FED: Bank-connected congressman blamed for undermining HR 1207

bobbyw24 · 10-31-2009, 08:17 PM

Rep. Ron Paul, R-Texas, has complained that the bill he sponsored calling for an audit of the Federal Reserve has been "gutted" by congressional committee, pointing specifically to a legislator whose campaign coffers have been boosted by the banking industry.

As WND reported, Paul sponsored H.R. 1207, a bill requiring the Federal Reserve – an organization that's independent from the U.S. government but nonetheless oversees U.S. monetary policy – be opened to oversight by Congress. The plan compiled over 300 co-sponsors in the House before being sent to committee.

But in a telephone interview with a Bloomberg reporter, Paul said the teeth have been ripped out of the bill.

"There's nothing left; it's been gutted," Paul said. "This is not a partisan issue. People all over the country want to know what the Fed is up to, and this legislation was supposed to help them do that."

Paul told Bloomberg the bill has been stripped of provisions that closed loopholes protecting the Fed, including exemption from audits of transactions with foreign central banks and protected communications
between the Board, reserve banks and staff.

Demand the money managers come clean by signing the petition in support of an audit of the Federal Reserve now!

Paul blamed the chairman of the House Financial Service Committee's panel on domestic monetary policy, Rep. Mel Watt, D-N.C., for eliminating "just about everything" in preparation for the bill's consideration on the floor of the House.

Watt, is has also been revealed, has significant connections to the banking industry.

It its report, Bloomberg mentioned that Watt's congressional district includes Charlotte, headquarters of Bank of America Corp., the biggest U.S. lender.

Further investigation through OpenSecrets.org reveals that the largest share of Watt's campaign contributions in the 2008 election cycle came from the finance, insurance and real estate industries.

In fact, of $609,072 given to Watt, $217,109 – or 35.6 percent – came from the money sector, including over $187,000 – or nearly 31 percent of his total contributions – from political action committees within the finance, insurance and real estate industry. The next highest industry supporting Watt was labor, which contributed only 14 percent of his total war chest.

Furthermore, the four largest contributors to Watt's cause were Bank of America, Wachovia Corp., American Express and the American Bankers Association.

Keith Kelly, a spokesman for Watt, declined to comment and told Bloomberg Watt wasn't immediately available for an interview.

Paul, however, told Bloomberg he intends to introduce an amendment that would restore the bill's legislation to its original language when it comes to the House floor for a vote.

Paul long has been a critic of the secrecy of the Federal Reserve.

"Throughout its nearly 100-year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar," he said earlier. "Since 1913, the dollar has lost over 95 percent of its purchasing power, aided and abetted by the Federal Reserve's loose monetary policy."

You've never needed to understand money like you need to understand it now! "Web of Debt: The Shocking Truth About Our Money System and How We Can Break Free" unravels the deception of the Federal Reserve and presents a crystal clear picture of the financial abyss towards which we are heading.

"Since its inception, the Federal Reserve has always operated in the shadows, without sufficient scrutiny or oversight of its operations," Paul said when the plan to audit the Fed was introduced. "While the conventional excuse is that this is intended to reduce the Fed's susceptibility to political pressures, the reality is that the Fed acts as a foil for the government. Whenever you question the Fed about the strength of the dollar, they will refer you to the Treasury, and vice versa. The Federal Reserve has, on the one hand, many of the privileges of government agencies, while retaining benefits of private organizations, such as being insulated from Freedom of Information Act requests."

Ron Paul's 'End the Fed': What we need to do to fix America's economic policy for future generations

Paul has warned, "The Federal Reserve can enter into agreements with foreign central banks and foreign governments, and the GAO is prohibited from auditing or even seeing these agreements. Why should a government-established agency, whose police force has federal law enforcement powers, and whose notes have legal tender status in this country, be allowed to enter into agreements with foreign powers and foreign banking institutions with no oversight? Particularly when hundreds of billions of dollars of currency swaps have been announced and implemented, the Fed's negotiations with the European Central Bank, the Bank of International Settlements
, and other institutions should face increased scrutiny, most especially because of their significant effect on foreign policy. If the State Department were able to do this, it would be characterized as a rogue agency and brought to heel, and if a private individual did this he might face prosecution under the Logan Act, yet the Fed avoids both fates."

WND previously reported that the Fed, despite being ordered to disclose to whom it awarded some $2 trillion in discount "stimulus" loans, continues its fight for secrecy.

Related offers:

Sign the petition in support of an audit of the Federal Reserve now!

Ron Paul's 'End the Fed': What we need to do to fix America's economic policy for future generations

"The Creature from Jekyll Island: A Second Look at the Federal Reserve"

http://www.wnd.com/index.php?fa=PAGE.view&pageId=114624

tmosley · 10-31-2009, 09:15 PM

Hmm, we should start calling everyone in his district to tell them all about how their representative is selling their futures to the banks a couple hundred thousand dollars.

robertwerden · 10-31-2009, 09:22 PM

Im so tired of playing the political games. Cant we just beat the shit out of someone already?

torchbearer · 10-31-2009, 09:35 PM

Quote:

Originally Posted by robertwerden

Im so tired of playing the political games. Cant we just beat the shit out of someone already?

I've been ready.
You, me, and Chuck Norris will get Ron to point out the traitors in D.C., and we will commence to make ground chuck out of them.

LibertyEagle · 10-31-2009, 09:39 PM

What about the suggestion that we make a commercial outing him and running it in his district? Let's go after him.

SevenEyedJeff · 10-31-2009, 09:42 PM

Quote:

Paul blamed the chairman of the House Financial Service Committee's panel on domestic monetary policy, Rep. Mel Watt, D-N.C., for eliminating "just about everything" in preparation for the bill's consideration on the floor of the House.

Watt an idiot.

georgiaboy · 10-31-2009, 10:07 PM

why am I just not surprised. What bitter irony will unfold if a neutered 1207 passes, with RP himself voting against it because it has lost all its potency.

And the fight for freedom continues.

LibertyWorker · 10-31-2009, 10:50 PM

I no longer negotiate with the terrorists.

Austrian Econ Disciple · 10-31-2009, 11:05 PM

Quote:

Originally Posted by georgiaboy

why am I just not surprised. What bitter irony will unfold if a neutered 1207 passes, with RP himself voting against it because it has lost all its potency.

And the fight for freedom continues.

Then what sweet irony it would be for Ron to win the Presidency in 2012 and then abolish the Federal Reserve, just like Andrew Jackson abolished the 2nd Bank of America. Sweet sweet revenge.

Dr.3D · 10-31-2009, 11:15 PM

Now that we know Watts the matter, we should tell everyone else.

10-31-2009, 08:17 PM	#1
bobbyw24 Herr Auskunft Join Date: Sep 2007 Location: Florida Posts: 9,175	Bank-connected congressman blamed for undermining HR 1207 Rep. Ron Paul, R-Texas, has complained that the bill he sponsored calling for an audit of the Federal Reserve has been "gutted" by congressional committee, pointing specifically to a legislator whose campaign coffers have been boosted by the banking industry. As WND reported, Paul sponsored H.R. 1207, a bill requiring the Federal Reserve – an organization that's independent from the U.S. government but nonetheless oversees U.S. monetary policy – be opened to oversight by Congress. The plan compiled over 300 co-sponsors in the House before being sent to committee. But in a telephone interview with a Bloomberg reporter, Paul said the teeth have been ripped out of the bill. "There's nothing left; it's been gutted," Paul said. "This is not a partisan issue. People all over the country want to know what the Fed is up to, and this legislation was supposed to help them do that." Paul told Bloomberg the bill has been stripped of provisions that closed loopholes protecting the Fed, including exemption from audits of transactions with foreign central banks and protected communications between the Board, reserve banks and staff. Demand the money managers come clean by signing the petition in support of an audit of the Federal Reserve now! Paul blamed the chairman of the House Financial Service Committee's panel on domestic monetary policy, Rep. Mel Watt, D-N.C., for eliminating "just about everything" in preparation for the bill's consideration on the floor of the House. Watt, is has also been revealed, has significant connections to the banking industry. It its report, Bloomberg mentioned that Watt's congressional district includes Charlotte, headquarters of Bank of America Corp., the biggest U.S. lender. Further investigation through OpenSecrets.org reveals that the largest share of Watt's campaign contributions in the 2008 election cycle came from the finance, insurance and real estate industries. In fact, of $609,072 given to Watt, $217,109 – or 35.6 percent – came from the money sector, including over $187,000 – or nearly 31 percent of his total contributions – from political action committees within the finance, insurance and real estate industry. The next highest industry supporting Watt was labor, which contributed only 14 percent of his total war chest. Furthermore, the four largest contributors to Watt's cause were Bank of America, Wachovia Corp., American Express and the American Bankers Association. Keith Kelly, a spokesman for Watt, declined to comment and told Bloomberg Watt wasn't immediately available for an interview. Paul, however, told Bloomberg he intends to introduce an amendment that would restore the bill's legislation to its original language when it comes to the House floor for a vote. Paul long has been a critic of the secrecy of the Federal Reserve. "Throughout its nearly 100-year history, the Federal Reserve has presided over the near-complete destruction of the United States dollar," he said earlier. "Since 1913, the dollar has lost over 95 percent of its purchasing power, aided and abetted by the Federal Reserve's loose monetary policy." You've never needed to understand money like you need to understand it now! "Web of Debt: The Shocking Truth About Our Money System and How We Can Break Free" unravels the deception of the Federal Reserve and presents a crystal clear picture of the financial abyss towards which we are heading. "Since its inception, the Federal Reserve has always operated in the shadows, without sufficient scrutiny or oversight of its operations," Paul said when the plan to audit the Fed was introduced. "While the conventional excuse is that this is intended to reduce the Fed's susceptibility to political pressures, the reality is that the Fed acts as a foil for the government. Whenever you question the Fed about the strength of the dollar, they will refer you to the Treasury, and vice versa. The Federal Reserve has, on the one hand, many of the privileges of government agencies, while retaining benefits of private organizations, such as being insulated from Freedom of Information Act requests." Ron Paul's 'End the Fed': What we need to do to fix America's economic policy for future generations Paul has warned, "The Federal Reserve can enter into agreements with foreign central banks and foreign governments, and the GAO is prohibited from auditing or even seeing these agreements. Why should a government-established agency, whose police force has federal law enforcement powers, and whose notes have legal tender status in this country, be allowed to enter into agreements with foreign powers and foreign banking institutions with no oversight? Particularly when hundreds of billions of dollars of currency swaps have been announced and implemented, the Fed's negotiations with the European Central Bank, the Bank of International Settlements , and other institutions should face increased scrutiny, most especially because of their significant effect on foreign policy. If the State Department were able to do this, it would be characterized as a rogue agency and brought to heel, and if a private individual did this he might face prosecution under the Logan Act, yet the Fed avoids both fates." WND previously reported that the Fed, despite being ordered to disclose to whom it awarded some $2 trillion in discount "stimulus" loans, continues its fight for secrecy. Related offers: Sign the petition in support of an audit of the Federal Reserve now! Ron Paul's 'End the Fed': What we need to do to fix America's economic policy for future generations "The Creature from Jekyll Island: A Second Look at the Federal Reserve" http://www.wnd.com/index.php?fa=PAGE.view&pageId=114624 __________________ Follow me on Twitter for news about Ron Paul, The Fed, & American Economy and Polity AbolishTheFed

10-31-2009, 09:22 PM	#3
robertwerden Senior Member Join Date: Oct 2007 Location: Liberty Hill, TEXAS Posts: 861	Im so tired of playing the political games. Cant we just beat the shit out of someone already? __________________ Watch my Ron Paul Videos http://www.youtube.com/profile?user=...xPresident2008

10-31-2009, 11:15 PM	#10
Dr.3D Senior Member Join Date: Dec 2007 Location: Under a rock Posts: 9,650	Now that we know Watts the matter, we should tell everyone else. __________________ You laugh at me because I'm different. I laugh at you because you're all the same.

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10-31-2009, 09:15 PM	#2
tmosley Senior Member Join Date: Jan 2008 Location: Texas Posts: 5,502	Hmm, we should start calling everyone in his district to tell them all about how their representative is selling their futures to the banks a couple hundred thousand dollars.

10-31-2009, 09:39 PM	#5
LibertyEagle Senior Member Join Date: May 2007 Location: Texas Posts: 25,803	What about the suggestion that we make a commercial outing him and running it in his district? Let's go after him.

10-31-2009, 10:50 PM	#8
LibertyWorker Banned Join Date: Oct 2008 Posts: 294	I no longer negotiate with the terrorists.