House Committee Approves Ron Paul’s Audit The Fed Bill

1 Posted by - June 28, 2012 - Career & Business, Conspiracies & Scandals, Economics, Money

120305104236 ron paul305 300x168 House Committee Approves Ron Paul’s Audit The Fed BillFull vote on transparency bill next month?

The House Oversight Committee approved a bill Wednesday introduced by Congressman Ron Paul that would see a full audit of the Federal Reserve for the first time in its history.

The bipartisan vote was almost completely unanimous in it’s favor of Federal Reserve Transparency Act, with no vocal opposition and the legislation will now advance to the floor of the House of Representatives next month.

If it is successful, the bill would require the Government Accountability Office (GAO) to conduct a top to bottom audit of the Fed’s board of governors and 12 regional banks, and reveal details of its private monetary policy deliberations.

The only opposition came from the ranking Democrat on the committee, Elijah Cummings (D-Md.), who attempted to introduce an amendment that would prevent the GAO from auditing the Fed’s discussions on monetary policy. Cummings withdrew the amendment after Chairman Darrell Issa (R-Calif.) noted that it “essentially guts this bill.”

Issa noted that “It is long past time for a real audit,” and was backed up by Rep. Justin Amash, who highlighted the deficiencies in the current system of monitoring the Federal Reserve’s secret actions:

CONTINUED at Prison Planet. Video at link.

6 Comments

  • TSR1776 June 29, 2012 - 8:52 AM

    Monumental Achievement by Ron Paul …

    That is going absolutely NO WHERE … much like the body of

    Ron Paul’s legislative proposals … great play for Ron Paul supporters …

    that means absolutely nothing in the very real world of politics …

    • TheSwash.com June 29, 2012 - 9:04 AM

      Regardless of whether it goes anywhere or not, doesn’t mean that you don’t try and do what you can to bring more transparency to the issue.

  • TSR1776 June 29, 2012 - 9:20 PM

    Ron Pauls ideas are laudable …

    However, his supports need to realize that the only chance any of his Legislative ideas have of enactment …

    Is in a REPUBLICAN Congress with a Republican President …

    Libertarians need to understand that if they really want change … it can only
    come by assisting Republicans to gain control of the Congress … and of the Presidency …

    The ONLY reason that Ron Paul may be able to bring his BILL out of Committee to the HOUSE floor for a vote … is because the Republicans control the Committee Leadership and the HOUSE…

    The reason there was even a “show ” of bipartisanship by Democrats is that they KNOW the Democrat Senate will NOT take up the BILL …

    Cummings would have pushed the ammendment that he wanted to introduce … which would have stripped Paul’s Bill if he had the Democrat votes in the HOUSE … but there is no need to use up his political capital on a BILL that is DEAD as soon as the HOUSE passes it …

    In addition, some of his fellow Democrat members in the HOUSE may want to use the BILL … to tell their constituents that voted for the FED regulation BILL if they need it for electoral COVER in the Fall…

    Libertarians that waste their voices assailing Republicans … and the Party’s organizations … assail the only Party that will even listen … let alone support their ideas …

    • TheSwash.com June 29, 2012 - 10:40 PM

      Republicans, as a whole, don’t support libertarian ideas, at least they haven’t in a very long time. Where have you been? Or are you really trying that hard to garner support for the GOP from anywhere? In this case, a large contingent that is growing because people are waking up in droves and becoming privy to the scam that is the two-party political game.

  • TSR1776 June 30, 2012 - 1:45 AM

    Republicans and Libertarians share major core values …

    Limited Government

    Fiscal Responsiblity,

    Personal Responsibility

    Maximum Individual Freedom

    There is of course major difference between the Conservative Republicans
    and the Progressive “big government” “non fiscally responsible” RHINOs

    What core values do the Democrats and Libertarians share?

    THINK ABOUT IT

    • TheSwash.com June 30, 2012 - 8:57 AM

      Republicans claim they have those core values and yes, many of them do. When it comes to their leadership however, most of that is just rhetoric. Look at the last Republican president, his actions were the antithesis to these things (the same could be said – in many ways – for Bush I, Reagan, Ford and Nixon), as well as most of the modern GOP legislators. The problem is, too many Republicans go to Washington with big promises that reflect the core values you’ve listed but instead give us something else. The most current and popular example of this is my own senator, Marco Rubio. You ask what core values do Democrats and libertarians share? Well, libertarians pretty much share as many values with Dems as Repubs. With the Democrats we pretty much agree on social and military issues. The only major difference between Democrats and libertarians is that Dems want the government to do everything and the libertarians want the government out of the way. And contrary to what you may think I have thought about all this.. intently.. for years. Hell, I’ve got 200+ articles I’ve written about all this. Point is, if you think you are going to somehow convince real supporters of Ron Paul or even Gary Johnson to jump on the Romney-led Republican train, you haven’t been listening to any of us and continue to think that we’re also just out to beat Obama when in reality we are out to defeat the establishment, which includes the current crop of Republicans. And even if you were to convince a few of us, they’d leave the situation with such a bad taste in their mouth that they certainly wouldn’t take the bait again. Most of us have been down this road enough times to know what we’re going to get and it’s never good. I guarantee you that Romney will be a bad president. Will he be better than Obama? It’s debatable but even if he is, he is nothing more than a band-aid over a gunshot wound and even though it may slow the blood a bit, it’ll just buy us 5 mins and we’ll still bleed out in just the same way.