PLEASE HELP SPREAD THE WORD
/AuditTheFederalReserve
The Federal Reserve is the largest counterfeiting operation in history! It must be held accountable for its actions and, most likely, it should be abolished.
The Federal Reserve has operated in secrecy for far too long. The details of numerous rounds of "quantitative easing," recent issues involving the "REPO" market, financial stimuli and the overall holdings of the Federal Reserve should be audited and made available to the public.
The American people have a right to know who actually owns the Fed and we have a right to know exactly what THEY are doing with OUR money! We demand that the Federal Reserve be audited and that the results be made public.
The American people have a right to know who actually owns the Fed and we have a right to know exactly what THEY are doing with OUR money! We demand that the Federal Reserve be audited and that the results be made public.
Currently the Government Accountability Office (GAO) is prohibited by law from auditing four areas of the Federal Reserve:
- Transactions for or with a foreign central bank, the government of a foreign country, and private international financing organizations;
- Deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations;
- Transactions made under the direction of the Federal Open Market Committee; or
- Specific parts of a discussion or communication among or between members of the Board and officers and employees of the Federal Reserve System.
The Federal Reserve Transparency Act of 2019 removes these four exemptions and is supported by nearly 75 percent of the American people.
The Act would amend Title 31 of the United States Code to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported. The audit would include the Fed's "discount window", its funding facilities, its open market operations, and its agreements with foreign bankers.
The Act would also ensure that the audit results would be available to Congress.
The Act would amend Title 31 of the United States Code to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported. The audit would include the Fed's "discount window", its funding facilities, its open market operations, and its agreements with foreign bankers.
The Act would also ensure that the audit results would be available to Congress.
HISTORY:
The Federal Reserve Transparency Act of 2009 (H.R. 1207) was originally proposed by now retired Congressman Ron Paul during the 111th United States Congress. It included proposals for a reformed audit of the Federal Reserve System (the "Fed").
The bill was subsequently brought up in the 112th United States Congress as (H.R. 459) and in the 113th United States Congress as (H.R. 24). All three previous attempts passed in United States House of Representatives but died in the US Senate.
The Senate held a stand-alone vote on Audit the Fed, S.2232 on January 12, 2016. The bill failed to reach cloture by a vote of 53-44, a largely party-line vote. Senator Rand Paul (R-KY) introduced Audit the Fed, S.16, on January 3, 2017. On January 16, 2019, Sen. Paul introduced S.148. The bill currently has 8 cosponsors.
Ron Paul’s H.R. 1207 gained 320 cosponsors and passed the House as an amendment to the Dodd/Frank "Wall Street Reform and Consumer Protection Act," before being stripped out in the Senate and replaced by a limited, one-time audit of the Fed's emergency lending operations during the financial crisis.
The bill was reintroduced in 2011 as H.R. 459, gained 274 cosponsors, and passed the House of Representatives in the 112th Congress on July 25, 2012, by an overwhelming three-fourths majority of 327-98.
Rep. Paul Broun (R-GA) reintroduced Dr. Paul’s Audit the Fed bill as H.R 24, “The Federal Reserve Transparency Act of 2013,” in the 113th Congress. The bill, which was cosponsored by 224 Representatives, passed the House of Representatives on September 17, 2014, by a vote of 333-92, with a majority of Democrats voting in favor of the bill.
Senator Rand Paul (R-KY) introduced companion legislation in both the 112th and 113th Congresses, which gained 37 and 32 cosponsors, respectively.
In 2015, to bypass a stranglehold placed on S. 264 in the Senate Banking Committee, S. 2232 was introduced on 11/3/2015. It had 24 cosponsors before the Senate held a stand-alone vote on Audit the Fed, S.2232 on January 12, 2016. Then-Senate Majority Leader Harry Reid refused to allow Audit the Fed to be brought to the floor, in either Congress, for a vote, despite repeatedly calling for an audit of the Federal Reserve throughout his career. Although Harry Reid successfully led a filibuster of the bill, the vote was a milestone as it marks the first time Audit the Fed has received a majority in the U.S. Senate.
The bill failed to reach cloture by a vote of 53-44, a largely party-line vote.
Support for the Federal Reserve Transparency Act of 2009 was one of the issues raised as part of the nationwide 2009 Tea Party protests.
Support for the bill has also come from those on the left outside of Congress. In a letter to Chairman Barney Frank of the House Financial Services Committee, several progressives pushed for passage of the bill:
Congressman Thomas Massie (R-KY) introduced Audit the Fed, H.R. 24, in the 114th Congress on January 6, 2015, in the 115th Congress on January 3, 2017, and in the 116th Congress on January 3, 2019. The House bill currently has 98 bipartisan cosponsors.
On January 16, 2019, Senator Rand Paul introduced S.148. The Senate bill currently has 8 cosponsors.
The Federal Reserve Transparency Act of 2009 (H.R. 1207) was originally proposed by now retired Congressman Ron Paul during the 111th United States Congress. It included proposals for a reformed audit of the Federal Reserve System (the "Fed").
The bill was subsequently brought up in the 112th United States Congress as (H.R. 459) and in the 113th United States Congress as (H.R. 24). All three previous attempts passed in United States House of Representatives but died in the US Senate.
The Senate held a stand-alone vote on Audit the Fed, S.2232 on January 12, 2016. The bill failed to reach cloture by a vote of 53-44, a largely party-line vote. Senator Rand Paul (R-KY) introduced Audit the Fed, S.16, on January 3, 2017. On January 16, 2019, Sen. Paul introduced S.148. The bill currently has 8 cosponsors.
Ron Paul’s H.R. 1207 gained 320 cosponsors and passed the House as an amendment to the Dodd/Frank "Wall Street Reform and Consumer Protection Act," before being stripped out in the Senate and replaced by a limited, one-time audit of the Fed's emergency lending operations during the financial crisis.
The bill was reintroduced in 2011 as H.R. 459, gained 274 cosponsors, and passed the House of Representatives in the 112th Congress on July 25, 2012, by an overwhelming three-fourths majority of 327-98.
Rep. Paul Broun (R-GA) reintroduced Dr. Paul’s Audit the Fed bill as H.R 24, “The Federal Reserve Transparency Act of 2013,” in the 113th Congress. The bill, which was cosponsored by 224 Representatives, passed the House of Representatives on September 17, 2014, by a vote of 333-92, with a majority of Democrats voting in favor of the bill.
Senator Rand Paul (R-KY) introduced companion legislation in both the 112th and 113th Congresses, which gained 37 and 32 cosponsors, respectively.
In 2015, to bypass a stranglehold placed on S. 264 in the Senate Banking Committee, S. 2232 was introduced on 11/3/2015. It had 24 cosponsors before the Senate held a stand-alone vote on Audit the Fed, S.2232 on January 12, 2016. Then-Senate Majority Leader Harry Reid refused to allow Audit the Fed to be brought to the floor, in either Congress, for a vote, despite repeatedly calling for an audit of the Federal Reserve throughout his career. Although Harry Reid successfully led a filibuster of the bill, the vote was a milestone as it marks the first time Audit the Fed has received a majority in the U.S. Senate.
The bill failed to reach cloture by a vote of 53-44, a largely party-line vote.
Support for the Federal Reserve Transparency Act of 2009 was one of the issues raised as part of the nationwide 2009 Tea Party protests.
Support for the bill has also come from those on the left outside of Congress. In a letter to Chairman Barney Frank of the House Financial Services Committee, several progressives pushed for passage of the bill:
- Jane Hamsher of Firedoglake
- Yves Smith of Naked Capitalism
- "Tyler Durden" of Zero Hedge
- Naomi Klein (author)
- Richard Trumka (President of the AFL-CIO)
- Andy Stern (President of the SEIU)
- Leo Gerard (President of the United Steelworkers)
- Dean Baker, James K. Galbraith, Rob Johnson (economists)
- William K. Black, Thomas Ferguson, and L. Randall Wray (professors)
Congressman Thomas Massie (R-KY) introduced Audit the Fed, H.R. 24, in the 114th Congress on January 6, 2015, in the 115th Congress on January 3, 2017, and in the 116th Congress on January 3, 2019. The House bill currently has 98 bipartisan cosponsors.
On January 16, 2019, Senator Rand Paul introduced S.148. The Senate bill currently has 8 cosponsors.
Should the Federal Reserve Bank be audited by Congress?
