth already knows) but for those that might not .. here are some things to share about why it is important to look into the activities of the Federal Reserve ~

    1) the Federal Reserve is not part of the Federal government but is a “private organization” that oversees the banks/banking industry ~

    2) The Federal Reserve was originally set up to prevent financial bank panics by providing emergency funds to bank who were in trouble (banks who were not able to cover their liabilities).

    3) The problem is the Federal Reserve has gone ‘beyond” their original role and is involved in keeping interest rates low by making funds available to banks who are involved in “non” banking activities and investment to make the banks rich ~

    4) Therefore the Federal Reserve failed to monitored how the banks used the money from the Feds ~

    5) By keeping the interest rates low the banks could borrow lots of money to buy stocks and oil, natural gas, precious metals and food crops, etc .. all for excess profit for the “banks” ~

    So – we can see how the Federal Reserve is the Best Friend and Buddy of the banks! ~

    Thank you to Ron Paul for his campaign to spread awareness on the tremendous power the Federal Reserve has on our entire banking system and economy ~ It is too great a power to abuse ~

  2. So ~ the banks abusive and risky investments in non-banking activities with the use of the Federal Reserve money eventually caught up with them .. when the banks lost all the money to bad investments ~

    We bailed-out these banks with our money (the public’s money) to keep banks from going bankrupt .. and the banks then gave themselves raises and no one went to jail ~

    Ron Paul, against all odds, has been a courageous voice for justice in revealing the Federal Reserve role ~ I hope more people will care and hear his words and come to see how harmful these activities are to all of us ~ Thank you to Yannaki for the blog ~ Thank you to Divine Earth/Johannes for providing other blogs on this topic and for allowing us to spread Ron Paul’s compassionate message ~

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