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Audit of Federal Reserve nearing critical mass

Posted By Bob Unruh On 06/11/2009 @ 12:00 am In Front Page | Comments Disabled


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

A plan by U.S. Rep. Ron Paul, R-Texas, to audit the Federal Reserve today lacks only a handful of signatures on a list of co-sponsors to hold a majority in the U.S. House.

Officials with Paul’s office have confirmed to WND there now are 213 cosponsors signed onto H.R. 1207, the Federal Reserve Transparency Act of 2009 that demands an audit of the organization.

Paul long has opposed the power held by the Federal Reserve and its ability to manipulate the nation’s economy and over the years has launched multiple proposals to get rid of the quasi-governmental agency, without significant support.

But in light of the economic collapse in the United States – 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.

When the bill has garnered the support of 218 members of the 435-member U.S. House, it technically has the support of the majority, even though the process of holding hearings and having committee review still provides for open doors for failure.

A spokeswoman for Paul told WND today that procedurally the best way to assure the success of the bill is to have hearings and earn committee approval, even though all parliamentary procedures are being reviewed.

Paul’s ultimate goals have not changed over the years he’s been concerned by the impacts on the nation’s economy.

“To understand how unwise it is to have the Federal Reserve, one must first understand the magnitude of the privileges they have,” he 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.

Paul said that should help the effort “begin to gain momentum.”

When Paul introduced his latest proposal to audit the organization there were 11 co-sponsors, which grew quickly to 124 just a few weeks ago. It jumped quickly then to 179.

The bill calls for the comptroller general of the United States to audit the private Federal Reserve and report to Congress before the end of 2010.

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.”


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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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