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Thread: Ron Paul's ĎAudit the Fed' bill passes the House

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    Ron Paul's ĎAudit the Fed' bill passes the House

    At long last, Ron Paul has his day.
    The House of Representatives on Wednesday overwhelmingly approved the Texas Republican's bill to increase the transparency of the Federal Reserve. With bipartisan support, the measure passed 327-98.
    For Paul, the path to getting his bill approved in the House has been a long, and often lonely one. He first introduced the bill to a skeptical House a decade ago. While his efforts were ignored at the time, the call to audit the Fed" has gained support from mainstream Republicans and Democrats.

    On the presidential campaign trail in 2008, Paul spoke often about the need to make more of the Federal Reserve's activities public, a cause that became a rallying cry of his supporters. Paul's book, End the Fed, was published in September 2009, and he continued his crusade against the federal bank into his second run for the Republican presidential nomination in 2012. (Paul first ran for president as the Libertarian Party candidate in 1988.)


    Paul's bill came to the floor Wednesday with 270 co-sponsors. The measure also received support from his fellow Republican presidential candidates during the primaries. Former Massachusetts Gov. Mitt Romney, the presumptive Republican presidential nominee, most recently voiced his approval for Paul's efforts last week.


    "Ron Paul's 'Audit The Fed' bill is a reminder of his tireless efforts to promote sound money and a more transparent Federal Reserve," Romney posted on Twitter.

    The bill, of course, is not without critics. Democrats say the Act could "politicize" the Federal Reserve's decisions--what Federal Reserve Chairman Ben Bernanke has called a "nightmare scenario."

    "This bill would ... jeopardize the Fed's independence by subjecting its decisions on interest rates and monetary policy to GAO audit," said House Minority Whip Steny Hoyer, a Democrat from Maryland. "I agree with Chairman Bernanke that congressional review of the Fed's monetary policy decisions would be a 'nightmare scenario,' especially judging by the track record of this Congress when it comes to governing effectively."

    While Wednesday's passage in the lower chamber is a victory for Paul and his supporters, the bill is considered dead on arrival in the Senate. Harry Reid, the Senate Majority Leader and Nevada Democrat, has vowed not to put it to a vote.

    http://abcnews.go.com/Politics/OTUS/...9#.UBBGkGHvom8


    Finally a good bill coming out of Washington.





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    rob19's Avatar
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    Color me shocked that Bernanke doesn't want his ass audited.
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    Harry Reid is covering for Bernanke in the Senate. Says he won't even put it up for a vote. Complete BS.
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    Too bad it won't make it through the Senate.
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    Transparency is almost always a good thing.

    I think Republicans tolerate and pay lip service to what Paul is saying simply to keep him and his supporters engaged until the election(i.e. so he does not break off and run as an independent.)
    Globally speaking much of what Paul is saying would be an anathema to mainstream republicans.

    Not that it will ever happen but no one really knows what kind of effect going to a gold standard would have on the US economy.
    To of my old high school buddies always get at each other about this stuff. One is a firm Ron Paul supporter the other works for the Fed office in Atlanta. Get a couple beers in those two and sit back and watch the expletives fly!
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    Quote Originally Posted by trojanma View Post
    Transparency is almost always a good thing.

    I think Republicans tolerate and pay lip service to what Paul is saying simply to keep him and his supporters engaged until the election(i.e. so he does not break off and run as an independent.)
    Globally speaking much of what Paul is saying would be an anathema to mainstream republicans.

    Not that it will ever happen but no one really knows what kind of effect going to a gold standard would have on the US economy.
    To of my old high school buddies always get at each other about this stuff. One is a firm Ron Paul supporter the other works for the Fed office in Atlanta. Get a couple beers in those two and sit back and watch the expletives fly!
    Totally agree. Romney came out saying he supports Paul and the bill yada yada yada. All lip service because he knows he has to appease the Paul supporters. Even though most will never vote for him. Politically speaking it would be smart for Romney to attack Reid and Obama on this. It will show that they're not serious at all when it comes to banks and wall street.
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    Quote Originally Posted by Dolphins9954 View Post
    No thank you.

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    Reid = Dingleberry

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    You do know that Harry Reid was the basis for Dick Smothers' character in Casino right?
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