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Audit the FED, House Says: 327 to 98

Written by Gary North on July 26, 2012

The House of Representatives overwhelmingly passed Ron Paul’s bill to audit the Federal Reserve.

The bill passed the House by an overwhelming vote: 327 to 98. But what is astounding is that the bill had 274 cosponsors, including 45 Democrats and 229 Republicans. These were not just people who voted yes. They actively promoted the bill.

Barney Frank, who did his best to keep a similar (gutted) bill from passing in 2010, said that nobody expects this bill to become law.

Why not? Simple. The big banks run this country. and Frank knows it. The Federal Reserve is government agency only at the top: the Board of Governors. The 12 regional banks are owned by local banks. But Frank never mentioned this.

He and Paul are both retiring at the end of this Congress.

Rand Paul has introduced the same bill in the Senate. He says that the Senate is less likely to pass the bill.

Then Obama will have to sign it in order for it to become law.

Will Obama sign a bill that undermines his bosses? Obama, the big bank bailout guy? Not likely.

Bernanke was kicked in the teeth by this. He actively opposed it.

The FED is now a hot topic. It has not been since 1914. The opposition to the FED among voters is greater than ever before.

Reason: Ron Paul. Ron Paul brought the FED to the attention of millions of voters.

Why is this bill a threat? Bernanke never admits the truth: a full audit would require a full audit of the gold which the FED holds on behalf of the U.S. government.

What if it isn’t there? What if ownership has been transferred to other central banks?

The FED would lose credibility overnight. “It sold the nation’s gold!”

The FED will never again gain the anonymity that it had before 2008. Ron Paul has demanded that the government audit the FED, not the hand-picked private auditors who are not allowed to audit the gold.

The days of wine and roses are over for the FED.

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27 thoughts on “Audit the FED, House Says: 327 to 98

  1. Not only did the FED sell the nation's gold, it substituted tungsten-cored fakes for the real ones. That came out in 2008 when a Chinese metallurgist hefted a gold bar they had received from the US in settlement that didn't "feel right". They cut it open and it turned out to be tungsten with a gold coating. Tungsten is used because it has a mass very similar to gold. So the far-fetched plotline of "Goldfinger" really has happened in real life.

  2. lilbear68 says:

    the senate will never allow this to go forward unless it is seriously watered down. but note all the names that vote against this and see that they are out of office this november house wise and every election following for the senate

  3. The FED has collapsed the value of the dollar to less than 5% of its original value!! And now Bernanke has us in a stage of Deflation! Just as Thomas Jefferson warned us! Woodrow Wilson admitted himself, in regards to the Federal Reserve, that he "had destroyed his country with the stroke of his pen"!
    When the dollar collapses and the riots ensue, will the lynch mobs target Bernanke and others for bringing us here? I say the Senate has a good chance to pass this, and whether BO signs it or not, the House will override his veto.

  4. Barney Frank: GOOD RIDDANCE!!!!

  5. Reid will never bring it to a vote because it doesn't meet Obama's definition of bi-partisan, which is: a bunch of democrats and one or two republicans voting how I want them to.

    It would also take away Obama's "do nothing" congress, which he still thinks is his ace in the hole.

  6. The senate can't pass it because Obama's stooge in charge won't bring it to a vote.

  7. another clear reason for the necisity to replace dem senators this election. Why would you want to avoid an audit unless you have some skin in the game?

  8. It's certainly a moral victory for Dr. Paul and a fitting capstone to his years in Congress, but the audit is very limited — not a full audit — and confined to the set of cooked books the FED has already said it would let the world see. This is what comes of a nation that turns its finances over to a private central bank issuing the public's money as a loan at interest.

  9. Interesting to note that 5 Dem cosponsors voted against the bill and now can claim they supported it.

  10. Rabelrouser says:

    As Andrew Jackson said: " IF the people of this nation knew today the power that the banks have over the Government , Washington would be ashes in the morning. The same should be true of the Fraud perpatrated by the Government through the adopting of the Federal Reserve, and allowing the Uniform Commercial Code to be the law of the land which makes every individual a co-debtor with the federal government for its debt. This by making every law a codified "contrct" between the individual and the Federal Reserve/ Government.
    The people educating themselves to this insidious distruction of this nations Rule of Law by the Constitution would have the desired results of saving this nation economically, if they are willing to break away long enough from the political games to understand how they are being used.
    But politics is used as a diversion to keep them from the truth, heck they cant even understand when the politicians are going along with this fraud by their silence or opposition.

  11. mrsgunnut10 says:

    They might even find out where ALL of that Bail Out Money, (that part that nobody knows where it went to) or whose pocket /bank in went into. Maybe they could find out how many new "OVERNIGHT" millionaires there are in Obamass's White House and Cabinet Offices. Thank you for your time. TSgt., USAF Retired. Sure hope this gets posted – I've had a lot of my comments disappear lately.

  12. The democrats are known for lieing and cheating.

  13. If nothing else, at least Jimmy Hoffa & has coffin can be removed from the vault & finally buried~!!

  14. He will if enough voters call his office and raise he-l.

  15. While this is a good start for fiscal responsibility audits should be made every year on all agencies then published in all news papers. That might put controls on federal spending wich is sorely needed. after all every city and county is required to do so. Why is the fed any different?

  16. Idylewylde says:

    This is no longer a Democrat versus Republican issue.
    This crosses party lines.
    This is now ''We Americans' versus the Uber-Libs and RINOs.
    Every politician in both parties is running scared. They are running scared of 'We the People'.
    This next election will spell the doom of the die-hard banster sell-outs in both parties.
    Ron Paul did this. He is the one guy who stood up to the machines in both parties, and won.

  17. We CAN also pray that Harry Reid catches an unexpected health problem that would make him HAVE to retire before Nov!

  18. wnettles says:

    They must call for his HEAD.

  19. wnettles says:

    His "ace in the hole" will soon disappear down the "hole". We, the people, will see to that.

  20. wnettles says:

    "I care not who controls the Congress, as long as I control the money." I believe that we all know who said those words…..

  21. wnettles says:

    The Federal Reserve is no more "federal" than is Federal Express.

  22. wnettles says:

    Odds are that he will be "retired". He may not quit on his own, but, things just have a funny way of working themselves out now and then, you know.

  23. GOP Hunter says:

    House Yes, Dems no. Houe Republicans liked W and he almost destroyed the US economy. dems took control stopped bleeding of America's wealth. If you don't see the pattern, you are blind.

  24. John Stewart says:

    This is not democrat or republican issue, this is progressivism run amok. Listen to officials who use the phrase "new world order", and you will be surprised how many so called conservatives fit that category. As has said in the past, listen to what the words they are using, not the tone of the speech or what you want them to say.
    How many drift off the Constitutional mandates and into a living Constitution. The Federal Reserve is one he** of a scam. So it is no wonder progressive politicians don't want to touch it.

  25. They are all crooks. For goodness sake people, educate everyone you come in contact with, get them out to vote. Make sure they UNDERSTAND a vote for obummer, IS possibly the lst nail in HEIR OWN coffins. Or at least life in prison in one of obummers GULAGS.

  26. By the way everyone, Charlie Bass is the ONE Republican who voted AGAINST "audit the Fed". He definite needs to go. Along with the ninety seven Democrats who voted against it.

  27. El Kabong says:

    I hope the Senate passes this, and that this bill will stave off hyperinflation, which I greatly fear.