Bill To Audit Federal Reserve Now Has 209 Co-Sponsors
Editor’s note: Ron Paul appeared on the Alex Jones Show today and announced the bill now has 209 sponsors.
At time of writing, a bill that would see the Federal Reserve bank audited for the first time in 59 years has 207 cosponsers in the House and is gaining traction with every single day.
This means just 11 more are needed for a majority to be reached in the House.
If enacted, HR 1207 will amend title 31 of the United States Code and reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States.
In other words, for the first time since 1950, the the independent financial powerhouse that creates and regulates all money in the US will be forced by law to open its books.
HR 1207 was sponsored and introduced by Rep. Ron Paul. On February 26, 2009, it was referred to the House Committee on Financial Services, where it remains under consideration.
HR 1207 also has a companion bill, S 604: F R Sunshine Act of 2009, in the Senate.
This news also dovetails with reports detailing how the House Oversight and Government Reform Committee, the panel responsible for investigating the use of bailout money, has issued a subpoena to the Federal Reserve, asking them to hand over all documents relating to the takeover of Merrill Lynch by the Bank of America.
Claims by New York Attorney-General Andrew Cuomo that former Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke strong-armed BofA into buying Merrill, could see the two exposed to prosecution.
There is no doubt that the privately owned Federal Reserve is in hot water, and it knows it.
As we reported last week, the Fed is hiring a veteran lobbyist to “manage its relations with Congress”. According to a Reuters report, the Fed plans to hire Linda Robertson, who previously worked for now-defunct energy company Enron, as well as the Clinton administration.
It is also no coincidence that the End the Fed movement has recently been targeted by smear campaigns. The MIAC report cited Ron Paul supporters as potential extremists and the United States Army Reserve Command issued “mitigation measures” in response to End the Fed demonstrations around the country last year.
Ron Paul recently explained to Forbes why the passage of HR 1207 is so important:
The Federal Reserve’s recent and unprecedented actions in the realm of monetary policy have provoked a backlash among the American people. Trillions of dollars worth of loans and guarantees have been provided to Wall Street firms, while Main Street Americans suffocate under harsh taxation, the prospect of higher debt levels and increasing inflation. These events have awakened many Americans to problems with the Fed’s loose monetary policy, the bubbles it has created in the past and the potential hyperinflation it might cause in the future.
One of the fallacies of modern economics is the idea that a central bank is required in order to keep inflation low and promote economic growth. In reality, it is the central bank’s monetary policy that causes inflation and depresses economic growth. Inflation is an increase in the supply of money, which in our day and age is directly caused or initiated by central banks. All other things being equal, inflation results in a rise in prices. A so-called “mild” rate of inflation of 3% per year leads to a 56% rise in prices over a 15-year period. Even a “low” rate of inflation of 2% per year leads to a 35% rise over that same period. How is that conducive to long-term growth?
A common misconception is that the Fed is completely independent of political pressures. While the Fed has far too much authority to make agreements with foreign governments and central banks, or create temporary liquidity facilities, the governors and–more important–the chairman, are appointed by the president.
If passed, HR1207 will ensure that the Fed make public the destination of the trillions in taxpayer “loans” that have been simply handed over to private banks without oversight.
Bernanke will be seated before Congress and forced to answer these questions instead of worming his way out of them, citing “extraordinary circumstances” and the like, as we have seen him do over and over for the past eight months.
The bill, if it becomes law, will expose how the Fed has consistently engaged the inflation of the currency for the gain of a few elite international bankers, further exposing how this kind of criminal action has directly led to financial crises and recessions for decades.
An audit would set the stage for the end of the Federal Reserve and a return of honest money and fiscal policies.
Indeed, Jim Grant, editor of Grant’s Interest Rate Observer, today told CNBC that the Fed’s balance sheet is “so out of whack” that the central bank would be shut down if subjected to a audit.
“In essence, the bill requires an audit of the Fed’s activity which shall be made available to Congress,” wrote Glenn Greenwald recently. “What possible arguments exist against this bill? Who opposes an audit of the Fed’s activities and why?”
**
Tune in to The Alex Jones Show today (June 10th 2009) to hear Congressman Ron Paul give an update on the progress of HR 1207.
The Daily Paul blog site has compiled a list of Democrats and a list of Republicans who have not signed on to co sponsor HR 1207. If your representatives are in either of these lists, we urge you to contact them and pressure them to cosponser the bill.
A full list of the 207 cosponsers follows. The ever growing list can also be tracked online at the Library of Congress here.
Rep Kagen, Steve [WI-8] - 2/26/2009
Rep Bachmann, Michele [MN-6] - 2/26/2009
Rep Bartlett, Roscoe G. [MD-6] - 2/26/2009
Rep Jones, Walter B., Jr. [NC-3] - 2/26/2009
Rep Rehberg, Denny [MT] - 2/26/2009
Rep Posey, Bill [FL-15] - 2/26/2009
Rep Broun, Paul C. [GA-10] - 2/26/2009
Rep Poe, Ted [TX-2] - 2/26/2009
Rep Burton, Dan [IN-5] - 2/26/2009
Rep Abercrombie, Neil [HI-1] - 2/26/2009
Rep Woolsey, Lynn C. [CA-6] - 2/26/2009
Rep Garrett, Scott [NJ-5] - 3/5/2009
Rep Chaffetz, Jason [UT-3] - 3/6/2009
Rep Kingston, Jack [GA-1] - 3/6/2009
Rep Young, Don [AK] - 3/6/2009
Rep Rohrabacher, Dana [CA-46] - 3/6/2009
Rep Stearns, Cliff [FL-6] - 3/6/2009
Rep McClintock, Tom [CA-4] - 3/6/2009
Rep Heller, Dean [NV-2] - 3/6/2009
Rep Duncan, John J., Jr. [TN-2] - 3/6/2009
Rep Taylor, Gene [MS-4] - 3/6/2009
Rep DeFazio, Peter A. [OR-4] - 3/9/2009
Rep Alexander, Rodney [LA-5] - 3/10/2009
Rep Price, Tom [GA-6] - 3/10/2009
Rep Petri, Thomas E. [WI-6] - 3/10/2009
Rep Foxx, Virginia [NC-5] - 3/10/2009
Rep Grayson, Alan [FL-8] - 3/11/2009
Rep Marchant, Kenny [TX-24] - 3/11/2009
Rep Wamp, Zach [TN-3] - 3/16/2009
Rep Blackburn, Marsha [TN-7] - 3/16/2009
Rep Buchanan, Vern [FL-13] - 3/17/2009
Rep Castle, Michael N. [DE] - 3/17/2009
Rep Fleming, John [LA-4] - 3/18/2009
Rep Akin, W. Todd [MO-2] - 3/19/2009
Rep Platts, Todd Russell [PA-19] - 3/19/2009
Rep Peterson, Collin C. [MN-7] - 3/19/2009
Rep McCotter, Thaddeus G. [MI-11] - 3/19/2009
Rep Lummis, Cynthia M. [WY] - 3/19/2009
Rep Burgess, Michael C. [TX-26] - 3/19/2009
Rep Sessions, Pete [TX-32] - 3/23/2009
Rep Deal, Nathan [GA-9] - 3/23/2009
Rep Franks, Trent [AZ-2] - 3/23/2009
Rep Miller, Jeff [FL-1] - 3/24/2009
Rep Blunt, Roy [MO-7] - 3/24/2009
Rep Stark, Fortney Pete [CA-13] - 3/26/2009
Rep Culberson, John Abney [TX-7] - 3/26/2009
Rep Paulsen, Erik [MN-3] - 3/30/2009
Rep Gingrey, Phil [GA-11] - 3/30/2009
Rep Terry, Lee [NE-2] - 3/30/2009
Rep Carter, John R. [TX-31] - 3/31/2009
Rep Capito, Shelley Moore [WV-2] - 4/1/2009
Rep Wittman, Robert J. [VA-1] - 4/1/2009
Rep Fallin, Mary [OK-5] - 4/2/2009
Rep Smith, Lamar [TX-21] - 4/2/2009
Rep Westmoreland, Lynn A. [GA-3] - 4/2/2009
Rep Lucas, Frank D. [OK-3] - 4/21/2009
Rep Lamborn, Doug [CO-5] - 4/21/2009
Rep Ehlers, Vernon J. [MI-3] - 4/21/2009
Rep Bilbray, Brian P. [CA-50] - 4/21/2009
Rep Pence, Mike [IN-6] - 4/21/2009
Rep Manzullo, Donald A. [IL-16] - 4/21/2009
Rep McCaul, Michael T. [TX-10] - 4/21/2009
Rep Cole, Tom [OK-4] - 4/21/2009
Rep Roe, David P. [TN-1] - 4/21/2009
Rep Herger, Wally [CA-2] - 4/21/2009
Rep Bishop, Rob [UT-1] - 4/21/2009
Rep Baldwin, Tammy [WI-2] - 4/21/2009
Rep Olson, Pete [TX-22] - 4/21/2009
Rep Latham, Tom [IA-4] - 4/21/2009
Rep Luetkemeyer, Blaine [MO-9] - 4/21/2009
Rep Doggett, Lloyd [TX-25] - 4/21/2009
Rep Rooney, Thomas J. [FL-16] - 4/22/2009
Rep Massa, Eric J. J. [NY-29] - 4/22/2009
Rep Johnson, Sam [TX-3] - 4/22/2009
Rep Thompson, Glenn [PA-5] - 4/22/2009
Rep Brady, Kevin [TX-8] - 4/22/2009
Rep Smith, Adam [WA-9] - 4/22/2009
Rep Shimkus, John [IL-19] - 4/22/2009
Rep Graves, Sam [MO-6] - 4/22/2009
Rep Jenkins, Lynn [KS-2] - 4/23/2009
Rep Gohmert, Louie [TX-1] - 4/23/2009
Rep Inglis, Bob [SC-4] - 4/23/2009
Rep Kaptur, Marcy [OH-9] - 4/23/2009
Rep Johnson, Timothy V. [IL-15] - 4/23/2009
Rep Brown, Henry E., Jr. [SC-1] - 4/28/2009
Rep Biggert, Judy [IL-13] - 4/28/2009
Rep Pitts, Joseph R. [PA-16] - 4/28/2009
Rep Tiahrt, Todd [KS-4] - 4/28/2009
Rep Myrick, Sue Wilkins [NC-9] - 4/28/2009
Rep Putnam, Adam H. [FL-12] - 4/28/2009
Rep LaTourette, Steven C. [OH-14] - 4/28/2009
Rep Tiberi, Patrick J. [OH-12] - 4/28/2009
Rep Ros-Lehtinen, Ileana [FL-18] - 4/28/2009
Rep Hoekstra, Peter [MI-2] - 4/28/2009
Rep Miller, Candice S. [MI-10] - 4/28/2009
Rep Granger, Kay [TX-12] - 4/28/2009
Rep Simpson, Michael K. [ID-2] - 4/28/2009
Rep Barrett, J. Gresham [SC-3] - 4/28/2009
Rep Goodlatte, Bob [VA-6] - 4/28/2009
Rep Smith, Adrian [NE-3] - 4/28/2009
Rep Wilson, Joe [SC-2] - 4/29/2009
Rep Hall, Ralph M. [TX-4] - 4/29/2009
Rep Kline, John [MN-2] - 4/29/2009
Rep Bono Mack, Mary [CA-45] - 4/29/2009
Rep Murphy, Tim [PA-18] - 4/29/2009
Rep Calvert, Ken [CA-44] - 4/29/2009
Rep McDermott, Jim [WA-7] - 4/29/2009
Rep Upton, Fred [MI-6] - 4/29/2009
Rep Bachus, Spencer [AL-6] - 4/29/2009
Rep Buyer, Steve [IN-4] - 4/30/2009
Rep Neugebauer, Randy [TX-19] - 4/30/2009
Rep McHenry, Patrick T. [NC-10] - 4/30/2009
Rep McCarthy, Kevin [CA-22] - 5/4/2009
Rep Barton, Joe [TX-6] - 5/4/2009
Rep Hensarling, Jeb [TX-5] - 5/4/2009
Rep McMorris Rodgers, Cathy [WA-5] - 5/4/2009
Rep Bilirakis, Gus M. [FL-9] - 5/4/2009
Rep Moran, Jerry [KS-1] - 5/4/2009
Rep Cassidy, Bill [LA-6] - 5/4/2009
Rep Walden, Greg [OR-2] - 5/4/2009
Rep Crenshaw, Ander [FL-4] - 5/4/2009
Rep Campbell, John [CA-48] - 5/4/2009
Rep LoBiondo, Frank A. [NJ-2] - 5/4/2009
Rep McHugh, John M. [NY-23] - 5/4/2009
Rep Schakowsky, Janice D. [IL-9] - 5/6/2009
Rep Linder, John [GA-7] - 5/6/2009
Rep Aderholt, Robert B. [AL-4] - 5/6/2009
Rep Davis, Geoff [KY-4] - 5/6/2009
Rep Dent, Charles W. [PA-15] - 5/6/2009
Rep Radanovich, George [CA-19] - 5/6/2009
Rep Schock, Aaron [IL-18] - 5/6/2009
Rep Herseth Sandlin, Stephanie [SD] - 5/6/2009
Rep Austria, Steve [OH-7] - 5/6/2009
Rep Adler, John H. [NJ-3] - 5/6/2009
Rep Sensenbrenner, F. James, Jr. [WI-5] - 5/7/2009
Rep Lungren, Daniel E. [CA-3] - 5/7/2009
Rep Walz, Timothy J. [MN-1] - 5/7/2009
Rep Shuster, Bill [PA-9] - 5/7/2009
Rep Michaud, Michael H. [ME-2] - 5/7/2009
Rep Conaway, K. Michael [TX-11] - 5/7/2009
Rep Shadegg, John B. [AZ-3] - 5/7/2009
Rep Boozman, John [AR-3] - 5/7/2009
Rep Guthrie, Brett [KY-2] - 5/7/2009
Rep Flake, Jeff [AZ-6] - 5/11/2009
Rep Hastings, Doc [WA-4] - 5/11/2009
Rep Lance, Leonard [NJ-7] - 5/11/2009
Rep Gerlach, Jim [PA-6] - 5/11/2009
Rep Harper, Gregg [MS-3] - 5/11/2009
Rep Hare, Phil [IL-17] - 5/11/2009
Rep Royce, Edward R. [CA-40] - 5/12/2009
Rep Fortenberry, Jeff [NE-1] - 5/12/2009
Rep Mack, Connie [FL-14] - 5/12/2009
Rep Barrow, John [GA-12] - 5/12/2009
Rep Mica, John L. [FL-7] - 5/12/2009
Rep Maffei, Daniel B. [NY-25] - 5/12/2009
Rep Inslee, Jay [WA-1] - 5/12/2009
Rep Rogers, Mike D. [AL-3] - 5/13/2009
Rep Minnick, Walter [ID-1] - 5/13/2009
Rep Boustany, Charles W., Jr. [LA-7] - 5/13/2009
Rep Turner, Michael R. [OH-3] - 5/13/2009
Rep Hunter, Duncan D. [CA-52] - 5/13/2009
Rep Perriello, Thomas S.P. [VA-5] - 5/13/2009
Rep Ortiz, Solomon P. [TX-27] - 5/14/2009
Rep Ryan, Paul [WI-1] - 5/14/2009
Rep Whitfield, Ed [KY-1] - 5/14/2009
Rep Pastor, Ed [AZ-4] - 5/20/2009
Rep Brown-Waite, Ginny [FL-5] - 5/20/2009
Rep Altmire, Jason [PA-4] - 5/20/2009
Rep Latta, Robert E. [OH-5] - 5/20/2009
Rep Reichert, David G. [WA-8] - 5/20/2009
Rep Rogers, Mike J. [MI-8] - 5/20/2009
Rep Berry, Marion [AR-1] - 5/20/2009
Rep Schauer, Mark H. [MI-7] - 5/20/2009
Rep Scalise, Steve [LA-1] - 5/20/2009
Rep Forbes, J. Randy [VA-4] - 5/20/2009
Rep Ross, Mike [AR-4] - 5/21/2009
Rep Berkley, Shelley [NV-1] - 5/21/2009
Rep Welch, Peter [VT] - 5/21/2009
Rep Thornberry, Mac [TX-13] - 5/21/2009
Rep Jordan, Jim [OH-4] - 6/2/2009
Rep Hinchey, Maurice D. [NY-22] - 6/2/2009
Rep Roskam, Peter J. [IL-6] - 6/2/2009
Rep Young, C.W. Bill [FL-10] - 6/3/2009
Rep Grijalva, Raul M. [AZ-7] - 6/3/2009
Rep Frelinghuysen, Rodney P. [NJ-11] - 6/3/2009
Rep Halvorson, Deborah L. [IL-11] - 6/3/2009
Rep King, Peter T. [NY-3] - 6/4/2009
Rep Holden, Tim [PA-17] - 6/4/2009
Rep Lipinski, Daniel [IL-3] - 6/4/2009
Rep Kratovil, Frank, Jr. [MD-1] - 6/4/2009
Rep Pascrell, Bill, Jr. [NJ-8] - 6/9/2009
Rep Boswell, Leonard L. [IA-3] - 6/9/2009
Rep Bonner, Jo [AL-1] - 6/9/2009
Rep Tonko, Paul D. [NY-21] - 6/9/2009
Rep Mitchell, Harry E. [AZ-5] - 6/9/2009
Rep Johnson, Henry C. “Hank,” Jr. [GA-4] - 6/9/2009
Rep Shea-Porter, Carol [NH-1] - 6/9/2009
Rep Carney, Christopher P. [PA-10] - 6/9/2009
Rep Childers, Travis [MS-1] - 6/9/2009
Rep Murphy, Patrick J. [PA-8] - 6/9/2009
Rep. David Dreier (R-CA)
Rep. Steve King (R-IA)
Rep. John Boehner (R-OH)**
Rep. Ed Perlmutter (D-CO)*
Rep. Chris Lee (R-NY)*
Rep. Mike McIntyre (D-NC)
Rep. Jim McGovern (D-MA)
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