214 votes

S 202 - Audit the Fed: 37 Co-sponsors

Updated on December 29, 2012
On record so far at www.thomas.gov

Title: Federal Reserve Transparency Act of 2011

Sponsor: Sen Paul, Rand [KY] (introduced 1/26/2011)
Cosponsors: (37)
Latest Major Action: 1/26/2011 Referred to Senate committee.
Status: Referred to the Committee on Banking, Housing, and Urban Affairs.

Sen DeMint, Jim [SC] - 1/26/2011
Sen Vitter, David [LA] - 1/26/2011
Sen Lee, Mike [UT] - 3/1/2011
Sen Hatch, Orrin G. [UT] - 5/24/2011
Sen Boozman, John [AR] - 5/24/2011
Sen Heller, Dean [NV] - 6/22/2011
Sen Chambliss, Saxby [GA] - 7/25/2011
Sen Crapo, Mike [ID] - 9/6/2011
Sen Risch, James E. [ID] - 10/6/2011
Sen Rubio, Marco [FL] - 10/6/2011
Sen Coburn, Tom [OK] - 10/6/2011
Sen Blunt, Roy [MO] - 10/6/2011
Sen Barrasso, John [WY] - 10/6/2011
Sen Burr, Richard [NC] - 10/6/2011
Sen Thune, John [SD] - 10/6/2011
Sen Inhofe, James M. [OK] - 10/6/2011
Sen Wicker, Roger F. [MS] - 10/6/2011
Sen McCain, John [AZ] - 10/31/2011
Sen Grassley, Chuck [IA] - 10/31/2011
Sen Cornyn, John [TX] - 3/28/2012
Sen Graham, Lindsey [SC] - 7/17/2012
Sen Murkowski, Lisa [AK] - 7/23/2012
Sen Cochran, Thad [MS] - 7/25/2012
Sen Kirk, Mark Steven [IL] - 7/31/2012
Sen Toomey, Pat [PA] - 8/1/2012
Sen Shelby, Richard C. [AL] - 8/2/2012
Sen Enzi, Michael B. [WY] - 8/2/2012
Sen Ayotte, Kelly [NH] - 9/10/2012
Sen Isakson, Johnny [GA] - 9/10/2012
Sen Moran, Jerry [KS] - 9/10/2012
Sen Begich, Mark [AK] - 9/12/2012
Sen Hutchison, Kay Bailey [TX] - 9/12/2012
Sen Sessions, Jeff [AL] - 9/19/2012
Sen Brown, Scott P. [MA] - 9/19/2012
Sen Collins, Susan M. [ME] - 11/13/2012
Sen Portman, Rob [OH] - 11/13/2012
Sen Roberts, Pat [KS] - 11/13/2012

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Surprised he's not a cosponsor...

I just wrote to Bernie requesting that he become a co-sponsor...
It would be better if I were from Vermont... but I am only two states over in Maine.

Any Vermonters here that can encourage Bernie?

There are Many Bobs...I'm the Maine Bob!

Hi from Maine!

I wonder if I have made your aquaintance?

Ron Paul is My President

Rand Paul said

today that Bernie Sanders does not support S. 202.

Odd given that Sanders' original bill in 2009 was S. 202 and Sanders also voted for a full audit in 2010.

what's your source...

I did a google news check and the Only News in past 24 hours that mentions both Rand and Bernie:

    The future of Paul's bill in the U.S. Senate is unclear, though it has ideologically varied supporters in that body, from Paul's son, libertarian-leaning Rand Paul of Kentucky, to independent Vermont socialist Bernie Sanders.

Say it ain's so...

There are Many Bobs...I'm the Maine Bob!

22 co sponsors now

22 co sponsors now

optimystic's picture

Handwriting is on the wall

Lindsay Graham of SC and Lisa Murkowski of AK have just signed on. I will be contacting my senators (both D's) to get on board. One is up for reelection in a tight race.

BUMP

Front page pls

Ok folks!

Here we go. Round 2.

MODS please bump this to front please.

Ron Paul is My President

henry9's picture

Sunny, what are our two

Sunny, what are our two (Snowe and Collins) saying?

I will try to call them tomorrow from work.

They usually work in tandem. If we can get Snowe (lame duck) then maybe Collins will chime in.

Just a hope is all.

I dunno on that henry.

We need to find out.

Ron Paul is My President

This is one of the MOST IMPORTANT things right now!!!

Make this happen, put the pressure one people! You know you can do it!

Contacted both NY senators

Gave them a polite but strongly worded earful.

With liberty and justice for all...who can afford it.

I contacted Chuck Grassley on

I contacted Chuck Grassley on facebook.. he then asked for my address so he could send a letter.. hopefully he does his part.

Vets For Paul!
http://www.vets4paul.com/

Even if your Senator

is on the list, consider calling anyway. I did. It is good for them to hear the support.

Richard Burr is for it so I've started on Kay Hagan

This is the response I got.

   "  June 14, 2012

Dear Friend,

Thank you for contacting me regarding an audit of the Federal Reserve. I appreciate hearing your thoughts on this important issue.

The Federal Reserve does currently undergo what would be considered a standard audit -- an examination of accounts and records. Furthermore, Congress already reviews semi-annual reports on monetary policy submitted by the Federal Reserve Board of Governors, as required under the Full Employment and Balanced Growth Act (PL 95-523). Under the Federal Banking Agency Audit Act (PL 95-320), the Government Accountability Office (GAO) has the authority to conduct financial and performance audits of the Board of Governors and the Federal Reserve banks and branches. However, such audits are limited, as the law stipulates that monetary policy operations, foreign transactions, and Federal Open Market Committee operations are excluded from the scope of the GAO audits.

An audit of the Federal Reserve System is an issue that has been debated several times since I began serving in the United States Senate, most recently during the 111th Congress when the U.S. Senate addressed financial regulatory reform. All Federal Reserve audit legislation proposed in the 111th Congress called for increased oversight by the Government Accountability Office (GAO) into business conducted by the Federal Reserve.

On January 26, 2011, the Federal Reserve Transparency Act of 2011 (S. 202/H.R. 459) was introduced in the Senate and referred to the Committee on Banking, Housing and Urban Affairs. The bill instructs the Comptroller General of the United States to conduct an audit of the Federal Reserve System's Board of Governors and also the Federal Reserve banks before 2013.

The formulation of monetary policy is a decision-making process that involves information gathering from a host of foreign governments and central banks. The information provided from those exchanges is critical and extremely sensitive. The immediate and broad disclosure that the Federal Reserve Transparency Act of 2011 requires could disrupt financial markets and jeopardize our country's international finance relationships. Ultimately, it would be taxpayers who would bear the brunt of any losses resulting from policies caused by untimely disclosure of sensitive information. Because of this, I do not believe the benefits of legislation like the Federal Reserve Transparency Act of 2011 outweigh the costs.

When Congress passed the Federal Banking Agency Audit Act in 1978, the legislation attempted to balance the need for public accountability of the Federal Reserve with the need to insulate the Fed's monetary policy function from political pressures. I believe this balance must be maintained going forward. For that reason, I twice supported amendments during the 111th Congress that would have required one-time audits of the Federal Reserve System's actions in response to the financial crisis. Both amendments struck a balance between accountability to the American taxpayer and the denial of political pressure and influence on the Federal Reserve System. The result would have been increased insight and reassurance for the American people that the Federal Reserve is working in the best interest of taxpayers to strengthen and protect our financial system.

Again, thank you for contacting my office. It is truly an honor to represent North Carolina in the United States Senate, and I hope you will not hesitate to contact me in the future should you have any further questions or concerns."

She's gonna be tough to crack but my reply has already been sent. We need petitions from every state that will put these Senators in their place. They'll get behind it if we can find a magic number of people to lay down their signatures.

“We hold these truths to be self evident: that all men are created equal; that they are endowed by their Creator with certain inalienable rights; that among these are life, liberty, and the pursuit of happiness”Thomas Jefferson

one who doesn't believe his job should be done must be fired

"The immediate and broad disclosure that the Federal Reserve Transparency Act of 2011 requires could disrupt financial markets and jeopardize our country's international finance relationships. Because of this, I do not believe the benefits of legislation like the Federal Reserve Transparency Act of 2011 outweigh the costs."

Only what it would disrupt are their megafrauds concerted with internationalist bankers and the stealing from American taxpayers and states using dollar as reserve currency by printing more and more money. If he doesn't believe their oversight role should be played, then he doesn't have anything to do in the Congress and should step down - because normally somebody who doesn't believe the job he is there to do should be fired.

She uses the argument

that disclosure of information may disrupt markets. Basically the Fed needs to act in secret for our benefit...

If you can get her on the record at a public event and counter her argument, she'll feel the pressure from others in attendance who will more than likely agree with your view.

Call or email your Senators

Find their contact info here:
http://www.senate.gov/general/contact_information/senators_c...

The Senate is the big hurdle in getting a full audit.

Rubio is on - I emailed Nelson urging him to support

also asked for his reasons for not supporting it as of yet.

"When the power of love overcomes the love of power, the world will know Peace." - Jimi Hendrix

This is where our energies should be focused

not on arguing with each other or attacking the Paul campaign

Great post Sunny.

Front Page Michael.

.

reply

Only 20 cosponsors in the Senate ... no wonder Rand just endorsed Romney he is trying to get his colleagues on board

Ron Paul

is making one last push to Audit the Fed.

The biggest obstacle in this effort will be getting S 202 passed in the Senate because it only has 21 supporters.

We need EVERYONE to contact their Senators and urge them to support S 202, the Federal Reserve Transparency Act of 2011.

Email or call your Senators. Find out where their next public appearance will be and get them on the record of where they stand on S 202.

Get in contact with your local Ron Paul groups and make sure everyone contacts their Senators.

Find your Senators' contact into here

http://www.senate.gov/general/contact_information/senators_c...

It takes 5 minutes to call or email both Senators and urge them to support S 202, the Federal Reserve Transparency Act of 2011.

Remember, there has never been a FULL audit of the Fed and S 202 will remove all restrictions placed on the GAO to audit the Fed.

bump

bump

Anyone email their Senators recently?

If it doesn't pass the Senate, we won't get a full audit.

Bumping

so it's seen.

Ron Paul is My President

This bill is not going to get passed

without a lot of pressure.

Please contact your Senators and urge them to co-sponsor S 202.

If your Senator is already a co-sponsor, thank them for supporting and let them know that you will be watching their vote.

You can find your Senators' contact info here:
http://www.senate.gov/general/contact_information/senators_c...

Is there any way

we can get this frontpaged everyday like it was two years ago?

Ron Paul's signature piece of legislation will most likely pass the House as it already has 228 co-sponsors but the chances of it passing the Senate are not as great.

If we want to help get a full audit of the Fed, we need to focus on the Senate and have everyone contact their Senators; otherwise, Ron Paul's bill will either be watered down again or just not pass the Senate.

Can we get a little bit more people fired up about this?

Ron Paul's SIGNATURE piece of legislation will be up for a vote in June and it will most likely pass the House

BUT if it does not pass the Senate, all will be lost.

Please take 5 minutes out of your time to contact your Senators and let them know that you want them to co-sponsor S 202, the Federal Reserve Transparency Act of 2011.

You can find your Senators' contact info here:
http://www.senate.gov/general/contact_information/senators_c...