HR 459 - Ron Paul's 'Audit The Fed' Bill Is Back!
Complete video from today's hearing.
Paul to Bernanke: "This isn't a clown bill, bro..."
Quick rundown. 257 co-sponsors is fewer than last time, but it will pass the House easily, same as last time. The real battle will be in the Senate, where Bernie Sanders caved in 2010 and weakened the first audit's scope, though it was still a massive victory as it forced the Fed to come clean on $16 trillion of secret loans to Wall Street, and diffused Bernanke's specious argument that disclosure of emergency program details would harm the banks who got the help. The only one who tried to weaken the bill was the wondrously gifted gentleman from North Carolina, Rep. Elijah Cummings, who simultaneously sucks on Bernanke's left and right teat.
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The House Oversight Committee easily cleared legislation Wednesday that would require a top-to-bottom audit of the Federal Reserve. The bill, sponsored by Rep. Ron Paul (R-Texas), was advanced by the committee on a bipartisan voice vote with no vocal opposition. The measure, which has garnered 257 co-sponsors from both parties, would require the Government Accountability Office (GAO) to conduct a full audit of the Fed's operations, including its monetary policy deliberations, for the first time.
Before the audit bill cleared the oversight committee on Wednesday, ranking member Elijah Cummings (D-Md.) attempted to introduce an amendment that would prevent the GAO from auditing the Fed's deliberations on monetary policy. Cummings withdrew the amendment after Chairman Darrell Issa (R-Calif.) voiced opposition, saying it "essentially guts this bill."
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Official Statement From Rep. Darrell Issa:
(WASHINGTON)–On a bipartisan voice vote the House Oversight and Government Reform Committee advanced H.R. 459, the Federal Reserve Transparency Act, introduced by Rep. Ron Paul, R-Texas. The bill is supported by a bipartisan coalition of more than 220 Democratic and Republican members of the House.
Chairman Issa said, “President Reagan’s first OMB director recently pointed out it took 93 years for the federal reserve to build a balance sheet of $900 billion dollars, but only seven weeks to add the next $900 billion after Lehman crashed in 2008. The Fed’s balance sheet now stands at nearly $3 trillion. It is long past time for a real audit.”
“The public has a right to know how government spends taxpayer dollars and they have a right to know how government agencies—especially the Federal Reserve—leverage that revenue to create trillions in new debt. This measure will bring vital transparency to long-secret Federal Reserve activities affecting public interests,” Chairman Issa added.
The bill is anticipated to be voted on by the full House of Representatives later this summer. During the Committee mark-up on the legislation, Rep. Dennis Kucinich (D-OH) spoke prominently in support of the measure citing a desire for greater transparency in government operations.
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Official statement from Rep. Ron Paul:
“I am very happy that the House Committee on Oversight and Government Reform today passed H.R. 459. The bill passed unanimously by voice vote, with all of its strong audit provisions intact. It is time for the Federal Reserve to face a thorough audit of its monetary policy and lending operations. The Fed’s purchases of dubious assets from favored Wall Street institutions; its lending of hundreds of billions of dollars to foreign governments and central banks; and the prospect of further quantitative easing and European bailouts underscore the critical need for transparency. I am deeply appreciative of the overwhelming support this legislation has received from my colleagues in the House, especially today from the Oversight Committee. I look forward to seeing my Audit the Fed legislation passed by a bipartisan majority of Congress next month."
Official statement from Sen. Rand Paul:
“Today, I applaud the unanimous passage of Audit the Fed out of committee and commend House leadership for promising a vote on Audit the Fed next month,” Sen. Paul said. “It is important that we get our economy growing again through savings and investment, not more debt and deficit spending. But we can’t turn the economy around until we fix the root of the problem: an unaccountable Federal Reserve. A complete and thorough audit of the Fed will finally allow the American people to know exactly how their money is being spent by Washington. I have introduced similar legislation in the Senate and will continue to fight on the frontlines of this battle to get Audit the Fed passed through Congress.”
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So, Bernanke, who got the money?
Jun 28, 2012 at 12:47 AM
Reader Comments (30)
http://dailybail.com/home/tempers-flare-in-clash-over-fed-secrecy-as-grayson-reminds-w.html
Good clip of Grayson exposing Fed secrets - runs 1 minute.
Romney does not yet have the nomination locked up.
http://politicalticker.blogs.cnn.com/2012/06/19/rnc-calls-frivolous-lawsuit-by-ron-paul-supporters/
Completely agree, DB. I'd add a couple of things that got lost in the outrage when the secret Fed loan information was finally disgorged late last year.
First, after the Fed's welfare program was disclosed for all to see, the whole wide world didn't come to an end, which is exactly the argument (threat) that the Fed's lawyers made in fighting the Freedom of Information Act case brought against the Fed by Bloomberg. It proved, yet again, that the banksters are lying when they put forth the doomsday scenarios about what "would" happen if people don't cave in to their demands. The Second Circuit Court of Appeals correctly rejected the Fed's nonsense argument.
Second, the disclosure of the Fed's lending to Wall Street underscores how insolvent Wall Street banks really are. In the Fall of '08, everyone thought TARP--$700 billion--was where the action was. Turns out TARP was peanuts. Wall Street needed TRILLIONS to stay afloat. And I guarantee you it's even worse today. A lot worse.
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It was better than nothing, sage, though it was very disappointing at the time. As cheyenne mentions, the first audit has helped pave the way for a 2nd and more complete audit. I am more optimistic this time that something with teeth passes the senate.
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Good point.
http://www.marketwatch.com/story/jp-morgans-chief-seeks-old-testament-justice-2012-06-15
“Many analysts have reached the conclusion that if you would have applied that Old Testament justice in 2008 and 2009, J.P. Morgan would have gone down, and you would have been out of a job,” Oregon Democratic Sen. Jeff Merkley reminded Dimon. “How many companies in the history of the planet have been offered a half a trillion dollars in low-interest loans?”
“You were misinformed,” Dimon retorted. J.P. Morgan took unprecedented billions from the government and the Federal Reserve only because it was asked to help save the system, Dimon explained. “They said, “Please, use these facilities,’” Dimon said. “We would have been OK.”
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So according to Dimon, not only was jpmorgan forced to take TARP funds, but it was the Fed who pressured them into taking $500 billion in zero-interest loans.
That is complete bullshit.
http://www.usabailout.com/content/why-did-jamie-dimon-lie-congress-about-jp-morgan’s-bailouts
LOL! I had a few of the occupy streamers chanting that when they were protesting this turd after his "testimony".
I was almost succesful in inciting a riot from FL on a ustream channel.
And the victims will take the blame as usual...
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That's a great story, chunga.
And the victims will take the blame as usual...
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I understand your sentiment, gomp. But I've only been back for about 2 days, so float some optimism, even if it's fake. I can't run this site if I actually consider the true implications of everything I report.
http://www.usabailout.com/content/why-did-jamie-dimon-lie-congress-about-jp-morgan%E2%80%99s-bailouts
I read that article a few nights ago when I was trolling your site. It's a stellar bit of work. Who the hell wrote it?
Thanks, Pitch. Have you seen Simon Johnson's petition to get Dimon kicked off the NYFed...I'll be posting it soon.
http://www.change.org/en-GB/petitions/jamie-dimon-must-resign-or-be-removed-from-the-new-york-federal-reserve-board-of-directors
We need to brainstorm soon.
You can thank Spencer Bachus for that. He's got to do something to justify the cash JPMorgan Chase has given him. Somewhere around $120,000 plus or minus a couple thousand. Sounded like his mouth was full of marbles when he was explaining to the committee why Dimon didn't need to be sworn in. I really don't think Dimon gave a damn, Sworn in or not he's going to lie anyway.
The Federal Rules allow any committee member to swear in a witness, not just the chair. It's absolutely ridiculous that not one Senator or his staff knows the most rudimentary of procedural rules. Or they do know and are so corrupt they don't care. Either way, the terms of 2 U.S.C. 191 are so simple an ape could understand them. The theater in the House over swearing the witness demonstrated the ignorance of every single member of the entire committee, and their questions were even more pathetic.
Despite the mental retardation in Congress that was on display, Dimon STILL couldn't get through the incompetent softball questions without lying.
I'd have CREAMED Dimon inside of 2 minutes examining such an ass clown.
Wall Street and Washington D.C.
Now the real work ( Fight ) beguins............!
I've got some shit going on that will probably get me captured and sent to FEMA.
Wrote this Open Letter and sent it to the Presiding Justice, Senate President and Majority Leader.
http://www.scribd.com/doc/96454240/An-Open-Letter-to-the-State-of-Rhode-Island-Superior-Court-June-9-2012-Regarding-Foreclosure-Fraud
Then this electronic petition. Less than 200 signatures.
https://www.change.org/en-GB/petitions/the-honorable-presiding-justice-alice-p-gibney-recuse-justice-s-allen-p-rubine-and-michael-a-silverstein
Looks like the "s" in the url is messing up the link.
I am getting burnt out and I think the apathy is what bothers me most. And I mean burnt out. Day and night for years really takes a toll.
“I mean, was there a mortgage debt that was owned by Fleet, but don’t give me this note, separate the note from the mortgage stuff.”
“Just, was there a mortgage debt, because of the mortgage debt – if the mortgage was properly transferred, then going with it is the debt that’s secured thereby.”
“I’ve said that in 14 different cases and I’ll stick by it.”
“There’s a statute in Rhode Island that makes that absolutely clear, that it’s not a question of a physical piece of paper called a “note,” it’s a question of indebtedness and that the indebtedness follows the mortgage.”
This is in direct violation of R.I.G.L. 34-11-24. The legislative intent of the entire enactment is being ignored and he admits he will "prejudge" every case and cite his own rulings *only* to support this.
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Thanks for the correction on Baltimore vs. North Carolina. I was thinking of Melvin Watt from NC who tried to stop the bill last time, which is why I jumped on him in the story. And I do remember the kashkari grilling:
"Are you a chump, Kashkari?"
http://dailybail.com/home/is-kashkari-a-chump-classic-video.html
Why is RI so different? Because of the moratorium on foreclosures in Federal Court. ALL foreclosures are STAYED. There will be mandatory mediation. The bankers will be required to bring in their "papers" too. They will be sworn in and be under oath. If Rubine smashes away the standing issue the bank pigs will cite all that crap from him.
Below is the ORDER.
http://www.scribd.com/doc/77357439/Special-Master-1-5-2012
And here is the TEETH of the ORDER.
"Order the appearance of any persons necessary to settle any claims completely and/or order the appearance of any non-parties, including but not limited to municipal and other governmental officials and lien holders, that may be essential for a total resolution of the claims."
That means you FNMA and FHLMC. There will no protective orders allowed. You must appear. That is it.
I'm spamming this shit again and you have to copy and paste the URL because the "s" screws up the autolink. If you have fadebook or twitter or whatever fling it around. Make these pricks follow the law. Period.
https://www.change.org/en-GB/petitions/the-honorable-presiding-justice-alice-p-gibney-recuse-justice-s-allen-p-rubine-and-michael-a-silverstein
(It's time to pass H.R. 459, and AUDIT THE 'FED'!)
http://chooseliberty.org/auditrphf3.aspx?pid=0703
http://www.chooseliberty.org/mailin/audit_donate1_mail.htm?i=CL090077-0703