The Smoking Argus

Dr. Ron Paul discusses the historic moment last Friday in the House Financial Services Committee whereby his bill to fully audit the FEDERAL RESERVE, H.R. 1207 received its first hearing coupled with testimony from supporters and FED protectionists. As it stands currently, the law prohibits the Government Accountability Office (GAO) from auditing the FEDERAL OPEN MARKET COMMITTEE (FOMC) and all international transactions whether they are with a foreign central bank or foreign government. H.R. 1207 simply seeks to remove this secretive protection provided to the 3rd Central Bank of the United States, a power that allows the Central Bank to act as quasi-government, wholly shielded from public view.

Moreover, H.R. 1207 now enjoys co-sponsorship by 295 members of the House of Representatives, which as Representative Barney Frank (D-MA) indicated during the hearing, makes the FEDERAL RESERVE Transparency Act of 2009 a true bipartisan effort. In addition, momentum continues to grow for the Senate companion bill S. 604, which has thus far received co-sponsorship from one-fourth of the entire Senate.

Related Material(s):
	Rep. Ron Paul – Texas Straight Talk “The Real Reasons Behind Fed Secrecy” TRANSCRIPT (PDF 14Kb)

Source(s): House of Representatives, Office of Rep. Ron Paul, Texas Straight Talk • MinnesotaChris YouTube Channel

Allison Bricker

WASHINGTON D.C. – Representative Alan Grayson of Florida’s 8th Congressional District took to the House floor this morning to announce to his colleagues that H.R. 1207 would receive a hearing in the House Committee on Financial Services towards the end of September. Referring to the bill’s chief motivation, he said:

“This will be the first independent audit, in the FEDERAL RESERVE’s ninety-six year history, and it is long overdue.”

Representative Grayson (D-FL)
House of Representatives
September 16th, 2009

The tentative schedule published by the House Committee on Financial Services, of which Representative Grayson and Paul are members, indicates the hearing on H.R. 1207 The FEDERAL RESERVE Transparency Act of 2009 is to take place on Friday, September 25th, 2009 at 9:30 a.m. Eastern Standard Time.

Since being introduced by Representative Ron Paul of Texas earlier in the session, H.R. 1207 has steadily gathered bi-partisan support with all one-hundred and seventy nine Republican members and one-hundred and eleven Democrat members signing onto the bill as co-sponsors.

Unlike the majority of bills introduced within the halls of Congress, H.R. 1207 spans just over two pages and seeks to strike protection granted to the FEDERAL RESERVE under 31 USC 714. While 31 USC 714 does allow the Government Accountability Office (GAO) to audit FED activities related to check-processing, currency storage and shipments, etcetera, the code simultaneously places restrictions on audits related to the Federal Open Market Committee (FOMC), international transactions with other Central Banks, and all transactions with foreign governments.

H.R. 1207’s companion in the Senate is S. 604 introduced by Senator Bernie Sanders of Vermont. Thus far, S. 604 has twenty-five Senators signed on as co-sponsors to the bill.

Source(s): House Committee on Financial Services, Committee Schedule for September • Cornell University Law School, U.S. Code Collection “TITLE 31 > SUBTITLE I > CHAPTER 7 > SUBCHAPTER II > § 714″ • Representative Alan Grayson (D-FL) YouTube Channel

The Smoking Argus

(LIBERTY PULSE, RP) by T. Martin- filed: August 28, 2009

Missing Sentence in Transcript Causes Premature HR 1207 Victory Celebration.

Several blogs and forums reported during the past 24 hours that Chairman of the House Financial Services Committee, Barney Frank, said that Ron Paul’s bill to audit the Federal Reserve, HR 1207, will pass in October.

Incorrect Reports about Barney Frank’s Statement on HR 1207

• Washington Times: “Barney Frank says Ron Paul bill will pass”
• Politico: “Barney: Fed audit bill will pass in October”
• Business Insider: “Barney Frank: Yes, We Will Pass Ron Paul’s ‘Audit The Fed’ Bill”
• United Liberty: “Frank: Vote on HR 1207 in October”
• Daily Paul: “Video: Barney Frank Says House Will Pass HR1207 in October”
• ZeroHedge: “Barney Frank Says The House Will Pass HR 1207 In October”
• Mish: “Barney Frank Says Ron Paul’s Audit The Fed Bill Will Pass In October”
• Washington Independent: “Ron Paul’s ‘Audit the Fed’ Bill to Get October Vote?”

The source of the rumor seems to be the following video.

Full Complete Analysis of False Reports

Source(s): RonPaul.com • YouTube User VegasBD

Allison Bricker

On Wednesday, we posted the Digg/Wall Street Journal interview of Treasury Secretary Timothy Geithner along with analysis provided by the Corbett Report. During the approximately twenty-minute interview, Secretary Geithner indicated that both the author of legislation such as H.R. 1207 and its vocal supporters must understand that opening the FEDERAL RESERVE’s books to Sunlight would “politicize the process”.

“The FED actually is subject to very comprehensive oversight by the Congress, by a series of external auditors…but you want to keep politics out of monetary policy. There are good reasons for that.”

 

Timothy Geithner
Secretary of the Treasury

Yes keeping politics out of monetary policy is important Secretary Geithner, and that is exactly why we need a full audit of the FEDERAL RESERVE.

Secretary Geithner is partially correct in his statement that the FEDERAL RESERVE is audited. What he fails to mention however, is that the transactions, which hold the potential to cause the greatest widespread damage; those dealing with foreign governments, other central banks, and international financial institutions, are prohibited from audit, and thus remain cloaked from any oversight whatsoever.

As such, H.R. 1207 and S. 604, both just barely over two-pages in length, merely seek to remove the aforementioned prohibitions thereby allowing Congress and ‘We the People’ to see the full impact of the FEDERAL RESERVE’s international dealings.

Thus, the potential for politicization comes not from the act or principle of demanding true transparency and accountability, but possibly from the FED’s own actions. It is not beyond possibility that a full-unabated audit could expose foreign interactions, which resemble those more closely aligned with that of a government unto itself than those of a central bank built for “economic stability”.

Foreign policy decisions, ergo the business of allies, enemies, and the subsequent support thereof financially or otherwise is  first and foremost a function of the United States Senate via its Constitutional authority of making and ratifying treaties.

It is most certainly not the purview of a private central bank shrouded in secrecy via a most repugnant unconstitutional regulation.

In conclusion, either allow the repeal of the prohibition contained in TITLE 31>SUBTITLE 1>CHAPTER 7> SUBCHAPTER II > § 714 > PARAGRAPH (b) or sell the idea of letting a central bank exist and operate under the cover of darkness as an Amendment to the United States Constitution.

As there are those of us who are indeed willing to pledge our lives, fortunes, and sacred honors to see the FEDERAL RESERVE meet with the same fate as the previous two Central Banks of the United States.

Allison Bricker

(CORBETT REPORT) In an interview released today by Digg and the Wall Street Journal, Treasury Secretary Timothy Geithner was pressured about the growing popular movement to Audit the Fed spearheaded by Texas Congressman Ron Paul. A visibly uncomfortable Geithner attempts to dismiss the question by stating “I’m sure people understand that you want to keep politics out of monetary policy.” When Geithner is again pressed on the issue, he makes the stunning assertion that conducting an audit of the Federal Reserve—something never before done in its 96 year history—is a “line that we don’t want to cross,” proclaiming that such a move would be “problematic for the country.”

Read Full report and Analysis by James Corbett

Copyright © 2009 The Corbett Report. All rights reserved

Allison Bricker

HOUSTON, TEXAS – This past Friday, Representative Ron Paul (TX) spoke at the ‘John Birch Society’ luncheon and discussed the various paths, H.R. 1207 “The FEDERAL RESERVE Transparency Act of 2009″, and its companion bill in the Senate, S. 604 may take as they wind their way through Congress. Speaking pragmatically, Dr. Paul said:

“The odds of this bill [H.R. 1207] being passed…as a stand alone bill, quite frankly I think are very slim.”
Representative Ron Paul (TX)
August 21, 2009

Continuing, he feels that the odds more likely favor a strong effort from the Congress to attach a watered down version of H.R. 1207 to separate legislation in order to provide the appearance of appeasing the growing calls for true transparency in monetary policy. However regardless of the legislative paths, Dr. Paul indicates that the issue’s ultimate success or failure will depend upon the ability of the American people to come together via peaceful protests, letter writing, and phone calls in order to exert additional pressure upon their representatives in both houses of Congress.

Related Materials
	H.R. 1207 The FEDERAL RESERVE Transparency Act of 2009 (PDF 158.64k)
	S. 604 Federal Reserve Sunshine Act of 2009 (PDF 156.86k)

Source(s): YouTube User byranxt  “Strategy to pass HR1207 & S 604 – Audit The Fed” uploaded August 22nd, 2009

Allison Bricker

Representative Ron Paul of Texas provides an update on the growing momentum behind H.R. 1207 “The FEDERAL RESERVE Transparency Act of 2009″. Dr. Paul also discusses the progress of  the companion bill in the Senate, S. 604 as well as provides some insight as to how opponents might try and derail the effort to audit the internal books of the nation’s third central bank.

Source(s): The Campaign for Liberty

The Smoking Argus

In a take no prisoners interview with France 24, independent financial analyst, Max Keiser calls out Goldman Sachs for their role in creating the current global financial crisis. Mr. Keiser also speaks to the the need of true transparency instead of the lip service offered by the Obama Administration. He also points out the hypocrisy of the FEDERAL RESERVE refusing the growing call for a full audit of its books.

Additionally, Moncef Cheikh Rouhou, Professor of International Finance at the HEC Paris Business School argues for his vision of a global financial regime under Bretton Woods III and calls on the G20 for successful implementation.

The Smoking Argus

CATO OFFICIAL STATEMENT – Republican U.S. Representative Ron Paul wants to audit the Federal Reserve. At the Cato Institute June 24, 2009, Congressman Paul made his case on behalf of greater transparency in how the Fed makes its decisions. Ron Paul represents the 14th Congressional District in Texas.

—End Official Statement—

Source(s): The CATO Institute Official YouTube Channel

Allison Bricker

AUSTIN, TEXAS – Representative Ron Paul (R-TX) appeared today on “The Alex Jones Show” to discuss the progress of his legislation, H.R. 1207 “The FEDERAL RESERVE Transparency Act of 2009″, which is now up to 209 co-sponsors as of this afternoon. As reported by Reuters, the FEDERAL RESERVE is for the first time fearing the momentum behind H.R. 1207 and has now hired former Clinton Administration and Enron employee, Linda  Robertson to craft a counter public relations campaign in hopes of derailing H.R. 1207.

As we reported earlier today regarding comments from Jim Grant during an interview on CNBC, Chairman Ben Bernake knows that an actual independent audit of the FEDERAL RESERVE would expose it as the corrupt private entity which has had a monopoly over the economy since its inception in 1913.

Upon the creation of the FEDERAL RESERVE, Congress ceded its Constitutional authority under Article I, Section 8, Clause 5 to coin money and regulate the value thereof to a group of private bankers and financiers. Further, Article I, Section 10, Clause 1 of the Constitution states that only gold or silver shall be tendered for repayment of all debts. In 1971, President Richard Nixon via an Executive Order, bypassing Congress wholly removed the Dollar from being backed by Gold. Thus, on that date, our Dollar once redeemable for actual Gold or Silver, became what is known as a “fiat” currency backed by nothing other than government decree.

Since that day in 1971, the Dollar has gone on to lose another 20%. Consequently, today’s wholly fiat Dollar is worth approximately$0.04 cents compared to its value just prior to the inception of FEDERAL RESERVE.

Source(s):