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Thread: Help Pass Ron Paul's Signature Legislation - Audit the Fed JULY 24!! Go into RNC w/ this!

  1. #91



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  4. #93

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    Senator Conrad responded to me by mail now, which means I have to type it up:

    Dear Daniel:

    Thank you for contacting me about the Federal Reserve. It was good to hear from you.

    I share your support for auditing the Federal Reserve. That is why I supported an amendment during Senate consideration of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank). The amendment, offered by Senator Sanders (S.A. 3738), required the non-partisan Government Accountability Office (GAO) to conduct an independent audit of the Board of Governors of the Federal Reserve System. The amendment, which was adopted, required that the Fed disclose the names of the recipients of the extraordinary financial assistance it provided in response to the economic crisis. In meeting this requirement, the Federal Reserve reported beneficiaries of the credit and lending facilities, and other monetary policy tools, created by the Fed to respond to the financial crisis. If you have not done so already, you can review a list of transactions at: http://www.federalreserve.gov/newsev...ransaction.htm

    Additionally, you may be interested t know that the Dodd-Frank Act provides the GAO the authority to audit any emergency lending facility set up by the Federal Reserve under section 13(3) of the Federal Reserve Act. The President signed the Dodd-Frank Act, including these audit provisions, into law on July 21 2010.

    Specifically, you expressed your support for additional legislation to audit the Federal Reserve. As you may know, the Federal Reserve Transparency Act (S. 202) would require an audit of the Federal Reserve before the end of 2012, resulting in a full report to congress. S. 202 was introduced by Senator Paul on January 26. It was referred to the Senate Committee on Banking, Housing, and Urban Affairs. Please be assured I will keep your views in mind should this or similar legislation come before the full Senate.

    Again, thank you for contacting me.

    Sincerely,

    KENT CONRAD
    United States Senate
    Last edited by Xenliad; 06-15-2012 at 09:39 AM.

  5. #94

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    Quote Originally Posted by Xenliad View Post
    Senator Conrad responded to me by mail now, which means I have to type it up:
    Good deal. Love it.

  6. #95

    Thumbs up

    Beat Obama Committee supports Audit the Fed legislation:

    Henderson, Nevada (PRWEB) June 16, 2012

    The Beat Obama Committee is calling on its members to fax Congress in support of legislation to audit the Federal Reserve. Congressman Ron Paul of Texas is the original sponsor of HR 459, the Federal Reserve Transparency Act. Senator Rand Paul of Kentucky sponsored the companion legislation, S 202, in the Senate. The Act would repeal Congressional limitations on auditing the Federal Reserve, and calls for a complete audit of the privately-owned bank's Board of Governors and branches before the end of 2012.

    According to a May 25, 2012 story reported on The Hill website, House Majority Leader Eric Cantor has agreed to bring the Federal Reserve Transparency Act to a full vote in July of 2012.

    "Federal Reserve Chairman Ben Bernanke refused to tell Congress where it sent money during the TARP bailouts in 2009," said Randy Goodwin, Treasurer of the Beat Obama Committee. "It was only after a partial audit of the bank in 2011 that we learned they had given 16 trillion dollars in taxpayer money to foreign banks."

    The Beat Obama Committee believes that the Federal Reserve needs to be held accountable for the devaluation of the U.S. dollar. According to the Government Accountability Office audit in 2011, more than 16 trillion dollars was given to foreign banks and corporations by the Federal Reserve, without authority from Congress.

    "The American taxpayer will be paying for these actions for years to come," said Goodwin. "The inflation brought about by Barack Obama's bailouts and the Federal Reserve's actions has translated into a 40 percent tax increase on the poor and middle class. And that's just in the last 3 years."

    The Beat Obama Committee believes that an audit of the Federal Reserve will shed light on the reasons for the current financial depression that the U.S. is in. If members of the public wish to fax Congress and tell them to audit the fed, they can do so by visiting the Beat Obama website.
    :Perma-Smile: This is awesome!!

    ETA: http://www.timesunion.com/business/p...ed-3638798.php
    Last edited by P3ter_Griffin; 06-16-2012 at 11:38 PM. Reason: Link

  7. #96

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    Two new co-sponsors to HR 459 yesterday:

    Rep Ellmers, Renee L. [NC-2] - 6/18/2012
    Rep Whitfield, Ed [KY-1] - 6/18/2012
    Now up to 243 co-sponsors.

  8. #97

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    FreedomWorks CEO sent out this message today:

    Dear FreedomWorks member,

    As one of our million-plus FreedomWorks members nationwide, I urge you to contact your representative and ask him or her to cosponsor H.R. 459, the Federal Reserve Transparency Act of 2011. Introduced by Rep. Ron Paul (R-TX), the bill would eliminate the current audit restrictions placed on the Government Accountability Office (GAO) and require a full and thorough audit of the Federal Reserve.

    Since its inception in 1913, the Federal Reserve has never been audited. It has always operated under a certain veil of secrecy. Our dollar has lost 97 percent of its value since its creation. Many economists have found that the central bank’s loose monetary policy played a major role in the current economic crisis. It is more crucial than ever that the Federal Reserve’s monetary policy decisions be open to congressional oversight. Without a comprehensive audit, we will never know how the Fed is manipulating our money behind closed doors.

    The American people overwhelmingly support auditing the Federal Reserve. We will not settle for a one-time watered down audit of the Federal Reserve which was included in the misguided Dodd-Frank financial overhaul law passed last summer. According to a recent Rasmussen Report poll, 74 percent of adults are in favor of a comprehensive audit the Federal Reserve. In the last congressional session, Rep. Ron Paul’s audit the Federal Reserve legislation won a bipartisan group of 320 cosponsors before passing the House.

    With opaque bank bailouts done through “quantitative easing” among other programs, the Federal Reserve has violated the trust granted to it that allowed for secretive operations. With sound money crucial to our future prosperity, we must push for a full audit to bring much-needed transparency and accountability to the overreaching central bank. I urge you to contact your representative and ask her or her to cosponsor H.R. 459, the Federal Reserve Transparency Act of 2011 today.

    Sincerely,

    Matt Kibbe
    President and CEO
    FreedomWorks

  9. #98

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    Quote Originally Posted by tsai3904 View Post
    FreedomWorks CEO sent out this message today:
    Sweet, maybe we can push past the 290 House members needed to pass the bill.

  10. #99

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    Bump. Just contacted (for the third time) my Representative Nan Hayworth as well as senators Schumer and Gillibrand. Not sure if they'll even bother responding anymore, lol.
    When life leaves us blind, love keeps us kind. - Linkin Park
    R3VOLUTION

  11. #100

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    Quote Originally Posted by cstarace View Post
    Bump. Just contacted (for the third time) my Representative Nan Hayworth as well as senators Schumer and Gillibrand. Not sure if they'll even bother responding anymore, lol.
    at least you're trying, that's what really counts.

  12. #101

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    Two new co-sponsors to HR 459 yesterday:

    Rep Hunter, Duncan D. [CA-52] - 6/20/2012
    Rep McHenry, Patrick T. [NC-10] - 6/20/2012
    Now up to 245 co-sponsors.

  13. #102

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    Response from Ron Kind:

    Dear Joseph:

    Thank you for contacting me about the Federal Reserve Transparency Act of 2011, H.R. 459. I appreciate hearing from you on this issue.

    The Federal Reserve System serves as the central bank of the United States. The Federal Reserve itself is an independent agency that formulates the nation’s monetary policy, supervises and regulates banks, and provides financial services to depository instituations and the federal government. The entity is comprised of the presidentially appointed Board of Governors, the Federal Open Market Committee, and twelve regional privately-owned Federal Reserve banks located in major cities throughout the nation.

    The Federal Reserve Transparency Act of 2011, H.R. 459, would audit the Board of Governors of the Federal Reserve System and the Federal Reserve banks. Although I have consistently supported greater transparency in government, I also believe that the Federal Reserve plays a key role as a non-partisan agency, and it should be protected from excessive political and industry pressures. Now more than ever, we must support the Federal Reserve’s mission and the current measures being taken to help our ailing economy. H.R. 459 has been sent to the House Committee on Oversight and Government Reform for review. If it comes before the full House for a vote, I will be sure to keep your thoughts in mind.

    Again, thank you for contacting me. Please do not hesitate to be in touch with additional comments or concerns. I also encourage you to visit my website, www.kind.house.gov, where you can find updated information, sign up to receive my electronic newsletter, and send me e-mail.


    Sincerely,

    Ron Kind
    Member of Congress

  14. #103

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    Quote Originally Posted by P3ter_Griffin View Post
    Response from Ron Kind:
    I also believe that the Federal Reserve plays a key role as a non-partisan agency, and it should be protected from excessive political and industry pressures. Now more than ever, we must support the Federal Reserve’s mission and the current measures being taken to help our ailing economy.
    And what does an audit have anything to do with this??

  15. #104

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    Six new co-sponsors to HR 459 yesterday:

    Rep Denham, Jeff [CA-19] - 6/21/2012
    Rep Franks, Trent [AZ-2] - 6/21/2012
    Rep Chabot, Steve [OH-1] - 6/21/2012
    Rep Hanna, Richard L. [NY-24] - 6/21/2012
    Rep Ros-Lehtinen, Ileana [FL-18] - 6/21/2012
    Rep Hensarling, Jeb [TX-5] - 6/21/2012
    Now up to 251 co-sponsors.

  16. #105

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    Campaign for Liberty statement:

    The House Oversight and Government Reform Committee will hold a markup on Audit the Fed, H.R. 459, possibly even as soon as next week!
    These are the members of the committee (those in bold HAVE NOT cosponsored HR 459):

    Rep. Darrell E. Issa (CA-49)
    Rep. Dan Burton (IN-05)
    Rep. John L. Mica (FL-07)
    Rep. Todd Platts (PA-19)
    Rep. Michael Turner (OH-03)
    Rep. Patrick T. McHenry (NC-10)
    Rep. Jim Jordan (OH-04)
    Rep. Jason Chaffetz (UT-03)
    Rep. Connie Mack (FL-14)
    Rep. Tim Walberg (MI-3)
    Rep. James Lankford (OK-5)
    Rep. Justin Amash (MI-3)
    Rep. Ann Marie Buerkle (NY-25)
    Rep. Paul Gosar (AZ-1)
    Rep. Raúl R. Labrador (ID-1)
    Rep. Pat Meehan (PA-7)
    Rep. Scott DesJarlais (TN-4)
    Rep. Joe Walsh (IL-8)
    Rep. Trey Gowdy (SC-4)
    Rep. Dennis Ross (FL-12)
    Rep. Frank Guinta (NH-1)
    Rep. Blake Farenthold (TX-27)
    Rep. Mike Kelly (PA-3)
    Rep. Elijah Cummings (MD-7)
    Rep. Edolphus Towns (NY-10)
    Rep. Carolyn Maloney (NY-14)
    Rep. Eleanor Holmes Norton (D.C.)
    Rep. Dennis Kucinich (OH-10)
    Rep. John Tierney (MA-6)
    Rep. Wm. Lacy Clay (MO-1)
    Rep. Stephen Lynch (MA-9)
    Rep. Jim Cooper (TN-5)
    Rep. Gerald Connolly (VA-11)
    Rep. Mike Quigley (IL-5)
    Rep. Danny Davis (IL-7)
    Rep. Bruce Braley (IA-1)
    Rep. Peter Welch (VT-At-Large)
    Rep. John Yarmuth (KY-3)
    Rep. Christopher Murphy (CT-5)
    Rep. Jackie Speier (CA-12)
    There are 40 members of the House Oversight Committee and 26 are co-sponsors of HR 459.

  17. #106

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    I attended a town hall event today hosted by Congressman Pete Stark. He is a cosponsor of HR 459 and I asked him to explain why we need a full audit of the Federal Reserve in hopes that other people will understand too.

    He showed a complete lack of understanding of what the bill does as he says there might not even be authority to do a full audit. He also said he doesn't think the Fed is cooking the books but that's really not the point of the audit. He said he was indifferent to the bill but he will talk to Ron Paul about it as he said they are good friends and kindred souls in doing away with the wars. He joked that he thought Ron was going to pick him as his VP.

  18. #107

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    How is his End the Fed bill doing? Going no were?

  19. #108

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    Who wants to do some work to help get this bill passed?

    There is a target list of Representatives that we need to get on board. Some Reps should be easy to persuade and some Reps we need to persuade. We need to call these Reps and urge them to support the bill and also find out when their next scheduled public event will be so we can get them on the record of where they stand on the bill.

    Easy to Persuade

    52 Democrats who cosponsored HR 1207 in the last Congress but have yet to cosponsor HR 459 in this Congress. Both bills do exactly the same thing so if these Reps cosponsored HR 1207, it shouldn't be too hard to get them back on board to cosponsor HR 459.

    24 Republicans who have yet to cosponsor HR 459. 218 of the 242 House Republicans have cosponsored HR 459. It should be fairly easy to convince the 10% of House Republican holdouts to support HR 459 given that 90% of House Republicans have cosponsored the bill.


    Need to Persuade

    14 members of the House Oversight and Government Reform Committee who have yet to cosponsor HR 459. The bill will have to pass this committee before it reaches the full House for a floor vote. Of these 14, two are Republicans and four are Democrats who cosponsored HR 1207 in last Congress.

  20. #109

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    We need help making phone calls.

    HR 459 will have to be marked up in the House Oversight and Government Reform Committee before it heads to the House floor for a full vote.

    Below is the list of members of the committee who have not yet cosponsored HR 459. Out of 40 members, the below 14 have not cosponsored.

    Please give them a call and urge them to cosponsor HR 459.

    The ones in bold cosponsored HR 1207 in the last Congress so there shouldn't be any reason why they won't support HR 459, since both bills do the same thing.

    The city and zip code are provided in case they ask you if you're a constituent.

    Representative District DC Office City Zip Code
    Braley, Bruce D-IA-01 202-225-2911 Davenport 52801
    Buerkle, Ann Marie R-NY-25 202-225-3701 Syracuse 13261
    Clay, Wm. Lacy
    D-MO-01 202-225-2406 St. Louis 63108
    Connolly, Gerald D-VA-11 202-225-1492 Annandale 22003
    Cooper, Jim D-TN-05 202-225-4311 Nashville 37219
    Cummings, Elijah D-MD-07 202-225-4741 Cantonsville 21228
    Davis, Danny D-IL-07 202-225-5006 Chicago 60612
    Issa, Darrell R-CA-49 202-225-3906 Vista 92081
    Lynch, Stephen D-MA-09 202-225-8273 Brockton 02301
    Maloney, Carolyn D-NY-14 202-225-7944 New York 10128
    Murphy, Chris D-CT-05 202-225-4476 Danbury 06810
    Norton, Eleanor Holmes D-DC-AL 202-225-8050 DC 20020
    Quigley, Mike D-IL-05 202-225-4061 Chicago 60618
    Towns, Edolphus D-NY-10 202-225-5936 Brooklyn 11236
    Last edited by tsai3904; 06-25-2012 at 10:27 AM.

  21. #110

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    Here is a list of Democrats who cosponsored HR 1207 in the last Congress but have not yet cosponsored HR 459 in this Congress. Both bills do the same thing so there's no reason why these Representatives shouldn't support HR 459.

    Please give them a call and remind them that since they supported the same bill in the last Congress, you're going to expect them to support HR 459 when it comes up for a vote in July.

    Representative
    District DC Office City Zip Code
    Berkley, Shelley D-NV-01 202-225-5965 Las Vegas 89102
    Bishop, Timothy D-NY-01 202-225-3826 Riverhead 11901
    Boren, Dan D-OK-02 202-225-2701 Claremore 74017
    Braley, Bruce D-IA-01 202-225-2911 Davenport 52801
    Brown, Corrine D-FL-03 202-225-0123 Orlando 32801
    Chu, Judy D-CA-32 202-225-5464 West Covina 91790
    Clay, Wm. Lacy D-MO-01 202-225-2406 St. Louis 63108
    Cohen, Steve D-TN-09 202-225-3265 Memphis 38103
    Courtney, Joe D-CT-02 202-225-2076 Enfield 06082
    Cuellar, Henry D-TX-28 202-225-1640 San Antonio 78205
    Doggett, Lloyd D-TX-25 202-225-4865 Austin 78701
    Doyle, Michael D-PA-14 202-225-2135 Pittsburgh 15203
    Edwards, Donna D-MD-04 202-225-8699 Silver Spring 20910
    Farr, Sam D-CA-17 202-225-2861 Santa Cruz 95060
    Filner, Bob D-CA-51 202-225-8045 Chula Vista 91910
    Fudge, Marcia D-OH-11 202-225-7032 Bedford 44146
    Grijalva, Raul D-AZ-07 202-225-2435 Tucson 85705
    Heinrich, Martin D-NM-01 202-225-6316 Albuquerque 87121
    Higgins, Brian D-NY-27 202-225-3306 Buffalo 14210
    Hirono, Mazie D-HI-02 202-225-4906 Honolulu 96850
    Holden, Tim D-PA-17 202-225-5546 Lebanon 17042
    Jackson, Jesse, Jr. D-IL-02 202-225-0773 Chicago 60649
    Johnson, Eddie D-TX-30 202-225-8885 Dallas 75201
    Johnson, Hank D-GA-04 202-225-1605 Lithonia 30058
    Kildee, Dale D-MI-05 202-225-3611 Bay City 48708
    Langevin, Jim D-RI-02 202-225-2735 Warwick 02886
    Lewis, John D-GA-05 202-225-3801 Atlanta 30303
    Lujan, Ben D-NM-03 202-225-6190 Santa Fe 87505
    McNerney, Jerry D-CA-11 202-225-1947 Pleasanton 94588
    Miller, Brad D-NC-13 202-225-3032 Greensboro 27401
    Murphy, Chris D-CT-05 202-225-4476 Waterbury 06702
    Nadler, Jerrold D-NY-08 202-225-5635 Brooklyn 11224
    Pascrell, Bill, Jr. D-NJ-08 202-225-5751 Paterson 07505
    Pastor, Ed D-AZ-04 202-225-4065 Phoenix 85004
    Perlmutter, Ed D-CO-07 202-225-2645 Lakewood 80215
    Pingree, Chellie D-ME-01 202-225-6116 Portland 04101
    Quigley, Mike D-IL-05 202-225-4061 Chicago 60618
    Reyes, Silvestre D-TX-16 202-225-4831 El Paso 79901
    Richardson, Laura D-CA-37 202-225-7924 Long Beach 90802
    Ruppersberger, Dutch D-MD-02 202-225-3061 Middle River 21220
    Ryan, Tim D-OH-17 202-225-5261 Youngstown 44503
    Sarbanes, John D-MD-03 202-225-4016 Annapolis 21401
    Schakowsky, Jan D-IL-09 202-225-2111 Evanston 60201
    Schiff, Adam D-CA-29 202-225-4176 Pasadena 91103
    Scott, David D-GA-13 202-225-2939 Jonesboro 30236
    Sherman, Brad D-CA-27 202-225-5911 Sherman Oaks 91403
    Shuler, Heath D-NC-11 202-225-6401 Ahseville 28801
    Slaughter, Louise D-NY-28 202-225-3615 Niagara Falls 14301
    Smith, Adam D-WA-09 202-225-8901 Tacoma 98402
    Sutton, Betty D-OH-13 202-225-3401 Akron 44308
    Thompson, Bennie D-MS-02 202-225-5876 Bolton 39041
    Walz, Timothy D-MN-01 202-225-2472 Mankato 56001
    Last edited by tsai3904; 06-25-2012 at 10:37 AM.

  22. #111
    Lone Coyote ClydeCoulter's Avatar
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    ^^^ bump ^^^
    "When a portion of wealth is transferred from the person who owns it—without his consent and without compensation, and whether by force or by fraud—to anyone who does not own it, then I say that property is violated; that an act of plunder is committed." - Bastiat : The Law

    "nothing evil grows in alcohol" ~ @presence

  23. #112
    Lone Coyote ClydeCoulter's Avatar
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    ^^^ Help, we need these people on board, it's up to you (and me)
    "When a portion of wealth is transferred from the person who owns it—without his consent and without compensation, and whether by force or by fraud—to anyone who does not own it, then I say that property is violated; that an act of plunder is committed." - Bastiat : The Law

    "nothing evil grows in alcohol" ~ @presence

  24. #113

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    OK folks, let's make those calls!

    From tsai's other thread:

    Ron Paul's Audit the Fed bill, HR 459, is scheduled for a markup on Wednesday, June 27, by the House Committee on Oversight and Government Reform.

    http://oversight.house.gov/markup/fu...ss-meeting-30/

    The bill MUST pass the committee before it heads to the House floor for a full vote.

    There are the 40 members of the House Oversight Committee:
    http://oversight.house.gov/committee-members/

    14 members of the committee have not yet cosponsored HR 459. They are listed below (members in bold cosponsored HR 1207 in the last Congress).

    Please give them a call and urge them to vote for HR 459 at the House Oversight Committee hearing on Wednesday, June 27.

    Use the city and zip code in case they ask if you are a constituent.

    Representative District DC Office City Zip Code
    Braley, Bruce D-IA-01 202-225-2911 Davenport 52801
    Buerkle, Ann Marie R-NY-25 202-225-3701 Syracuse 13261
    Clay, Wm. Lacy
    D-MO-01 202-225-2406 St. Louis 63108
    Connolly, Gerald D-VA-11 202-225-1492 Annandale 22003
    Cooper, Jim D-TN-05 202-225-4311 Nashville 37219
    Cummings, Elijah D-MD-07 202-225-4741 Cantonsville 21228
    Davis, Danny D-IL-07 202-225-5006 Chicago 60612
    Issa, Darrell R-CA-49 202-225-3906 Vista 92081
    Lynch, Stephen D-MA-09 202-225-8273 Brockton 02301
    Maloney, Carolyn D-NY-14 202-225-7944 New York 10128
    Murphy, Chris D-CT-05 202-225-4476 Danbury 06810
    Norton, Eleanor Holmes D-DC-AL 202-225-8050 DC 20020
    Quigley, Mike D-IL-05 202-225-4061 Chicago 60618
    Towns, Edolphus D-NY-10 202-225-5936 Brooklyn 11236
    "Integrity means having to say things that people don't want to hear & especially to say things that the regime doesn't want to hear.” -Ron Paul

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  25. #114

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    Wow, I just called Congressman Clay's office since I used to live near his district. The person who answered said that because congress was currently in recess (???) that there was no way to contact him, but that he would relay any concerns I had. I mentioned HR 459 and how I hoped he would support it since he supported HR 1207 last time. The person knew what I was talking about, and it sounded like they had received several calls.

    Overall the person was very nice and said he would relay my message to Congressman Clay. I was expecting and answering machine, so this was a welcome surprise.
    Last edited by Monotaur; 06-26-2012 at 10:17 AM.
    Thank you for all of your service Ron Paul. You have awakened a great number of liberty minded folks, and inspired many to run for office themselves.

  26. #115

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    Quote Originally Posted by Monotaur View Post
    Wow, I just called Congressman Clay's office since I used to live near his district. The person who answered said that because congress was currently in recess (???) that there was no way to contact him, but that he would relay any concerns I had.
    That's odd that he would tell you Congress is in recess because the House actually has a full schedule today.

    For the list of 14 that we are calling, we need to stress that they will be voting on HR 459 tomorrow (Wednesday) in the House Oversight Committee hearing.

    Anyways, thanks for calling! I know some people are afraid to call but it's very easy because it's probably just an intern taking down whatever comments you have. They may ask for your address and all you need to do is provide the city and zip code I provided.
    Last edited by tsai3904; 06-26-2012 at 10:19 AM.

  27. #116

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    Quote Originally Posted by tsai3904 View Post
    That's odd that he would tell you Congress is in recess because the House actually has a full schedule today.

    For the list of 14 that we are calling, we need to stress that they will be voting on HR 459 tomorrow (Wednesday) in the House Oversight Committee hearing.

    Anyways, thanks for calling! I know some people are afraid to call but it's very easy because it's probably just an intern taking down
    whatever comments you have. They may ask for your address and all you need to do is provide the city and zip code I provided.
    Thanks. I forgot to add that I did mention that I hoped that Clay would vote to move the bill to the full House tomorrow. Again, very friendly and easy to do. They didn't ask for my location either.
    Thank you for all of your service Ron Paul. You have awakened a great number of liberty minded folks, and inspired many to run for office themselves.

  28. #117
    Lone Coyote ClydeCoulter's Avatar
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    The following is what I received from Senator Richard Lugar,
    It seems he wants amemdments to water it down, no full audit, but this sure is a long winded way to do it:

    Quote Originally Posted by Lugar
    Dear Mr. Coulter:

    Thank you for contacting me to share your support for auditing the Federal Reserve Board. I appreciate having the benefit of your thoughts.

    S. 202, the Federal Reserve Transparency Act, was introduced on January 26, 2011, and requires a full audit of the Federal Reserve System. This legislation has been referred to the Senate Committee on Banking, Housing, and Urban Affairs for further review.

    I support auditing aspects of the Federal Reserve, and I supported an amendment to the Senate financial regulatory reform offered by Senator Sanders to conduct an audit of the Federal Reserve System and its emergency lending to banks during the financial crisis. In addition, the amendment required the Federal Reserve to publish on its website prior to December 1, 2010, the names, type, amount, date, terms and rationale for each entity that received financial assistance during the financial crisis under its emergency lending program, Term Securities Lending Facility, Term Auction Facility, mortgage-backed securities purchases and foreign currency swap lines. This amendment was included in the financial regulatory reform bill signed into law on July 21, 2010.

    Along those lines, I have supported efforts to improve government transparency and so-called "sunshine laws" throughout my career. I have cosponsored and voted for legislation to require greater disclosure from Congress and the Administration. I have even crafted legislation with Congressman Mike Pence to promote a free press. Our bill provides a qualified privilege for reporters to protect confidential sources. With this type of protection, whistleblowers and other alert citizens are more likely to come forward to share information about their government and improve transparency.

    However, there are certain limitations which must be balanced when considering public disclosure of sensitive issues. Using the legislation I developed with Mike Pence as an example, we provided a qualified privilege in order to compel a reporter to testify in cases where our national security was immediately threatened or a child's life was at stake. Likewise, it is important that certain classified information not be disclosed in a manner which might harm our national security. I also believe that certain, timely monetary information should be carefully disclosed.

    The supervisory and regulatory functions of the Federal Reserve are subject to GAO audits to the same extent as the supervisory and regulatory functions of the other federal banking agencies. The GAO has full authority to audit the manner in which the Federal Reserve supervises and regulates bank holding companies on a consolidated basis. I understand that between 2009 and 2010, the GAO had 40 engagements (both completed and underway) involving the Federal Reserve. These reviews involve issues such as the Basel II capital framework, risk-management oversight, the Bank Secrecy Act, and the Board's Regulation B, which implements the Equal Credit Opportunity Act. In addition, the GAO has had inquiries over the same period related to American International Group (AIG), credit cards, payday lending, the capital purchase program (under TARP), and systemic risk determinations, among others. The Federal Reserve has provided the list below of frequent transparency reports for public review.

    . Weekly Balance Sheets - H.4.1 Release: http://www.federalreserve.gov/releases/h41/

    . Monthly Transparency Reports: http://www.federalreserve.gov/moneta...lbsreports.htm

    . Policy statements for each FOMC Meeting:

    http://www.federalreserve.gov/moneta...ccalendars.htm

    . Minutes of each FOMC Meeting:

    http://www.federalreserve.gov/moneta...ccalendars.htm

    . Semiannual Monetary Policy Report & Testimony:

    http://www.federalreserve.gov/moneta...pr_default.htm

    . Annual audit of the Federal Reserve's financial statement provided by an independent accounting firm: http://www.federalreserve.gov/boardd...pdf/audits.pdf

    . Additional information on the emergency actions taken and credit facilities established during the financial crisis, including the terms of the facilities, conditions for participation, collateral requirements, collateral values, and total amount lent under each facility: http://www.federalreserve.gov/monetarypolicy/bst.htm.

    The Federal Reserve System serves an important role in stabilizing our nation's economy. During the nineteenth century and the beginning of the twentieth cen ?tury, financial panics plagued the nation. These disruptions led to bank failures and business bankruptcies when the nation's banking system was unable to provide short-term funding to these troubled institutions. A severe crisis in 1907 prompted Congress to establish the National Monetary Commission, which suggested that Congress create an institution that would help prevent and con ?tain financial disruptions. Accordingly, in 1913, Congress passed the Federal Reserve Act "to provide for the establishment of Federal reserve banks, to furnish an elastic cur ?rency, to afford means of rediscounting commercial paper, to establish a more effective supervision of banking in the United States, and for other purposes."

    Given its primary objective of determining long-term monetary policy, Congress created the Federal Reserve System to be independent from political influence. As such, they felt the Federal Reserve would be impervious to the inherently short-term focus of Congress and would avoid perpetual states of inflation.

    These attributes are well described by the President and Chief Executive Officer of the Dallas Federal Reserve, Richard Fisher, who recently wrote:

    "The President appoints and the Senate confirms the seven governors of the Federal Reserve System. The 12 Federal Reserve bankers, like me, who sit side by side with those governors in the Federal Open Market Committee (FOMC) are not subject to that process. We are hired and fired by nine-member boards of directors that represent the financial institutions and stakeholders of our respective districts.

    We are not accountable to any Washington politicians, Democrat or Republican. We are politically agnostic and are guided solely by what we believe is the best way to encourage sustainable economic growth anchored by price stability.

    In my capacity as president of the Dallas Fed, I represent Main Street—not Washington, nor Wall Street. Every time I speak at the Fed's policy-making meetings, I do so with that in mind. My views—including those that on occasion differ substantially from those of Mr. Bernanke and other FOMC members—are detailed in speeches that are available to all on the Dallas Fed's Web site, where they are recorded without fear of political retribution.

    Regarding the Fed's overall accountability, ours is the only business in America that I know of that provides a public accounting of its balance sheet every week: It is called the H.4.1 release, and it is available on the Web. I suppose another set of eyes might provide further confidence regarding our holdings. But making the discussions held by me and my colleagues at the FOMC subject to "audit" would only lead to congressional second-guessing, creating a process where the 12 politically independent Federal Reserve bank presidents have to worry about satisfying Washington powers rather than representing Main Street's interests. This would lead us straight to the fate that was suffered by once great economies like pre-Weimar Germany and pre-Perón Argentina.

    A great and powerful economy cannot create the conditions for sustainable noninflationary growth if its central bank is governed by a politicized monetary authority."

    The United States has many examples of cases in which an independent body was critical to reacting to severe economic challenges. In the early 1980's our country was battling high inflation and unemployment. The Federal Reserve Chairman at the time was Paul Volcker. He made a number of very unpopular moves including raising interest rates to nearly 20 percent. While disliked at the time, these actions served to stem inflation and helped to bring about a period of relative stability and economic growth. The policies of the Federal Reserve at this time would have been politically impossible for any elected official.

    I am not suggesting that I agree with every decision the Federal Reserve has made. In fact, oversight by the Congress is critical, along with the current public disclosure requirements. But I do believe that a measured amount of independence, expertise, and ability to react to market conditions is important for our long-term economic stability.

    I will continue to closely monitor any additional efforts to increase transparency at the Federal Reserve Board. Thank you, again, for taking the time to contact me.

    Sincerely,


    Richard G. Lugar
    United States Senator

    RGL/cga
    "When a portion of wealth is transferred from the person who owns it—without his consent and without compensation, and whether by force or by fraud—to anyone who does not own it, then I say that property is violated; that an act of plunder is committed." - Bastiat : The Law

    "nothing evil grows in alcohol" ~ @presence

  29. #118

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    Easy to use action center.

    http://www.auditthefed.com/


    Remember his End the Fed bill

    Cosponsor and vote YES on H.R. 1094 to End the Fed

    http://www.votervoice.net/Core/core...._CULTURE=en-us
    Last edited by Noob; 06-27-2012 at 03:38 AM.

  30. #119

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    So what time today should this be voted on?

  31. #120

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    Quote Originally Posted by QWDC View Post
    So what time today should this be voted on?
    10am ET.

    You can watch the House Oversight Committee hearing here:
    http://oversight.house.gov/markup/fu...ss-meeting-30/

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