View Full Version : Ron Paul: Auditing the Fed is Responsibility of Congress

05-13-2010, 04:08 AM
Rep. Ron Paul (R-Texas) addressed his colleagues from the floor of the House on May 11, expressing his displeasure with the cave-in by Senator Bernie Sanders and other Senators over the proposal to audit the Federal Reserve, an issue that Rep. Paul has been championing for decades. On May 6, Sen. Sanders flip-flopped on his earlier commitment to sponsor an audit amendment identical to the one by Rep. Paul, which had passed in the House with broad, bipartisan support and 319 co-sponsors.

Instead, Sanders offered a weaker substitute amendment that was acceptable to the Federal Reserve and the Obama administration, but which will not allow for a genuine audit of the Fed's ongoing secret operations. The Senate adopted the new Sanders substitute amendment (which many “Audit the Fed” advocates call a “sellout” amendment) by a vote of 96 to 0 on Tuesday, May 11.

A short timer later, the Senate voted on an amendment by Sen. David Vitter (R-La.), which contained the stronger audit language of Ron Paul's House bill, H.R. 1207. Only 37 Senators voted for the genuine audit proposed by the Vitter amendment. (To see the vote, click here).

Following the Vitter amendment vote in the Senate, Rep. Paul addressed his House colleagues, pointing out that due to the Fed's actions, we are in the midst of a serious financial crisis that is rapidly becoming an even much more serious currency crisis. Rep. Paul called on them to exercise their Constitutional responsibility to provide oversight and rein in the Federal Reserve before it can engage in more bailouts of Europe.

Rep. Paul called the Senate vote "disturbing" and pointed out that "our dollar has been devalued 80 percent in terms of gold" in the past 10 years. According to the Congressman, "a currency crisis is on our doorstep," and the Fed is largely responsible for it.



05-13-2010, 04:24 AM
Go Ron!

Bernie Sanders interviewed about Fed Audit on Rachel Maddow show
YouTube - Senate Unanimously Pass Audit The FED Amendment! Sen Sanders Interview (http://www.youtube.com/watch?v=8F5Hj4-Jfuw&feature=player_embedded)

Watch near the end.

They still have to combine the two bills.


Make sure the tough stuff is put in.

05-13-2010, 04:46 AM
I love Grayon's positive attitude on this


05-13-2010, 05:50 AM
Who's on the committee to put together the two bills?