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View Full Version : House Passes Financial Regulation Bill... Fed Audit is Intact.




gb13
12-11-2009, 04:59 PM
A little bit of good news in the middle of a pile of really terrible news. Paul's Federal Reserve Audit has passed the house (YAY!), but it's tied to one of the worst pieces of legislation in American history (BOOOO!). Every house republican voted against the bill, including (of course) Ron Paul, as well as 27 democrats. This sucks/rules.

Wall Street Journal (http://hosted.ap.org/dynamic/stories/U/US_FINANCIAL_OVERHAUL?SITE=NCWIN&SECTION=HOME&TEMPLATE=DEFAULT)

devil21
12-11-2009, 05:02 PM
Time to get to work on the Senate!

I fully expect the Senate to try to strip out S.604 just like Watt tried to strip out HR1207.

Yes, the regulation bill sucks but it's going to pass anyway so we might as well ensure that the Fed Audit survives and passes completely in tact. Gotta win a few battles before we can win the war.

gb13
12-11-2009, 05:05 PM
Time to get to work on the Senate!

I fully expect the Senate to try to strip out S.604 just like Watt tried to strip out HR1207.

Yes, the regulation bill sucks but it's going to pass anyway so we might as well ensure that the Fed Audit survives and passes completely in tact. Gotta win a few battles before we can win the war.

Agreed. The bill's passage is inevitable, so I guess this is the best we could have hoped for. I'll be harassing the shit out of my senators:D

TCE
12-11-2009, 05:05 PM
Time to get to work on the Senate!

I fully expect the Senate to try to strip out S.604 just like Watt tried to strip out HR1207.

Yes, the regulation bill sucks but it's going to pass anyway so we might as well ensure that the Fed Audit survives and passes completely in tact. Gotta win a few battles before we can win the war.

That would be too obvious. Expect them to strip it in the Conference Committee, the place where good ideas go to die.

Question: Would we rather this bill die, or would we rather it pass with the Fed Audit in tact? I am leaning towards the former.

gb13
12-11-2009, 05:09 PM
That would be too obvious. Expect them to strip it in the Conference Committee, the place where good ideas go to die.

Question: Would we rather this bill die, or would we rather it pass with the Fed Audit in tact? I am leaning towards the former.

If it dies altogether, that would clearly be best... Now, what would that mean for H.R. 1207? Would it mean we would have to start from square one, or could we pick up where we left off, cosponsors and all?

LittleLightShining
12-11-2009, 05:12 PM
I highly suggest feeding Bernie Sanders' ego. He touts himself as "America's Senator". Call and email. He's a fighter.

devil21
12-11-2009, 05:15 PM
That would be too obvious. Expect them to strip it in the Conference Committee, the place where good ideas go to die.

Question: Would we rather this bill die, or would we rather it pass with the Fed Audit in tact? I am leaning towards the former.

I'm not inclined to take a position on your choice because it's going to pass in some form regardless of what I think about it. My practical side is starting to overtake my idealogical side. If a shit bill is going to pass then we may as well work to ensure there's some good in it. And I don't really feel like wasting all the effort that I (and everyone else) has put in to get the Fed Audit provision as far as it is.

LibertyEagle
12-11-2009, 05:16 PM
If it dies altogether, that would clearly be best... Now, what would that mean for H.R. 1207? Would it mean we would have to start from square one, or could we pick up where we left off, cosponsors and all?

My understanding is that the standalone 1207 legislation is still sitting in cmte, so I don't know why it can't be picked up and pushed.

TCE
12-11-2009, 05:20 PM
My understanding is that the standalone 1207 legislation is still sitting in cmte, so I don't know why it can't be picked up and pushed.

You are correct. Dr. Paul has stated multiple times on Freedom Watch that if there was enough of an outcry from the American people, then Barney Frank would be forced to pass something, although it likely would be a watered down 1207.

Devil: Actually, it might have a harder time getting through a filibuster in the Senate. With the bill not discussed until at least mid-January of 2010, it is more likely that Republicans will band together even more to stop any Obama bill.

NYgs23
12-11-2009, 05:34 PM
One could part about the audit being buried in this thing is that it would make it much harder for Obama to veto it, since it would mean vetoing the whole thing.

UK4Paul
12-11-2009, 05:50 PM
One could part about the audit being buried in this thing is that it would make it much harder for Obama to veto it, since it would mean vetoing the whole thing.

^^^ This. :D

devil21
12-11-2009, 06:37 PM
One could part about the audit being buried in this thing is that it would make it much harder for Obama to veto it, since it would mean vetoing the whole thing.

He couldn't whip out the ol Signing Statement pen and indicate that he will not enforce the audit?

NYgs23
12-11-2009, 06:47 PM
He couldn't whip out the ol Signing Statement pen and indicate that he will not enforce the audit?

True, although since the audit would be between a congressional agency, the GAO, and a """"private"""" bank, it's difficult for me to see exactly how Obama could prevent it through that channel. But I guess it's conceivable.

devil21
12-11-2009, 07:37 PM
The GAO is a branch of Congress so I guess Obama would have a hard time ignoring it since the audit has nothing to do with the Executive. I can see a quiet Executive Order though maybe? I don't trust these people.

haaaylee
12-11-2009, 07:52 PM
My understanding is that the standalone 1207 legislation is still sitting in cmte, so I don't know why it can't be picked up and pushed.

Yeah, isn't this just an amendment versus the 1207 resolution? 1207 wasn't allowed to go anywhere so RP tried to add this onto a bill with similar language, no?

ChaosControl
12-11-2009, 08:18 PM
It is incredibly idiotic how they can attach two bills together. I swear everything our government does is idiotic nonsense.

Matt Collins
12-12-2009, 02:36 PM
Senator "Bailout Bob" Corker (R-TN) introduced his own bill to audit the Fed; except that it doesn't actually allow a full audit.

Here are the details: http://www.campaignforliberty.com/blog.php?view=26706


YouTube - 6/22/09 - U.S. Senator Bob Corker (R-TN) : against auditing the Fed (http://www.youtube.com/watch?v=P7mH2euK_d4&feature=player_embedded)
YouTube - Independant federal reserve system to Bob Corker (http://www.youtube.com/watch?v=JkFzqq7Rbmo&feature=player_embedded)

Other details about the lack of desired transparency regarding the Fed in the US Senate:
http://www.campaignforliberty.com/blog.php?view=23930
http://www.campaignforliberty.com/blog.php?view=22396



http://www.wowowow.com/files/imagecache/300x/2009_0303_Getty_Bob_Corker.jpg

kathy88
12-12-2009, 02:38 PM
I really hope this doesn't come back to bite RP in the ass. it's a horrible bill, and it would suck if idiots who don't know that it's been bastardized start with the, it's Ron's bill crap......