United Liberty

Due to HR 1207, the Audit the Fed bill, being wrapped up in the financial reform package that passed the House today, Rep. Ron Paul (R-TX) was forced to vote against his own bill.

Dr. Paul explained his vote to the Wall Street Journal:

You are expected to vote against the bill on final passage, but will there be some silver lining if this bill passes because it has your provision?

Paul: Yeah, I think so. I think it’s not final, and there’s a long way to go. But it sends a very powerful message. Not only did we pass it in the House, but we keep getting new cosponsors on the bill. I think its 316 now. It keeps going up, and the momentum is there. And hopefully the grassroots will direct their momentum towards the Senate.

Did you consider voting for the broader bill to support your amendment?

Paul: For some people who work in a conventional way, it would be, but not for me. People have asked me, and I say I’ll just do what I usually do. I’ll look at the whole bill, and try to make the bill as good as possible but if it’s still something I can’t endorse, then I’ll vote against final passage. But I always try to support all the amendments that I think will improve it, but I treated my amendment like I treat every other amendment.

While I’m glad the Audit the Fed provision passed, it doesn’t change the fact that this financial overhaul is likely going to do damage to the economy.