Audit the Fed

Paul Broun introduces Audit the Fed

Federal Reserve

Ron Paul may no longer be in Congress, but other conservative members are stepping up to carry issues he pushed in the past. On Facebook yesterday, Rep. Paul Broun (R-GA) announced that he reintroduced legislation to audit the Federal Reserve:

Today I reintroduced H.R. 24, the “Audit the Fed” legislation originally authored and championed by former Congressman Ron Paul (R-TX). My plan is to pick up right where Congressman Paul left off. Our economy is far from recovering, and the recent fears regarding the potential impacts of the ‘fiscal cliff’ and its aftermath prove that the American people must continue to demand transparency from the entity charged with ensuring stable economic and monetary policy.

You can read the official statement from Rep. Broun’s office here.

The legislation will open up certain information to the Government Accountability Office excluded from audits in subsection (b) of 31 USC 714, including agreements and transactions with foreign central banks and discussions between the Treasury Department.

The House overwhelmingly passed the Audit the Fed bill last year. Unfortunately, Senate Majority Leader Harry Reid (D-NV) refused to bring it to the floor for a vote, despite his past support of more transparency of the Federal Reserve.

Romney Advisor: Consider Keeping Ben Bernanke

Ben Bernanke

One of Mitt Romney’s top advisors said recently that Federal Reserve Chairman Ben Bernanke needs to “get every consideration” for another term when his current term expires in 2014. When I saw that headline, I had to go read (and re-read) it for myself. Did he really say that?

Yes. Yes, he did.

I take a little comfort in the fact that Romney has previously said that Bernanke wouldn’t likely be returning as the Chairman of the Federal Reserve if he’s elected president. But Glenn Hubbard (no, not this guy) is a top advisor to Romney, and in that YouTube video I just linked to, one of the possible nominees for Bernanke’s job was Hubbard.

While I’m not very concerned about Romney keeping Bernanke around (he’s been a failure under Bush and Obama…it’s time for him to go), the thought that his replacement could be somebody who thinks Bernanke should be considered for another term scares me.

It’s worth mentioning that Hubbard and Bernanke are friends and have been for a long time, so there’s a chance that he’s just trying to be nice and not call his friend a complete miserable failure in the news. But there’s also the chance that he’d continue in Bernanke’s dollar-destroying ways.

No speaking role for Ron Paul at GOP convention

Early last month, Ron Paul conceded that his delegate total wouldn’t be enough to contest Mitt Romney for the Republican Party’s nomination in Tampa. Paul did, however, note that his supporters would be at the GOP convention in August, looking to make some changes to the party’s platform.

Paul had also hoped to earn a speaking slot at the convention, which would have been possible with wins in five states. Unfortunately, that hope seemed to die this weekend when Paul’s supporters were unable to score a majority of delegates in Nebraska:

Paul’s forces had hoped to pull out a victory at the Nebraska majority of delegates here would have guaranteed their candidate a speaking slot at the GOP convention in Tampa late next month.

Under party rules, a candidate cannot have his name entered into nomination at the convention unless he has won a majority of delegates in at least five states. Paul had won four.
[…]
In the end, Paul won only two delegates, to Romney’s 32.

Some will no doubt say that the Ron Paul Revolution hit with a thud since the campaign failed to gain a significant number of delegates with which to shake up the convention. They will say that this shows that Paul’s message was limited. However, Jack Hunter puts it all into a perspective:

Free Advice for Mitt Romney

Mitt Romney will be the Republican nominee, unless he’s caught with a dead, Muslim, illegal immigrant boy. He will have the difficult task of facing Barack Obama in November. It is no secret that I have my differences with Governor Romney, however for the sake of wanting Barack Obama gone in November, I would like to offer him some free advice.

First thing you need to do Mitt is shut up about the sports team owners you know. We know you’re rich and successful in business, but the problem is, Obama is sending out his class warfare zombies in droves. They will use your success as their best weapon against you. Their goal is to paint you as out of touch with the American people. Also, along those lines, shut up about your dog and his road trip on the roof of your car.

Second piece of advice, be bold on the economy and fiscal policy. Be specific about your proposals and don’t be afraid to defend them. Don’t sugarcoat the fiscal problems we are facing. Propose bold tax reform including a flatter tax with a lot fewer deductions and credits. Eliminate a department or two. Propose real spending cuts and entitlement reform and more importantly, sell it. Outline a free market approach to healthcare as a replacement to Obamacare. Finally, start going after the Federal Reserve by supporting an audit of it.

Third, take a page from the Obama playbook. Set up a version of their “Fight the Smears” web page that they set up in 2008. Eventually Obama and his surrogates will drag the Mormon religion in this race and there needs to be something to address the nonsense they will be putting out.

Fourth, stay out of the social issues trap. The left will try to bring up abortion, gay marriage, birth control, and Lord knows what else to try and change the narrative. Yes, address the issues when they come up but don’t let the media trip up the message. The message needs to be about the economy and jobs first.

End The Fed, Save America

It seems improbable that monetary policy could become a “sexy” political topic, but Ron Paul has done it. It started during his 2008 Presidential campaign when he continually talked about the Federal Reserve when asked about the economy, continued through his oft-entertaining interrogations of Fed Chairman Ben Bernanke, and most recently has culminated his sponsorship of H.R. 1207, a bill to conduct a General Accounting Office audit of the entire Federal Reserve System. It’s all pretty amazing actually; who would have ever thought that people would be getting excited over the Federal Reserve Board ?

In his new book End the Fed, though, Paul provides a clear, concise explanation for why we all need to be worried about the fiat paper money system that we’ve lived under for decades. As Paul says, the system itself is unsustainable over the long term, and Federal Reserve itself has contributed to economic instability in the 96 years since it’s founding.

This isn’t a detailed economic treatise, it’s a call to political action, and Paul does an excellent job of making his case for the argument that we need to bring an end to the monetary system that is, slowly but surely and inevitably, destroying us and destroying freedom. Instead, he argues that we need to return to the days of the Gold Standard, which doesn’t even need a central bank to function properly. You may disagree with the end scenario that Paul proposes, but it’s hard to disagree with his assertion that liberty in money is as necessary for a free society as liberty in thought or property.

Hearing To Be Held On Ron Paul’s Audit The Fed Bill

In other news, the bill now has 289 co-sponsors and the companion Senate bill, S. 604, now has 25 Senate cosponsors.

“Audit the Fed” is back, but it will take renewed pressure from conservatives to pass.

Federal Reserve

Kentucky Congressman Thomas Massie will be the new standard bearer for “Audit the Fed,” a bill that was initially sponsored by former Congressman and Presidential candidate Ron Paul and has passed the House a number of times but stalled in the Senate under the leadership of outgoing Democratic Majority Leader Harry Reid.

Reid indicated support in the past for an audit of the Federal Reserve.

Most recently, outgoing Georgia Congressman Paul Broun sponsored a version of the bill, which passed the House overwhelmingly (333-92) in September of this year. After its most recent passage, Congressman Broun said:

For the past 100 years, the Federal Reserve, a quasi-government agency, has acted under a veil of secrecy – controlling our monetary policy and thus, our economy. While in recent years, the Fed has been granted a greater role in overseeing the regulation of our financial system, current law specifically prohibits audits of the Federal Reserve’s deliberations, decisions, or actions on monetary policy. This lack of accountability and transparency has led to grievous consequences - and it must end.

United Liberty called for support of a renewed effort in the new Republican-controlled Senate earlier this month.

POLITICO reports:

Conservatives must push the new Republican-controlled Congress to Audit the Fed

Audit the Fed

Will an “Audit the Fed” bill pass the Senate next year when Republicans are in the majority?

in 2010 and 2012, this legislation, which would open the books of the U.S. private central bank, passed the House of Representatives handily, but died in the Senate.

Americans deserve to know what the Federal Reserve is doing to the money supply, as it directly affects how much each dollar in our pockets are worth. Perhaps last week’s actions by the Fed will result in Americans feeling a small pinch of what is to come as a result of repeated quantitative easing (QE), a smart-sounding but barely understandable term.

The Fed decided to discontinue its program to buy $85 billion in U.S. Treasury and mortgage bonds per month from other big banks in order to increase the U.S. money supply. This is based on the theory that buying bonds will spur economic growth, increase lending, and encourage riskier investments. But where does the Federal Reserve get the money to buy these bonds? They print the money (digitally).

While it is news that the Fed is going to stop purchasing bonds for now, as with QEs in the past, the real story is in the unbelievably huge amount of holdings the Fed have built up. $85 billion here, $85 billion there, and soon we’re talking about real money. Nearly $4.5 TRILLION, in fact.

It’s time for some accountability: House of Representatives passes Audit the Fed bill

The House of Representatives passed, by an overwhelming margin, the Federal Reserve Transparency Act (H.R. 24), a measure that would require a meaningful audit of the United States’ central bank.

There was some question whether House Republican leaders would bring the measure to the floor for a vote, but, thanks to grassroots efforts to encourage members to cosponsor the bill, its popularity couldn’t be ignored. The Federal Reserve Transparency Act, which had gained more than 218 cosponsors, passed the lower chamber in a 333 to 92 vote.

“For the past 100 years, the Federal Reserve, a quasi-government agency, has acted under a veil of secrecy – controlling our monetary policy and thus, our economy. While in recent years, the Fed has been granted a greater role in overseeing the regulation of our financial system, current law specifically prohibits audits of the Federal Reserve’s deliberations, decisions, or actions on monetary policy,” said Rep. Paul Broun (R-GA), who introduced the measure in January 2013. “This lack of accountability and transparency has led to grievous consequences — and it must end.”

Today in Liberty: Looks Obamacare’s employer mandate will take effect, House lawsuit against Obama moves closer to a vote

“Government is actually the worst failure of civilized man. There has never been a really good one, and even those that are most tolerable are arbitrary, cruel, grasping and unintelligent.” — H. L. Mencken


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