House Panel Approves Proposal to Audit the Federal Reserve
Recently, I posted about the calls to Audit the Fed that have been heard around the country over the past two years. I just heard from our friends at Coservative’s For Change that the first step in a process that needs to be taken to audit the federal reserve happened yesterday in Congress. The House Financial Service Committee approved Congressman Ron Paul’s proposal to audit the federal reserve.
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From the Politico:
The House Financial Services Committee has approved Rep. Ron Paul’s measure to drastically expand the government’s power to audit the Federal Reserve.
The measure, based on a Paul proposal that has attracted more than 300 co-sponsors, passed, 43-26, as an amendment to a financial reform bill. Florida Democrat and fellow Fed critic Alan Grayson co-sponsored the amendment with Paul and played a leading role drumming up support for it among committee members. The adoption of this amendment is an extraordinary victory for Paul, whose libertarian, anti-Fed leanings have often been dismissed by the political establishment.
The amendment would give the Government Accountability Office much greater to audit the Federal Reserve, which has a long history of independence from congressional audits. Paul and Grayson beat out a competing measure offered by Rep. Mel Watt (D-N.C.), who after weeks of negotiations with the pair felt their measure would threaten the Fed’s monetary policy.
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This is a big victory for the conservatives concerned about the federal reserve system. The people are tired, and action is starting to be taken thanks to Representative Ron Paul who is the author of H.R. 1207 (the Audit the Fed bill) and who has been a huge advocate of auditing the federal reserve from sometime.
Here is Congressman Paul’s introduction of the amendment:
[youtube=http://www.youtube.com/watch?v=b_jd7E3Pno0&hl=en_US&fs=1&]
Next WCRW Meeting 11/14: Support our Soldiers
Washington County Republican Women will be holding our upcoming meeting on Saturday, November 14th at 9:00am at the Lake Elmo Inn in Lake Elmo, MN. In honor of Veteran’s Day, our speaker for this month will be Lt. Col. Barb O’Reilly. She will be speaking to our group about the Yellow Ribbon Campagin; why Washington County should become a Yellow Ribbon County, and what WCRW members can do to help support our soldiers!
We are asking all of our members and attendees to invite friends who are currently serving our country in the armed forces or have served in the past so that we can thank them for keeping our country safe. All soldiers and veterans who attend will be entered into our fabulous WCRW Give-away! Also, all guests who invite and bring a soldier or veteran with them to this meeting will be entered in our drawing as well! The winner will be drawn at the end of our meeting, you need to be present to win.
YOU MUST RSVP to the meeting by Thursday, Nov. 12th to Vice President Heidi Schumacher at: [email protected]. Cost of $15 to attend the meeting, also includes a fabulous breakfast! The meeting will begin at 9:00am sharp at the Lake Elmo Inn, 3442 Lake Elmo Avenue N. – Lake Elmo, MN.
The demand for an audit of the Federal Reserve has been growing over the past year. H.R. 1207, the Audit the Fed bill, has gained 308 co-sponsors. Recently, I have read that while moving toward a vote in the House of Representatives the bill has been stripped of some very important provisions. Here is what I have seen:
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Oct. 30 (Bloomberg) — Representative Ron Paul, the Texas Republican who has called for an end to the Federal Reserve, said legislation he introduced to audit monetary policy has been “gutted” while moving toward a possible vote in the Democratic-controlled House.
The bill, with 308 co-sponsors, has been stripped of provisions that would remove Fed exemptions from audits of transactions with foreign central banks, monetary policy deliberations, transactions made under the direction of the Federal Open Market Committee and communications between the Board, the reserve banks and staff, Paul said today.
“There’s nothing left, it’s been gutted,” he said in a telephone interview. “This is not a partisan issue. People all over the country want to know what the Fed is up to, and this legislation was supposed to help them do that.”
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However, Rep. Ron Paul says that the fight is not over yet! Take a look at his response to this situation below.
[youtube=http://www.youtube.com/watch?v=bPgzPxPwEV8&hl=en&fs=1&]