from WND
Posted on | May 8, 2009 | 4 Comments
LIFE WITH BIG BROTHER
124 congressman demand audit of Federal Reserve
Support multiplying for scrutiny of nation’s money controllers
Posted: May 05, 2009
8:30 pm Eastern
By Chelsea Schilling
© 2009 WorldNetDaily
 U.S. Rep. Ron Paul, R-Texas |
A bill calling for the comptroller general of the United States to audit the private Federal Reserve is gaining widespread support in Congress, as 124 representatives have added their names to its growing list of co-sponsors.
As WND reported, U.S. Rep. Ron Paul, R-Texas, introduced in February H.R. 1207, the Federal Reserve Transparency Act of 2009, a bill requiring that an audit of both the Fed’s Board of Governors and the Federal Reserve Banks be completed and reported to Congress before the end of 2010.
Paul was joined at the time of introduction by 11 other Republican and Democratic co-sponsors – but now that number has multiplied. Since its introduction, 113 additional U.S. representatives have added their names.
Rep. Paul has been a harsh critic of the Federal Reserve, even seeking to abolish the private money-control system, arguing that Congress should “reassert its constitutional authority over monetary policy.”
The Constitution, Paul said, gives Congress, not the private Federal Reserve, “the authority to coin money and regulate the value of the currency.”
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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.”
 Federal Reserve |
“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.
(Story continues below)
WND has reported on Paul’s continuing effort to abolish the Fed.
Paul said every problem in the economy, “from the Great Depression, to the stagflation of the ’70s, to the current economic crisis caused by the housing bubble,” can be traced to Federal Reserve policy.
Paul’s abolition plan calls for the director of the Office of Management and Budget to “liquidate” Fed assets “in an orderly manner so as to achieve as expeditious a liquidation as may be practical while maximizing the return to the Treasury.”
H.R. 1207 was referred to the House Committee of Financial Services on Feb. 26 and remains there today.
“This piece of legislation is perhaps the most important of my career,” Paul wrote in an April 30 letter to supporters. “Americans from all over the political spectrum are demanding an audit of the Federal Reserve. And with good reason!”
A companion Senate bill known as the Federal Reserve Sunshine Act, or S. 604, is sponsored by Sen. Bernard Sanders, I-Vt. It currently has no co-sponsors and was referred to the Senate Banking, Housing, and Urban Affairs committee on March 16.
Paul is urging people to contact representatives or stop by their offices – especially members of the Financial Services Committee – to demand that they support the legislation.
He suggests citizens begin by contacting Financial Services Committee Chairman Barney Frank, D-Mass.
“Auditing the Fed is only the first step towards exposing this antiquated insider-run creature to the powerful forces of free-market competition,” Paul wrote. “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.”
Paul has introduced legislation regarding the Fed, often suggesting its abolition, repeatedly over the last decade, but the measures seldom have attracted additional support.
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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May 8th, 2009 @ 1:42 pm
Ron Paul is pushing for an hornerable thing in auditing the Federal Reserve, however his honor and honesty is much in question when, although knowing that Obama was not a Natural Born Citizen, he cast his vote to seat a Usurper in the white House, which tells me, he is just like the rest of the corrupt members of Congress. After touting his belief in the Constitution during the Primary Election, he bravely SPIT in the face of every American, when he chose silence over Protecting our Constitution. WAKE UP RON PAUL, IT’S STILL NOT TO LATE TO DEFEND OUR FREEDOMS, BY SPEAKING UP NOW!!!
May 8th, 2009 @ 2:11 pm
Thank you for posting this article. I posted a comment several days ago about getting behind this bill. I truly believe this is yet another avenue, using the law, that could expose the powers that be who are pulling the strings of THE PUPPET and are working feverishly to bring this country to its knees. Contact your representative and encourage them to get behind this. Once you audit the Federal Reserve, the rest will follow, i.e. ENDING THE FED!! Most people have no idea, rather had no idea prior to this administration, that the Federal Reserve is a PRIVATE group of elite bankers. We’ve been duped into believing it was a part of our government by the name.
If you haven’t seen the film FREEDOM TO FASCISM by Aaron Russo, watch it! You can view it FREE on Google videos. Look for the Director’s Cut. Aaron Russo, a noted Hollywood film maker, was befriended by one of the Rockefeller’s whilst holding a political position in Nevada. He (Aaron) couldn’t believe his ears as to what these powerful elites had in store for this country.
He set out to expose the elite’s plan and made this very telling documentary. The government stopped it from being shown in theaters across the U.S., so he released it for FREE on the web. You can also search youtube for videos of his interview with Alex Jones. Sadly, he died of cancer in 2007, but…his legacy lives on. Russo’s website is http://www.restoretherepublic.com
May 8th, 2009 @ 10:31 pm
The government didn’t stop Russo from showing his film in theaters.
Not one theater has said such, nor has any evidence been produced to support such an act of censorship.
The truth is, Aaron Russo died from cancer before obtaining any deal for distribution.
Very few theaters would show such a film anyways.
A film needs a wide audience and special interest films usually do poorly at the box office.
May 10th, 2009 @ 11:13 am
Greatings, Not sure that this is true:), but thanks for a post.
Thanks