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H.R. 1207 - Audit the Fed Update - The Bill Has Been Gutted - America's Voice Does Not Matter



October 31, 2009 – Comments (7)

From Bloomberg:

Federal Reserve Policy Audit Legislation ‘Gutted,’ Paul Says

By Bob Ivry

Oct. 30 (Bloomberg) -- Representative Ron Paul, the Texas Republican who has called for an end to the Federal Reserve, said legislation he introduced to audit monetary policy has been “gutted” while moving toward a possible vote in the Democratic-controlled House.

The bill, with 308 co-sponsors, has been stripped of provisions that would remove Fed exemptions from audits of transactions with foreign central banks, monetary policy deliberations, transactions made under the direction of the Federal Open Market Committee and communications between the Board, the reserve banks and staff, Paul said today.

“There’s nothing left, it’s been gutted,” he said in a telephone interview. “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.”

The Fed, led by Chairman Ben S. Bernanke, has come under greater congressional scrutiny while attempting to end the financial crisis by bailing out financial firms and more than doubling its balance sheet to $2.16 trillion in the past year. The central bank is also buying $1.25 trillion of securities tied to home loans.

Paul, a member of the House Financial Services Committee, said Mel Watt, a Democrat from North Carolina, has eliminated “just about everything” while preparing the legislation for formal consideration. Watt is chairman of the panel’s domestic monetary policy and technology subcommittee.

Lew Rockwell weighs on in the fraud:

.... no surprise: Ron’s historic HR 1207, to audit the Fed, has been gutted by the powers-that-were in the house. If you are a constituent of Barney Frank (D-Big Banks) or Mel Watts (D-Fed) or any of the rest of them, by all means write and call to protest. (If you are not a constituent, your communication goes into the wastebasket, so there is no point in writing. Petitions and form letters are also useless, even to your own congressman.) Not that you will have the standing of even a very junior banker. You are merely a tax victim, after all. But what really counts is not the actions of the petty and not-so-petty crooks who comprise the congress, but the changes taking place in the hearts and minds of the American people and people around the world. There Ron Paul has won an historic victory, no matter what the official criminal class does. The Fed today stands on far shakier ground than at any time since 1913. Let’s have an earthquake. End the Fed!

PS: Need I note that Ron was taken to the mountaintop by these creeps, and offered rewards if only he would go along? When will the Dems learn, and the Repubs too, that they are dealing with a man of iron principles, and iron will, for liberty, sound money, and peace, who cannot be bought, nor influenced for evil? Never, I guess. To both government parties, he is an alien — a diamond in a dump.

It's a sad day for Liberty and another victory for coercion, taxation, fraud, and theft.

David in Qatar

"Every month that we do not have an economic stimulus package, five hundred million Americans lose their jobs." - Nancy Pelosi, D. - CA

7 Comments – Post Your Own

#1) On October 31, 2009 at 4:38 PM, fmahnke (70.53) wrote:

The real question here is whether the we the people can mobilize the grass roots, elect him as president and take our country back.  They say money can't buy everthing.

Ron Paul n 2012

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#2) On October 31, 2009 at 6:26 PM, Option1307 (30.44) wrote:

Can't say I'm surprised in the least bit.

What sucks is they're going to pass some garbage bill and then say, "see we did it, we listen to the American people!" Ya, ok...

Happy Halloween! I promise to celebrate for you man since your over there btw.

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#3) On October 31, 2009 at 7:26 PM, AntiRonChapmanJr (< 20) wrote:

I like that quote by Nancy, but in her defense - she's an idiot.

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#4) On October 31, 2009 at 7:41 PM, whereaminow (< 20) wrote:

The man responsible for this slap-in-your-face is Mel Watt. Here is his home address. Send him something nice.

Mel Watt

3037 Karen Ct

Charlotte, NC 28205-6896

His Wikipedia page has already been altered:

In 2009, he single-handedly destroyed Americans' ability to eventually audit the Federal Reserve Bank. There is some question as to whether or not this was due to the heavy contributions provided to him by large bailed out banks. Mel Watt has revealed his hand and is undoubtedly on the side of the big banks, and could care less about the American people and trillions of taxpayer money.

He's district was thoroughly gerrymandered, the Wall Street Journal referred to it as "political pornography." Classy.

How about we let this piece of garbage know what we think?


2304 Rayburn HOB

Washington, DC


Tel. (202) 225-1510

Fax (202) 225-1512


1230 W. Morehead St.

Suite 306

Charlotte, NC


Tel. (704) 344-9950

Fax (704) 344-9971


301 S. Greene St.

Suite 210

Greensboro, NC


Tel. (336) 275-9950

Fax (336) 379-9951

David in Qatar

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#5) On October 31, 2009 at 7:43 PM, abitare (30.03) wrote:

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#6) On October 31, 2009 at 8:04 PM, topsecret10 (< 20) wrote:

     Civil War Is getting closer....  The Government does not care what the AMERICAN PEOPLE think. They just keep feeding from the trough like the PIGS that they are. They are obviously hiding something very sinister. Too many secrets In this administration,the administration of TRANSPARENCY.....  Right,Obama ?

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#7) On October 31, 2009 at 8:29 PM, chlyd (< 20) wrote:

 It is just so disappointing. but what do you expect, americans get what they vote for and business get what they pay for.

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