Help Pass Ron Paul's Signature Legislation - Audit the Fed JULY 24!! Go into RNC w/ this!

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tsai3904

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Please contact your two Senators.


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August 3 Update:

There were two new cosponsors to S. 202 yesterday.

S. 202 - 27 Cosponsors


July 25 Update:

H.R. 459 passed the House today by a 327-98 vote.

http://clerk.house.gov/evs/2012/roll513.xml

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Audit the Fed Bills

There are TWO bills in Congress related to Audit the Fed.

One introduced in the House by Ron Paul (H.R. 459) and one introduced in the Senate by Rand Paul (S. 202).

The House passed H.R. 459 on July 25. The Senate now must pass S. 202.


Senate

S. 202

Federal Reserve Transparency Act of 2011

To require a full audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks by the Comptroller General of the United States before the end of 2012, and for other purposes.

Find out if your Senator is a cosponsor HEREhttp://www.ronpaulforums.com/showthread.php?377680-S.-202-Audit-the-Fed-Co-Sponsors.

If your Senator is not a cosponsor, urge them to co-sponsor S. 202 to audit the Federal Reserve. If your Senator is a cosponsor, thank them for their support.

Find contact information for your Senator HERE.
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Why We Need a Full Audit

A one-time, limited Audit the Fed bill was passed in 2010 but it still prevented the Government Accountability Office (GAO) from conducting certain audits. The GAO is still prohibited from auditing:

1. Transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization

2. Deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations

3. Transactions made under the direction of the Federal Open Market Committee

Basically, the Fed is currently audited by outside agencies, BUT these are not thorough because they do not include audits of monetary policy decisions or agreements with foreign central banks and governments. Also, all of the Fed's emergency activities during the financial crisis up to July 21, 2010, were audited one time only and will not be audited again unless these bills pass.


Audit the Fed FAQs from the Office of Congressman Ron Paul

1. Why audit the Federal Reserve?

The Federal Reserve is an enormously destructive and unaccountable force in both the U.S. economy and the greater global economy. Federal Reserve policies affect average Americans far more than fiscal, spending, and tax policies legislated by Congress; indeed the Fed “spends” more than Congress when it creates trillions of new dollars on its balance sheet to bail out favored financial institutions.

For several decades the Fed has relentlessly increased the supply of U.S. dollars (both real and electronic) and kept interest rates artificially low. These monetary policies punish thrift, erode the value of savings, and harm older Americans living on fixed incomes. The Fed’s expansion of the money supply, combined with artificially low interest rates, creates terribly destructive cycles of malinvestment. This malinvestment results in housing, stock market, and employment booms and busts that destroy lives.

While the Fed was created by Congress, current law prohibits Congress from fully auditing the Fed’s monetary policy actions—the Fed actions that impact Americans the most. An entity that controls the value and purchasing power of the dollar should not be permitted to operate in the dark without oversight by Congress and accountability to the people. H.R. 459 would bring much-needed transparency to the Fed by requiring a full audit.

2. Isn’t the Fed already audited?

No. The Fed's financial statements are audited annually, but the Fed's monetary policy operations are exempt from audit. Congress’ investigative arm, the Government Accountability Office (GAO), currently is prohibited by law from examining discount window and open market operations; agreements with foreign governments and central banks; and Federal Open Market Committee (FOMC) directives. It is precisely this information that should be made public. The American people must know how and why Fed officials expand the money supply and set interest rates. It is not enough for the Fed to provide just an updated balance sheet after crucial decisions and transactions have already occurred. H.R. 459 allows GAO to audit the Fed’s monetary policy operations and directs GAO to report the audit results to Congress.

3. Didn’t the Dodd-Frank financial reform legislation passed in 2010 mandate a Fed audit?

Yes, but not a full or substantive audit. The audit mandated in the Dodd-Frank Act focused solely on emergency credit programs, and only on procedural issues (such as the effectiveness of collateral policies, whether credit programs favored specific participants, or the use of third-party contractors) rather than focusing on the substantive details of the lending transactions. H.R. 459 does not limit the focus of the audit.

4. Hasn’t the Fed already published details of its emergency bank lending?

Yes, but only partially. The Fed was required by the Dodd-Frank Act to disclose data from its emergency credit lending programs created during the financial crisis. Most of the data on its other activities, such as open market operations and discount window lending, have only been published as a result of lawsuits—not because of Congressional action. Dodd-Frank requires this information to be disclosed going forward, but with a two year time lag and with GAO restricted to auditing only the procedural components of any programs. H.R. 459 grants GAO and Congress access without special exemptions and ensures that ALL of the Fed’s lending actions will be subject to oversight.

5. Doesn't an audit harm the Fed's independence?

Absolutely not. The Fed was created by Congress and remains subject to full oversight and regulation by Congress—up to and including abolishing it altogether! The Fed’s hyped “independence” is largely a myth created by Fed officials and its Wall Street/financial sector supporters who benefit from its lack of transparency. The Fed is independent from the Executive Branch (Treasury Department), but not from Congress. H.R 459 does not change or set monetary policy: it merely grants Congress retrospective access to the information used to determine and carry it out, so Congress can properly understand, oversee, and evaluate the Fed.

6. Don’t foreign transactions need to be exempt from a Fed audit?

No. Given the Fed's establishment of dollar swap agreements with foreign central banks (which lent up to $600 billion at a time in 2008), and the increasing economic uncertainty surrounding Spain, Greece and the European Union, the Fed's continued financial assistance to Europe should not be exempt from public accountability and Congressional oversight. H.R. 459 brings transparency to the Fed’s agreements with the European Central Bank and other foreign entities.

7. Is this bill the same bill as H.R. 1207, the Audit the Fed bill from last Congress?

Yes. Some technical changes had to be made to the language as a result of changes made by the Dodd-Frank Act to the underlying code.
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Rand Paul said on Facebook last week that he will be making a push to get the Senate to vote on his Audit the Fed bill.

We must do everything we can to get Ron Paul's signature piece of legislation passed in his last year in Congress.

Please take 5 minutes to contact your Congressman and both Senators regarding H.R. 459 and S. 202. Leave a message in this thread stating who you contacted for a +rep.
 
i emailed my guy. he cosponsored last year but is seemingly buried deep in the belly of the old school (very anti-RP) this time around.

bum doesn't even return messages. called his office last week and staffer took my email saying we'd get some type of response given the amount of NDAA Amash Smith calls he was getting. nothing, just another neocon vote that he won't have to explain to anyone.

wish we had a liberty candidate here, instead it looks like two neocons.
 
Campaign for Liberty just sent out an email stating this:

Senator Rand Paul stands ready to force the issue in the Senate.

And Congressman Ron Paul has just a few short months left in the House to pass the legislative achievement of his lifetime.
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Ron Paul has been introducing a bill to audit the Fed for decades. Can we not get more than one person to take 5 minutes out of their time and send an email to their Congressman and Senators and help Ron Paul pass his bill he's been wanting to see passed for decades?
 
BIG UPDATE

The House has scheduled to vote on Ron Paul's bill to audit the Fed in JULY!

Rand Paul said last week that he is making a push to get the Senate to vote on the bill too.

PLEASE contact your Representative AND Senators. We actually need more help in the Senate where only 21% have co-sponsored. Only Utah has both Senators as co-sponsors. Everyone else has at least one Senator to contact.
 
When you call your rep. Tell him/her to vote against any amendments to the bill.

It became quite watered down last time.
 
Sent this to Senator Scott Brown in MA:

I am a Massachusetts voter, and a registered Republican. I urge you to sponsor the House bill H.R. 459. If you do not sponsor this bill, I will be forced to vote you out of office this November and vote for Elizabeth Warren or a third party candidate. That makes me sick to my stomach, but you leave me no choice. This is a make or break decision for me Senator Brown.

H.R. 459 will give Congress the power to audit the Federal Reserve. A 2010 partial audit revealed that the Federal Reserve went behind the backs of Congress and the American people to send $16 trillion to Europe. If you support this, then in my eyes you also support burning the constitution. I hope you will make the right decision.
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By the way, I would never actually vote for Warren. Just playing hard ball :)
 
Massachusetts said:
Sent this to Senator Scott Brown in MA:
Click to expand...

+rep

The Senate has its own version of the bill sponsored by Rand Paul (S 202). If you contact Scott Brown again, mention S 202. Don't forget to contact your Representative in the House and your other Senator too.
 
I just sent emails to each of Berman, Boxer and Feinstein.

this was essentially the template (changed for bill number for Berman)

Dear Senator Feinstein,

I want to urge you to vote FOR S. 202 to fully audit the Federal Reserve which is expected to be brought to a vote this summer. The mini audit in the Dodd-Frank bill shed important light on transfers which ARE the people's business.

Please vote AGAINST any amendments to water this bill down, and vote for S. 202.

Thank you!
 
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sailingaway said:
I just sent emails to each of Berman, Boxer and Feinstein.

this was essentially the template (changed for bill number for Berman)

Dear Senator Feinstein,

I want to urge you to vote FOR S. 202 to fully audit the Federal Reserve which is expected to be brought to a vote this summer. The mini audit in the Dodd-Frank bill shed important light on transfers which ARE the people's business.

Please vote AGAINST any amendments to water this bill down, and vote for S. 202.

Thank you!
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What are the senators emails I will write too
 
The House has 226 supporters on the record for Ron Paul's Audit the Fed bill. That's 52% of the House.

The Senate only has 21 supporters on the record for Rand's bill in the Senate. That's only 21% of the Senate.

We need to heavily pressure the Senators or else the House bill might get watered down again. Remember, the House passed Ron Paul's bill in 2010 but the Senate passed a weaker version which survived after conference. The Senate is the problem and needs to be of focus.
 
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The House had 320 cosponsors in 2010, but 100+ Democrats jumped off board when the bill actually came to a vote. What the hell happened?
 
tsai3904 said:
The House has 226 supporters on the record for Ron Paul's Audit the Fed bill. That's 52% of the House.

The Senate only has 21 supporters on the record for Rand's bill in the Senate. That's only 21% of the Senate.

We need to heavily pressure the Senators or else the House bill might get watered down again. Remember, the House passed Ron Paul's bill in 2010 but the Senate passed a weaker version which survived after conference. The Senate is the problem and needs to be of focus.
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Sanders was the sponsor and let them substitute watered down provisions for the Senate bill. Rand, one would expect, would not do that. But I agree, that is where the fight is.
 
Massachusetts said:
The House had 320 cosponsors in 2010, but 100+ Democrats jumped off board when the bill actually came to a vote. What the hell happened?
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There was never a clean vote for Ron Paul's bill in the House. It was voted on by a couple dozen Reps in the Financial Services Committee and then again before the entire House as a procedural move right before Dodd-Frank was going to pass. A lot of Reps always vote with their party on procedural moves so that's why you'll see references to the 100+ Democrats voting against it.
 
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