Thread: House support for Fed audit plan swells to 245

ON CAPITOL HILL

House support for Fed audit plan swells

245 now support full review of monetary policy-makers

Posted: June 30, 2009
8:53 pm Eastern
© 2009 WorldNetDaily


U.S. Rep. Ron Paul, R-Texas

A couple dozen more members of Congress have signed on as co-sponsors to a plan from Rep. Ron Paul, R-Texas, that would subject the Federal Reserve to an audit, bringing to 245 the supporters so far.

That's well beyond the 218 who constitute a majority in the U.S. House, yet the bill remains in the House Judiciary Committee, where it was introduced with just a handful of supporters.

Paul has told his fellow representatives that the damages from the actions of the Fed over the decades is incalculable. For one thing, he said, "It took less than two decades for the Federal Reserve to bring on the Great Depression of the 1930's."

Besides that decade-long economic turmoil, he said, "It has also inflated away the value of our currency by over 95 percent since its inception.

"It has invisibly stolen from the poor and given to the rich through this controlled inflation, and now openly stolen through recent bank bailouts. It has predictably exacerbated the very problems it was meant to solve," he said.

The proposal calls for the comptroller general in the United States Government Accountability Office to audit the private organization and then report back to Congress.

"We need to know what they're up to," added Sen. Jim DeMint, R-S.C., who has indicated support for the plan.

The chairman of the House Financial Services Committee is Rep. Barney Frank, D-Mass., who previously told Paul he would be willing to give the plan a hearing.

However, that hasn't happened, despite its overwhelming support.

It was U.S. Rep. Dennis Kucinich, D-Ohio, who a short time ago became the 218th co-sponsor of the bill, giving it technically majority support in the 435-member House.

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Paul said at the time it was an indication of "how mainstream America is fed up withi Fed Secrecy."

Paul long has opposed the power held by the Federal Reserve and its ability to manipulate the nation's economy. Over the years he has launched multiple proposals to get rid of the private banking powerhouse, without significant support.

But in light of the economic crisis – the government takeover of the banking industry, the government's demands for various auto industry bankruptcies, the government's appointment of a "pay czar" – change apparently is coming.

"To understand how unwise it is to have the Federal Reserve, one must first understand the magnitude of the privileges they have," Paul wrote in a recent Straight Talk commentary. "They have been given the power to create money, by the trillions, and to give it to their friends, under any terms they wish, with little or no meaningful oversight or accountability."

He's even said Congress should "reassert its constitutional authority over monetary policy."

Besides the support in the U.S. House, a companion bill, S. 604, also now has been introduced in the U.S. Senate by Sen. Bernard Sanders of Vermont. It has been referred to the Senate Committee on Banking, Housing and Urban Affairs.

The Constitution, Paul said, gives Congress, not the private Federal Reserve, "the authority to coin money and regulate the value of the currency."

Paul explained his advocacy for the H.R. 1207 audit in the U.S. House:

"Throughout its nearly 100-year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar," the Texas Republican said. "Since 1913 the dollar has lost over 95 percent 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," he said.

Paul called oversight of the Fed "long overdue."

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"Since its inception, the Federal Reserve has always operated in the shadows, without sufficient scrutiny or oversight of its operations," he continued.

"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?"

Paul's bill would also make the Federal Reserve's funding facilities, including the Primary Dealer Credit Facility, Term Securities Lending Facility and Term Asset-Backed Securities Lending Facility, subject to congressional oversight.

Note: Concerned individuals may contact members of the House Committee of Financial Services in reference to H.R. 1207 and the Senate Banking, Housing, and Urban Affairs committee in reference to its companion bill, S. 604. They may also contact their respective representatives and senators.

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I agree with him 100% except It scares me that the congress will be in charge and they haven't shown that they are capable. If they controll it like they controll eveything else it will fail there also. They do enough of their own dirty, undercover shenannigans.