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Thread: Rand to Introduce ‘Audit the Fed’ as Amendment to Senate Banking Bill

  1. #1

    Thumbs up Rand to Introduce ‘Audit the Fed’ as Amendment to Senate Banking Bill

    From a press release moments ago:



    Rand Paul to Introduce ‘Audit the Fed’ as Amendment to Senate Banking Bill


    WASHINGTON, D.C. – With the U.S. Senate expected to vote on S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act, this week, U.S. Senator Rand Paul (R-KY) today announced he will introduce his “Audit the Fed” bill, which would authorize the first-ever thorough audit of the Federal Reserve System, as an amendment to the financial reform legislation.

    “While we have made great strides in reviving our economy through curbing overzealous regulation and cutting taxes, lasting prosperity will escape us if we do not hold the enabler of big government and our astronomical national debt accountable. It’s time for the Senate to side with the American people by removing the shackles on congressional oversight and lifting the Fed’s veil of secrecy. It’s time for us to pass Audit the Fed,” said Dr. Paul.

    In January 2017, Dr. Paul reintroduced the Federal Reserve Transparency Act (S. 16), widely known as “Audit the Fed,” to prevent the Federal Reserve from concealing vital information on its operations from Congress. A year earlier, a bipartisan Senate majority voted 53-44 in support of Audit the Fed, falling just short of invoking cloture.

    Audit the Fed would require the nonpartisan, independent Government Accountability Office (GAO) to conduct a thorough audit of the Federal Reserve’s Board of Governors and reserve banks within one year of the bill’s passage and to report back to Congress within 90 days of completing the audit.

    The legislation would amend section 714b of Title 31 of the U.S. Code to allow the GAO to fully audit:

    · transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization;

    · deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations;

    · transactions made under the direction of the Federal Open Market Committee; or

    · a part of a discussion or communication among or between members of the Board and officers and employees of the Federal Reserve System related to clauses (1)–(3) of this subsection.

    You can read Dr. Paul’s Audit the Fed bill HERE.

    __________________________________________________ ________________
    "A politician will do almost anything to keep their job, even become a patriot" - Hearst



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  3. #2
    That gale force wind in DC? It's all the sphincters tightening up over this.


    Better get calling your Senators to urge them to vote for this. It only lost by 7 votes last time, and Ted Cruz couldn't be bothered to show up.
    __________________________________________________ ________________
    "A politician will do almost anything to keep their job, even become a patriot" - Hearst

  4. #3
    It needs a provision for revealing the owners of the Fed.
    Never attempt to teach a pig to sing; it wastes your time and annoys the pig.

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    Groucho Marx

    I love mankind…it’s people I can’t stand.

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    Alexis de Torqueville

    Those who fail to learn from the past are condemned to repeat it.
    Those who learn from the past are condemned to watch everybody else repeat it

    A Zero Hedge comment

  5. #4
    Rand Paul was on FoxNews this morning.

  6. #5

  7. #6
    It would be interesting to know how much money the Federal Reserve is providing to foreign entities for the purpose of purchasing US government bonds.

  8. #7
    Quote Originally Posted by timosman View Post
    It would be interesting to know how much money the Federal Reserve is providing to foreign entities for the purpose of purchasing US government bonds.
    None.

    https://www.newyorkfed.org/aboutthef...int/fed04.html

    Repurchase and Reverse Repurchase Transactions

    The Fed uses repurchase agreements, also called "RPs" or "repos", to make collateralized loans to primary dealers. In a reverse repo or "RRP”, the Fed borrows money from primary dealers. The typical term of these operations is overnight, but the Fed can conduct these operations with terms out to 65 business days.

    The Fed uses these two types of transactions to offset temporary swings in bank reserves; a repo temporarily adds reserve balances to the banking system, while reverse repos temporarily drains balances from the system.

    Repos and reverse repos are conducted with primary dealers via auction. In a repo, dealers bid on borrowing money versus various types of general collateral. In a reverse repo, dealers offer interest rates at which they would lend money to the Fed versus the Fed's Treasury general collateral, typically Treasury bills.
    While the mechanics of a repo involve buying and then reselling securities at a set price and a set time, at its financial essence, a repo is a collateralized loan. Fed repos can be conducted for terms anywhere from one to 65 business days. They are usually overnight, though rarely longer than 14 days
    Last edited by Zippyjuan; 03-06-2018 at 01:15 PM.
    One thing we can say about Trump: Least Boring President Ever.

    Donald Trump: 'What you're seeing and what you're reading is not what's happening'

    “People want to believe that something is the biggest and the greatest and the most spectacular,” Trump wrote, or at least his ghostwriter did. “I call it truthful hyperbole. It’s an innocent form of exaggeration – and a very effective form of promotion.”

    I am Zippy and I approve of this post. But you don't have to.

  9. #8

    Rand Paul, on Trump: ‘I Think He Will Sign Audit the Fed if We Can Get it to Him’

    https://reason.com/blog/2018/03/06/r...k-he-will-sign

    Matt Welch on Mar. 6, 2018

    Given the state of the modern GOP, that’s a very big “if.” But the senator is trying for a vote again this week.

    Sen. Rand Paul (R-Kentucky) this week is once again trying to overcome his own party's reluctance to act in power how it campaigned in opposition, by introducing his stalled-out bill to audit the Federal Reserve as an amendment to The Economic Growth, Regulatory Relief, and Consumer Protection Act, a Dodd-Frank semi-rollback that's expected to pass with bipartisan support.

    "I think it always has a chance of passing, but the hardest part is actually getting a vote on things," Paul told me in an interview today. "You never know unless you try."

    If Republican politicians meant what they said, Audit the Fed would already be the law of the land. The proposal, first introduced and popularized by longtime congressman and three-time presidential candidate Ron Paul, was included in the last two GOP platforms, passed by the House of Representatives in 2012 (by a 327-98 vote) and 2014 (333-92), and campaigned on by Donald Trump ("It is so important to audit The Federal Reserve," Trump tweeted in February 2016).

    Yet it's a different story when the GOP holds power. The latest House Audit the Fed bill, sponsored by Paul pal Rep. Thomas Massie (R-Kentucky), was put in that Raiders of the Lost Ark warehouse, while companion Paul legislation didn't even get that far. (Paul did whip 53 votes back in January 2016, but that fell short of the 60 required; see my interview with him at the time for more.)

    As for President Trump, Paul's father Ron complains that "he has not even uttered the words 'Audit the Fed,' or talked about any changes to monetary policy, since the election." Yet the younger Paul, who—in contrast to Senate colleagues such as Jeff Flake—has maintained a productive relationship with Trump, remains hopeful. "We've talked about Audit the Fed before and the fact that he supported it during his campaign," he said. "I think he will sign Audit the Fed if we can get it to him. The hardest part that we have to overcome is the institution of the Fed itself. The biggest lobbyist on Capitol Hill against auditing the Fed is the Fed."

    That obstacle was only made more difficult after Trump appointed as his new Federal Reserve Chair the central bank's principal spokesman against Paul's legislation: Jerome Powell. (The senator was one of just 13 votes against Powell's confirmation). Powell reiterated his opposition to Audit the Fed during confirmation hearings. "Congress has chosen to shield monetary policy from a policy audit," he told senators. "That has been a wise choice made to show respect for the independence of monetary policy….A [Government Accountability Office] audit would be a way for Congress to insert itself into the making of monetary policy on a meeting-by-meeting basis."

    Paul dismisses such arguments. "I kind of think it's unseemly that…an entity created by government lobbies its own government not to have sunlight and not to be audited," he said. "What we have now is…a fake audit. What you see is that there is an audit by the GAO, but they don't audit any of the things that the Fed owns. The Fed owns over $4 trillion worth of stuff, and none of that is reported in the audit. I kind of tongue in cheek say, 'Yeah, they audit how much coffee they buy, they audit what their salaries are, and, you know, whether or not they're going to Las Vegas on a holiday on government expense.' That is audited, but then the $4 trillion worth of stuff is not. We don't know whether it's marked to market, we don't know whether they bought it from their cousin. There needs to be more sunlight on what they own, what they pay for, and what it's valued."

    What is Paul's impression of Powell's approach to monetary policy? "I think he's—like so many that have been at the Fed—he's a strong believer in basically price controls on money. This is basically the Fed fixing the interest rate. I think there's some irony that some people who claim to be limited government people—would be against price controls on bread, houses, furniture, et cetera, on almost every item in the economy—but then when it comes to the price of something that's in every transaction, the price of money, they're for fixing that price. I think every argument against price controls and the distortions it causes go doubly so or triply so for money, because money is a part of every transaction. If you fix the price of money, you send a signal to the economy often that everything's just fine."

    So will Paul's amendment get a vote? "Well, it needs the acquiescence of the majority party," he said. "The Republican party has to allow it to happen." That's not promising news. "Typically in the last year or so, almost no amendments have been voted on."

    So Republicans are all in favor of auditing the Federal Reserve, except when they have the power to do so. It's enough to make the naïve turn cynical about politics.

    "I think that's one of the biggest frustrations, when you talk to constituents, or when I am home on the weekends and meet fellow Kentuckians," Paul said. "They're like, 'You guys promised if we gave you the House, you'd do this. Then you said we have to have the Senate. Then you said we have to have the presidency. We gave you all three. What are you guys doing up there?'

    "Particularly on the debt: I think people are very unhappy with the idea that we're going back to trillion-dollar annual deficits when we control all three branches of government. That really got me going and very upset. I think you'll find that a lot of people outside the Beltway are in the same position as I am."



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  11. #9
    Looks like Mitch may be trying to block this:



    Dear Matt,

    In a few days, you and I may have our best opportunity yet to pass Audit the Fed through the Senate and the House of Representatives, and to send it to the Oval Office.

    You see, Senator Majority Leader Mitch McConnell has pushed back action on gun control until next week and is planning instead to debate and vote on the Economic Growth, Regulatory Relief, and Consumer Protection Act (S. 2155), which makes modest reforms to the Dodd-Frank “financial reform” law.

    And Senator Rand Paul is seeking a vote on amending the bill to include Audit the Fed.

    Since this bill deals with our nation’s financial system -- and affects the Federal Reserve -- Senator Paul should be able to get a vote on Audit the Fed.

    There is also no reason why the Audit the Fed amendment should require anything more than a simple majority of 51 votes to pass.

    But I have heard that Senator McConnell will not allow any “controversial” amendments.

    You might wonder how legislation supported by nearly 85% of the American people can be considered controversial. . .

    Quite simply, Audit the Fed is opposed by some of the most powerful interests in American politics -- including big banks, Wall Street firms, big spending politicians, and the Deep State.

    Unless Senator McConnell hears from the grassroots, he will likely either block Senator Paul’s amendment, or allow Fed apologists to filibuster it.

    That’s why it’s so important that you call Senator McConnell at202-224-2541 RIGHT NOW and tell him to allow Senator Paul to offer Audit the Fed as an amendment to S. 2155.

    Ask him to do everything he can to ensure the amendment only requires 51 votes to pass, so Fed lovers like Senator Chuck Schumer and Senator Elizabeth Warren cannot filibuster it.

    Senator McConnell needs to be reminded that an overwhelming majority of the American people support Audit the Fed.

    And that it has not only passed the House by overwhelming margins, but it also came within 7 votes of breaking the Fed lackey’s Senate filibuster in 2016.

    Senator McConnell is on record supporting the Audit bill.

    And since S. 2155 deals with the Federal Reserve’s regulatory authority, there is no reason for him to prevent Senator Paul from offering the Audit the Fed amendment. . .

    . . . and it is within his power to ensure it cannot be filibustered.

    Even the “mainstream” media is suggesting the recent downturn in the stock market is due to new Fed Chair Jerome Powell’s promise of more interest rate hikes this year.

    And with the Fed facing serious challenges in trying to pull back from the extraordinary measures it took in response to the 2008 financial meltdown, it is more crucial than ever that Congress pass Audit the Fed and let the American people learn the full truth about the Fed’s conduct of monetary policy.

    This would include the Fed’s dealings with big banks, Wall Street firms, and foreign central banks and governments.

    The audit will also reveal the Fed’s true views of the economy and how they plan to respond to the next economic downturn.

    So please call Senator McConnell at 202-224-2541 NOW and tell him to allow Senator Paul to offer Audit the Fed as an amendment to S. 2155.

    And tell him to do all he can to allow it to pass with a 51-vote threshold.

    And please chip in $100, $50, $25, or $10 to help Campaign for Liberty pass Audit the Fed.

    In Liberty,

    Norm Singleton
    President

    P.S. Senator Rand Paul is trying to attach Audit the Fed to S. 2155, legislation reforming the Dodd-Frank bill.

    This gives us our best opportunity yet to pass the Audit into law and rip down the Federal Reserve’s wall of secrecy.

    However, Senate Majority Leader Mitch McConnell may block Senator Paul from even offering his amendment, or he may allow the Fed’s Senate allies to filibuster it -- so he can avoid antagonizing the powerful special interests who oppose Audit the Fed.

    So please call Senator McConnell at 202-224-2541 and tell him to allow Senator Paul to offer Audit the Fed as an amendment to S. 2155 and require only a simply majority for passage.

    And if you can at this time, please chip in $100, $50, $25, $10, or whatever you can to help fund this important project.
    __________________________________________________ ________________
    "A politician will do almost anything to keep their job, even become a patriot" - Hearst

  12. #10
    Good move. Wonder whether the bill stands a chance of passage, now that this thing is tacked on.
    Through lives and lives shalt thou pay, O' king.

    Pray for reset.


  13. #11
    Quote Originally Posted by osan View Post
    Good move. Wonder whether the bill stands a chance of passage, now that this thing is tacked on.
    Mitch hasn't approved Rand's ability to have a vote on the amendment.
    __________________________________________________ ________________
    "A politician will do almost anything to keep their job, even become a patriot" - Hearst

  14. #12
    Saw this thread and the first thing I thought does he have any support, got my answer in the post above.

    Rand should back off on opposing Trump on trade as leverage for support of the audit. His trade opposition is a politically a no win for him or this country for that matter.

  15. #13
    Rand should talk about how much Trump supported audit the fed before he was president.

  16. #14
    Quote Originally Posted by kahless View Post
    Saw this thread and the first thing I thought does he have any support, got my answer in the post above.
    When this came before the Senate in 2016, it only failed by 7 votes.

    Quote Originally Posted by kahless View Post
    Rand should back off on opposing Trump on trade as leverage for support of the audit. His trade opposition is a politically a no win for him or this country for that matter.
    Huh? this doesn't make any sense whatsoever
    __________________________________________________ ________________
    "A politician will do almost anything to keep their job, even become a patriot" - Hearst

  17. #15
    Quote Originally Posted by Matt Collins View Post
    When this came before the Senate in 2016, it only failed by 7 votes.

    Huh? this doesn't make any sense whatsoever
    Did you miss Rand getting ass blasted on the net and social media for attacking Trump for his campaign to protect American interests by proposing fair trade with China? Luckily Rand is not up for election for a long time and hopefully people will forget what seen as Rand choosing to protect the globalists and China's Communist Party slave labor Steel market over American interests.

    What I am saying maybe he should drop it since it is a political no win for him and this country, rather stick to working with the Trump admin to get Audit the Fed passed.

  18. #16
    Quote Originally Posted by kahless View Post
    Did you miss Rand getting ass blasted on the net and social media for attacking Trump for his campaign to protect American interests by proposing fair trade with China? Luckily Rand is not up for election for a long time and hopefully people will forget what seen as Rand choosing to protect the globalists and China's Communist Party slave labor Steel market over American interests.

    What I am saying maybe he should drop it since it is a political no win for him and this country, rather stick to working with the Trump admin to get Audit the Fed passed.
    You're going to have to try harder to get Rand to stop being against taxes.



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  20. #17

    Question

    Quote Originally Posted by kahless View Post
    Did you miss Rand getting ass blasted on the net and social media for attacking Trump for his campaign to protect American interests by proposing fair trade with China? Luckily Rand is not up for election for a long time and hopefully people will forget what seen as Rand choosing to protect the globalists and China's Communist Party slave labor Steel market over American interests.

    What I am saying maybe he should drop it since it is a political no win for him and this country, rather stick to working with the Trump admin to get Audit the Fed passed.
    You support higher taxes?
    __________________________________________________ ________________
    "A politician will do almost anything to keep their job, even become a patriot" - Hearst

  21. #18
    Quote Originally Posted by Matt Collins View Post
    Mitch hasn't approved Rand's ability to have a vote on the amendment.
    So that would then seem like a "no"?
    Through lives and lives shalt thou pay, O' king.

    Pray for reset.


  22. #19

  23. #20
    Quote Originally Posted by Matt Collins View Post
    You support higher taxes?
    I support lower taxes, which is why I support the tariffs Trump instituted.

    You know, a wise man once said, "He who trades liberty for security deserves neither."

    Another wise man once said, "Trading a little bit of liberty for more liberty...well...that results in more liberty."
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  24. #21
    Quote Originally Posted by Matt Collins View Post
    You support higher taxes?
    I don't think that is what he is saying at all. Unless I'm reading Kahless wholly wrong, his message is to make a tactical retreat in order to bag the greater strategic goal of securing an audit of the Fed. I am tempted to agree with this because the Fed is the deeper cancer. Expose that sham for what it is and at least some thin potential arises for getting many other balls rolling. Devastating balls, and I'm not talking about my own set, monumental as they may otherwise be in the eyes of my women.

    The Fed is a linchpin, if not in fact the linchpin to this whole mess in which America is now embroiled. The issue of taxation, IMO, falls to that of the Fed at this time in American political events. Drive a stake through that heart first, then address the taxation issue. Reason? Because there is no Constitutional specification for the Fed, for one thing. Also, and to reiterate, the Fed is the deeper cancer and in some ways the more immediate threat to us all economically, physically and otherwise. Tackling taxation is tougher because of the 1.8.1 specified power to do so. Therefore, first things first.

    For me, the goal is to gut the tyrant rather than merely cut his face, that to which the import taxation issue amounts. Killing the Fed is a far deeper blow to the American scheme of political things than fighting a tax issue that, if the economics of it are indeed properly understood, will go the way of the dodo in a few years anyhow because we will all feel the pinch in the event of a trade war. Not even the elite want this.

    So yes, I must agree with begging off on the tax issue for now. This does not mean it is abandoned forever and it does not represent a betrayal to his constituents, particularly if he gets smart about the use of "social medial" and outlines the strategy with those people so they understand that he is not stabbing them in their backs. In this, Trump has been pretty slick, even considering his sometimes and seemingly idiotic twitter messages. That man needs to learn to edit himself and perhaps Rand needs to learn to keep his people informed in language they will grok.
    Through lives and lives shalt thou pay, O' king.

    Pray for reset.


  25. #22
    Quote Originally Posted by dannno View Post
    I support lower taxes, which is why I support the tariffs Trump instituted.
    You fail to understand that tariffs = taxation.
    __________________________________________________ ________________
    "A politician will do almost anything to keep their job, even become a patriot" - Hearst

  26. #23
    Quote Originally Posted by Matt Collins View Post
    You fail to understand that tariffs = taxation.
    No, you fail to understand tariffs and Donald Trump because you are nowhere near as skilled at business and negotiating and you are unable to recognize his prowess.

    We have virtually no tariffs and other countries have very high tariffs. They have high tariffs because we have no leverage or footing at the negotiating table because they think we will never have any tariffs.

    This shows the world that we are ready and willing to fight the tariff battle, but will result is that other countries will bring their tariffs down so that we don't raise ours.

    In the end, we will have more free markets globally and lower taxation globally. We will be able to export our goods at a lower cost. You are only looking at one side of the equation.
    "He's talkin' to his gut like it's a person!!" -me
    "dumpster diving isn't professional." - angelatc


    "Each of us must choose which course of action we should take: education, conventional political action, or even peaceful civil disobedience to bring about necessary changes. But let it not be said that we did nothing." - Ron Paul

    "Paul said "the wave of the future" is a coalition of anti-authoritarian progressive Democrats and libertarian Republicans in Congress opposed to domestic surveillance, opposed to starting new wars and in favor of ending the so-called War on Drugs."

  27. #24
    Quote Originally Posted by dannno View Post

    We have virtually no tariffs and other countries have very high tariffs. They have high tariffs because we have no leverage or footing at the negotiating table because they think we will never have any tariffs.
    #fail


    Economic equality or parity is not the government's job.

    And you NEVER win by raising taxes.

    Try again.
    __________________________________________________ ________________
    "A politician will do almost anything to keep their job, even become a patriot" - Hearst



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  29. #25
    Quote Originally Posted by dannno View Post
    No, you fail to understand tariffs and Donald Trump because you are nowhere near as skilled at business and negotiating and you are unable to recognize his prowess.

    We have virtually no tariffs and other countries have very high tariffs. They have high tariffs because we have no leverage or footing at the negotiating table because they think we will never have any tariffs.

    This shows the world that we are ready and willing to fight the tariff battle, but will result is that other countries will bring their tariffs down so that we don't raise ours.

    In the end, we will have more free markets globally and lower taxation globally. We will be able to export our goods at a lower cost. You are only looking at one side of the equation.
    Tariffs are hidden taxes. They are hidden in the prices we pay for goods. They make things more expensive and subsidize certain businesses while adding costs on to other businesses and consumers. They distort markets. If other countries respond by adding their own tariffs (and they are saying they will if Trump does go through with his plan), then our exports get hurt- not helped.
    One thing we can say about Trump: Least Boring President Ever.

    Donald Trump: 'What you're seeing and what you're reading is not what's happening'

    “People want to believe that something is the biggest and the greatest and the most spectacular,” Trump wrote, or at least his ghostwriter did. “I call it truthful hyperbole. It’s an innocent form of exaggeration – and a very effective form of promotion.”

    I am Zippy and I approve of this post. But you don't have to.

  30. #26
    Quote Originally Posted by Zippyjuan View Post
    Tariffs are hidden taxes. They are hidden in the prices we pay for goods. They make things more expensive and subsidize certain businesses while adding costs on to other businesses and consumers. They distort markets. If other countries respond by adding their own tariffs (and they are saying they will if Trump does go through with his plan), then our exports get hurt- not helped.
    They aren't really hidden, the government has no authority to take money from a foreign entity so it takes money from the consumer. When the government takes money its a tax.



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