Ron Paul: Audit the Federal Reserve!


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Ron Paul’s bill to audit the Federal Reserve continues to gain momentum. Last week’s announcement quickly became one of the most popular articles here at RonPaul.com, and H.R. 1207 now has eleven co-sponsors!

If you too would like to see Ben Bernanke squirm and finally reveal what the Fed has been up to behind the scenes, call and write your representatives and ask that they support the “Federal Reserve Transparency Act H.R. 1207″

Here’s a sample letter you can use:

Dear Representative,

Please co-sponsor and/or support H.R.1207, an effort to audit the Federal Reserve.

Recently, it has come to light that there is little to no accountability to the people on the part of the Federal Reserve. While the citizens of this country are required by law to give an accounting of every penny they come in contact with, the Federal Reserve has never been held to the same standard. During this time of extreme economic crisis, the people deserve an accounting of where our money is going.

Currently there are 11 co-sponsors for this legislation, and it is enjoying bi-partisan support. Your efforts in supporting this important legislation would go a long way in proving to your constituents that you not only hold the Federal Reserve to the same standard as you do your constituents, but it would also show that you believe in transparency. Anything less than support for this resolution suggests that you are in favor of secrecy and a lack of accountability to the people who pay the bills. We pay the tab; we have a right to know where our money is going.

Unlike recent bills that you voted in favor of that had hundreds of pages and just a few hours to read, this bill can be read in under 5 minutes. I encourage you to take the time to read it, and then move to support it.

Thank you in advance for your attention on this important legislation. I have every expectation that you will do right by your constituents and support this measure.

Sincerely,

Auditing the Fed is only the first step towards exposing this antiquated insider-run creature to the powerful forces of free-market competition. Once there are viable alternatives to the monopolistic fiat dollar, the Federal Reserve will have to become honest and transparent if it wants to remain in business.

111th Congress - 1st Session

H.R. 1207

A BILL

To amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes.

1. Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.
This Act may be cited as the “Federal Reserve Transparency Act of 2009″.

SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

(a) IN GENERAL. - Subsection (b) of section 714 of title 31, United States Code, is amended by striking all after “shall audit an agency” and inserting a period.

(b) AUDIT. - Section 714 of title 31, United States Code, is amended by adding at the end the following new subsection:

“(e) AUDIT AND REPORT OF THE FEDERAL RESERVE SYSTEM. -

“(1) IN GENERAL. - The audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) shall be completed before the end of 2010.

“(2) REPORT -

“(A) REQUIRED. - A report on the audit referred to in paragraph (1) shall be submitted by the Comptroller General to the Congress before the end of the 90-day period beginning on the date on which such audit is completed and made available to the Speaker of the House, the majority and minority leaders of the House of Representatives, the majority and minority leaders of the Senate, the Chairman and Ranking Member of the committee and each sub-committee of jurisdiction in the House of Representatives and the Senate, and any other Member of Congress who requests it.

“(B) CONTENTS. - The report under subparagraph (A) shall include a detailed description of the findings and conclusion of the Comptroller General with respect to the audit that is the subject of the report, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate.”.

Sponsor

Rep. Ronald Paul [R-TX]

Cosponsors [as of 2009-03-04]

Rep. Lynn Woolsey [D-CA]
Rep. Ted Poe [R-TX]
Rep. Walter Jones [R-NC]
Rep. Roscoe Bartlett [R-MD]
Rep. Steve Kagen [D-WI]
Rep. Dan Burton [R-IN]
Rep. Bill Posey [R-FL]
Rep. Dennis Rehberg [R-MT]
Rep. Paul Broun [R-GA]
Rep. Neil Abercrombie [D-HI]
Rep. Michele Bachmann [R-MN]

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Ron Paul: Iraq is a Powder Keg


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In this speech to Congress, Ron Paul points out that our involvement in Iraq, Afghanistan and Pakistan continues to drain our financial resources, undermine our national defense, demoralize our military and exacerbate our financial crisis.

Channel: C-SPAN
Date: 3/4/2009

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Ron Paul on the Glenn Beck Program


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Ron Paul and Glenn Beck talk about FEMA camps and health care.

Channel: Fox News
Show: Glenn Beck Program
Date: 3/3/2009

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Obama’s Budget: Self-Delusion or Fairy Tale?


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In today’s interview with Bloomberg TV, Ron Paul calls out Barack Obama for talking about cutting the deficit in half - by running it up to one or two trillion dollars.

Channel: Bloomberg TV
Date: 3/3/2009

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Rush Limbaugh and the Republican Party


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Ron Paul and David Shuster discuss Rush Limbaugh’s increasingly dominant role in the Republican Party, which became apparent after other Republicans hurriedly apologized for having criticized Rush over the controversial comments he had made about Barack Obama at last week’s CPAC.

Channel: MSNBC
Date: 3/3/2009
Host: David Shuster

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Walter Jones interviews Ron Paul on “Washington Watch”


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Congressmen Walter Jones and Ron Paul discuss the economic crisis, monetary policy and foreign policy.

Date: 3/3/2009
Show: Washington Watch
Host: Congressman Walter Jones

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Ron Paul at the Texas Freedom & Liberty Banquet


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In a fitting conclusion to one of his busiest weeks ever, Ron Paul was the keynote speaker at the Texas Freedom & Liberty Banquet in Austin this past Saturday.

Date: 02/28/2009
Event: Texas Freedom & Liberty Banquet
Location: Austin

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Ron Paul’s Statement On His Son Rand Paul


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In response to reports that his son, Dr. Rand Paul, is being encouraged to run for Senate, Congressman Ron Paul issued the following statement.

“I’ve always encouraged my children to participate in the public debate. Should Senator Bunning decide not to run, I think Rand would make a great US Senator.

I, like Rand, have been impressed with Senator Bunning’s opposition to the Bank Bailout. I think the Republican Party should be supportive of Senator Bunning and not try to push him out of office.

Should Senator Bunning decide to retire, I think it is important to have a conservative Republican and taxpayer advocate in the race.”

For more information on Rand Paul’s potential Senate run visit Rand2010.com.

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Obama Administration’s Meddling Increases Uncertainty


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In his latest column Ron Paul points out that the economic crisis is not a liquidity problem and that government intervention only increases uncertainty and contributes to the weakening economy. — tmartin

Download the column as an MP3 file here (3:13 minutes).

Is Spending the Answer?

by Ron Paul

This week, Congress and the administration once again showed their lack of economic understanding, as they ramped up spending to record levels. On the surface, maybe it does look to some like the economic crisis is a liquidity problem, that the economy is in trouble because money is not changing hands at the pace it once did in the boom years. They believe that to get back to a booming economy money needs to start changing hands again - and the quickest way to do this is for the federal government to massively expand spending to pump new money into the system. If this is the extent of their understanding, no wonder they call for spending, taxing, bailouts and inflation.

If spending was the solution, we never would have had a problem. During the last eight years, we’ve blown up the size of government and certainly had no want of spending on foreign or domestic policy. The Bush administration increased spending almost 20% its first term, and nearly doubled the national debt by the end of the second term. Certainly the case cannot be made that lack of government spending created the problem or can be the solution.

This is mirrored in American households. According to CNN private sector debt is 365% of private sector gross domestic product. Many relied simply on steady and continued increase in home values to enable spending and secure more debt. That trend has proven unsustainable and many Americans are adjusting their finances accordingly. For the first time, household debt is beginning to fall as consumers wake up to the realities of paying off debt and living within their means.

Wouldn’t it be great if the government would do the same?

A lot of capital and liquidity is out there waiting in the wings as the new administration is bringing about government uncertainty, a concept discussed by Robert Higgs as prolonging the Great Depression. In other words, it is a foregone conclusion that government will act. But, like a chicken with its head cut off, no one knows which way it will run, just that it will flail about wildly until it collapses.

Why start a business, when businesses could face the brunt of an increase in future taxation? Similarly, why hire a new employee if tax policy will just force you to fire them later on to stay afloat? Why buy a house, when you have no idea how future government meddling in the housing market will affect its value? Why spend at the shopping mall, or buy a new car when you don’t know how tax policy will affect your family budget, or if your job will come under the axe because your employer’s tax burden is increased?

I argue these kinds of questions and concerns contribute to the weakening economy. This type of tax policy keeps capital out of third world nations, and now is keeping capital in hiding here in the US. People are concerned about security and savings again, retrenching their household and business budgets. The economy could be helped if the government would just get out of the way and restore sound monetary and fiscal policies.

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C4L’s Liberty Forum at CPAC 2009


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Here’s a collection of videos of supporter-made videos documenting the Campaign for Liberty’s Liberty Forum that took place at CPAC on 2/27/2009.

Speakers: Ron Paul, Tom Woods, Judge Andrew Napolitano

We hope to add videos of the other speakers (Bruce Fein, Larry Pratt, Mark Mix) as well as soon as they are posted.

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Ron Paul on CNN’s American Morning


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Ron Paul was interviewed on CNN’s American Morning today. He talks about Rush Limbaugh’s role in the Republican party, the CPAC straw poll, the Campaign for Liberty, the free market, the 2012 elections and other issues.

Show: American Morning
Channel: CNN
Date: 3/2/2009

Transcript:

John Roberts: Radio host Rush Limbaugh firing up the crowd at the Conservative Political Action Conference. The GOP is in search of a leader and Limbaugh certainly rallied the base, so what is Limbaugh’s role in the Republican party right now?

Congressman Ron Paul joins us now, live on the phone. He’s in Lake Jackson, Texas. So, when you take a look at what happened at CPAC over the last few days, Congressman Paul, Rush Limbaugh appeared to be the big hit. Is he emerging as the leader of the Republican Party?

Ron Paul: Well, I think the Democrats would certainly like that. And he is a leader. He does say the right things now. And I think a lot of people like to hear what he’s saying, but I think it’s also a little bit polarizing and confrontational, and I think that’s why the Democrats are bragging that Limbaugh now speaks for the Republicans. So, I guess the Democrats think it’s to their advantage if he’s leading the charge. (more…)

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Ron Paul Reloaded


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Watch the video in high definition at RonPaulReloaded.com

Watch Ron Paul’s original “What if” speech.

Transcript:

Ron Paul: “Madam Speaker, I have a few questions for my colleagues.

What if our foreign policy of the past century is deeply flawed and has not served our national security interest?

What if we wake up one day and realize that the terrorist threat is the predictable consequence of our meddling in the affairs of others, and has nothing to do with us being free and prosperous? (more…)

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CPAC Straw Poll 2009: Ron Paul is 3rd


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Ron Paul came in third in the CPAC Straw Poll 2009.

The following question was asked: “Thinking ahead to the 2012 Presidential election, who would you vote for as the next Republican nominee for President?”

1,757 CPAC attendants answered as follows:

  1. Mitt Romney (20%)
  2. Bobby Jindal (14%)
  3. Ron Paul (13%)
  4. Sarah Palin (13%)
  5. Newt Gingrich (10%)
  6. Mike Huckabee (7%)
  7. Mark Sanford (4%)
  8. Rudy Giuliani (3%)
  9. Tim Pawlenty (2%)
  10. Charlie Crist (1%)

9% were undecided.

Several other questions were asked during the poll. (more…)

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Ron Paul Introduces Bill to Audit the Fed


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February 26, 2009

Madame Speaker,

I rise to introduce the Federal Reserve Transparency Act. Throughout its nearly 100-year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar. Since 1913 the dollar has lost over 95% of its purchasing power, aided and abetted by the Federal Reserve’s loose monetary policy. How long will we as a Congress stand idly by while hard-working Americans see their savings eaten away by inflation? Only big-spending politicians and politically favored bankers benefit from inflation.

Serious discussion of proposals to oversee the Federal Reserve is long overdue. I have been a longtime proponent of more effective oversight and auditing of the Fed, but I was far from the first Congressman to advocate these types of proposals. Esteemed former members of the Banking Committee such as Chairmen Wright Patman and Henry B. Gonzales were outspoken critics of the Fed and its lack of transparency.

Since its inception, the Federal Reserve has always operated in the shadows, without sufficient scrutiny or oversight of its operations. While the conventional excuse is that this is intended to reduce the Fed’s susceptibility to political pressures, the reality is that the Fed acts as a foil for the government. Whenever you question the Fed about the strength of the dollar, they will refer you to the Treasury, and vice versa. The Federal Reserve has, on the one hand, many of the privileges of government agencies, while retaining benefits of private organizations, such as being insulated from Freedom of Information Act requests.

The Federal Reserve can enter into agreements with foreign central banks and foreign governments, and the GAO is prohibited from auditing or even seeing these agreements. Why should a government-established agency, whose police force has federal law enforcement powers, and whose notes have legal tender status in this country, be allowed to enter into agreements with foreign powers and foreign banking institutions with no oversight? Particularly when hundreds of billions of dollars of currency swaps have been announced and implemented, the Fed’s negotiations with the European Central Bank, the Bank of International Settlements, and other institutions should face increased scrutiny, most especially because of their significant effect on foreign policy. If the State Department were able to do this, it would be characterized as a rogue agency and brought to heel, and if a private individual did this he might face prosecution under the Logan Act, yet the Fed avoids both fates. (more…)

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