39 votes

Democratic Whip Steny Hoyer urges ALL Dems to vote NO on Audit the Fed


Democratic Whip Steny Hoyer's letter to all Democrats:

Like all other major central banks around the world, the Federal Reserve is an independent central bank, and its monetary policy actions are not subject to approval by the Administration or Congress. While Congress has set out the policy goals the Federal Reserve is to pursue - maximum employment and price stability - the ability of the Federal Reserve to pursue monetary policy independent of political influence is critical to its ability to fulfill its dual mandate.

Moreover, Congress already conducts regular and robust oversight of the Federal Reserve and actually expanded GAO’s audit authority two years ago in the Dodd-Frank Wall Street Reform and Consumer Protection Act. It expanded the types of audits GAO may conduct of the Federal Reserve, as well as the data that must be disclosed to the public.

The Federal Reserve’s financial accounts have long been subject to audit both by the GAO and an outside, independent audit firm. This bill impedes the independence of this critical institution.

In order for the Federal Reserve to do its job effectively, it should not be subject to short-term political pressures. The experience during debate on the debt ceiling last summer should demonstrate to the American public that House Republicans cannot be allowed to hold our economy or our critical economic institutions hostage in order to further their extreme agenda.

Members are urged to VOTE NO.


If you have not called your Representative, please do so NOW. The vote will be tomorrow (Wednesday).

147 Democrats have not cosponsored HR 459.

Find your Rep's phone number here:


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By their Deeds you shall know them.

By their Deeds you shall know them. I was glad to see so much support for this bill in the House. We are going to have to scare Harry Reid by showing him that if he will not allow a vote to take place in the senate that he will not be re-elected. That is going to take a LOT of phone calls, letters, and e-mails from the good people of Nevada! But the other senators can pressure him too.

Larry in North Carolina
The only thing necessary for evil to triumph is for good men and women to not support Ron Paul!

OWS people should be

OWS people should be seriously questioning their allegiances to the Democrat Banking Party.

"Timid men prefer the calm of despotism to the tempestuous sea of liberty." - Thomas Jefferson
"Annoyance is step one of thinking"
"We're all in the same boat, it doesn't matter if you like me"

Democrats are also in favor

Democrats are also in favor of spreading the wealth but at the expense of the taxpayers.The Democratic Party is known as the give away party. The reason so many African-American and Latinos support and vote for their candidates.

Bob Marshall

It would be far more logical

for the commie Dems to be demanding nationalization of the central bank. Surely this should be a clue to all the "grassroots" "Progressives" and "Communitarians" out there that their commie party is really just a corporatist front just like the GOP.
Reminds me of all those union "leaders" endorsing NAFTA, and the rank and file falling in line VOTING for the Dems who passed it! Idiots voting for their own jobs to be moved out of the country.

Emailed the Whip

Mr Hoyer,

I regret to inform you that your stance on the Federal Reserve Transparency Act (HR 459) is dead wrong. You state that the bill would only politicize the monetary policy but we are only looking for accountability. You state that this is a game being played with short-term political pressures but this has been going on for over four years now. You voted for more accountability from banks when you voted to pass the Dodd-Frank bill, but you will not vote for more accountability from the largest bank in the country that is tasked with issuing the only currency that is legal in this country--that is just plain hypocritical. The accountability of the Federal Reserve bank is of the utmost importance during these trying times.

Just over a year ago a partial audit of the Federal Reserve was conducted which revealed that over $16 trillion was "lent" to domestic banks, foreign banks, foreign governments and foreign central banks at zero per cent interest. Do you even understand the magnitude of that number? That is the size of the entire productive output of the USA in an entire year or the size of the USA national debt--the debt that left you with long, drawn-out debates over the budget and the debt ceiling just one year ago. Could you imagine taking all of the production from this country over the course of one year and just handing it out to whomever you please? I sure as hell couldn't. We need accountability, Mr Hoyer. We need to know why these "loans" were given to who they were given. We need to know why the interest rates are set at the rates they are set to. We need to know why the Federal Reserve exists at all and we need to hold them accountable for the decisions they make.

This isn't short-term political games being played here. In fact, isn't playing short term political games the job of the Federal Reserve? When production and employment are low they are the ones who, behind closed doors, give out money to make temporary solutions to the economic problems we face. History has shown that the Federal Reserve accomplishes nothing long-term. Just look at the value of the dollar since its creation in 1913 to see how. Between 1800 and 1913 the dollar rose in value by 73%! However, since 1913 the dollar has lost over 95% of its value (http://www.westegg.com/inflation/). Never before has our country been so indebted. Never before has congress let monetary policy gone so unchecked. Never before has our country been in so large a crisis. Article 1 section 8 of the US constitution grants congress the sole authority to "coin Money, regulate the Value thereof, and of foreign Coin, and fix the Standard of Weights and Measures." So how can it be wrong for congress to demand to understand the decisions being made on its behalf by the Federal Reserve? Your logic is completely backwards. We have been in a debt crisis for over four years now and the Federal Reserve has done nothing to change that. This has waited for too long; we need accountability and we need it now.

Mr Hoyer, you voted to pass the Dodd-Frank bill in 2009 which, in general, provides for more accountability from banks. So why is it that you are against more accountability from the largest bank in the country--the bank that is tasked with managing the only currency that is legal to use in trade? In the free market a bank that issues currency is held accountable for its actions by those who hold its currency. If a bank becomes involved in shady practices the people proceed to dump that currency and discontinue accepting it as payment. The constitution provides for such accountability in government issued money through the congress and the people they represent. Your vote against this bill is a vote against that.

We need to know about our money, Mr Hoyer. We need to know when the monetary base is expanded and why. We need to know who benefits from the Federal Reserve policies and who doesn't. Most importantly we need to know if the Federal Reserve is actually doing its job. Your politicizing of the issue by calling it short-term political games does nothing to help and only prolongs the agony. It is you who is playing political games by not holding the Federal Reserve accountable. The American people are speaking and they are asking what the Federal Reserve has done to their money and why. It is time we know.

I pray that some day you may realize your illogicality and promote more transparency from every institution created by government. HR 459 seeks to do just that and your dissenting vote may just cost you support from your constituents. Just look at the overwhelming support it has on OpenCongress.org; 98% are for it!

Vote for transparency and vote for HR 459.

With great displeasure,

This is what I hate about

This is what I hate about parties. If you feel one way about an issue but the party leadership comes out in another way, many members will switch to that way to stay in good graces with the party and continue to get all the bribes, I mean campaign contributions, from the party backers.

This vote should be 435-0. If anyone votes no, they are either stupid, and thus should be voted out, or are beholden to the big banks and therefore are unfit for public service and should be voted out.

There is a reason why 200

There is a reason why 200 congressmen co-signed the bill. They know their reelection depends on this because their constituents are demanding action against the fed.

Unfortunately this need for re-election isn't applicable to the Democats because NOT ENOUGH Democratic/Libertarian indviduals have pressured their representative to act.

"the ability of the Federal

"the ability of the Federal Reserve to pursue monetary policy independent of political influence is critical to its ability to fulfill its dual mandate," AND to let Congress off of the hook when things go bad.

"While Congress has set out the policy goals the Federal Reserve is to pursue - maximum employment and price stability." That's working very well isn't it? In 1969 I could buy three loaves of bread for $1. Now it's $3 a loaf. In 1913 $1 would buy 1/20th of an ounce of gold. Today $1 buys 1/1600th of an ounce. The Fed is doing a bang up job of looking out for our dollar isn't it Mr. Hoyer?

It only takes one to KEEP AMERICANS FREE. Know your duties & rights as a juror. Stop the unconstitutional conviction of innocents in federal custody. The Fully Informed Jury CALL 1-800-TEL-JURY www.fija.org IMMEDIATELY if not sooner. It's that important.

Clearly this guy is a paid Federal Reserve douche!!!!

Clearly this guy is a paid Federal Reserve douche!!!!

Love Liberty, be Vigilant

"Now the Lord is that Spirit: and where the Spirit of the Lord is, there is liberty" (2 Corinthians 3:17)

Faith in God will prevail all things!





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We are watching the vote all that oppose it will be voted out

We need a list They will never have that cushy Government job again.


Steny Hoyer a jew?

"But you must remember, my fellow-citizens, that eternal vigilance by the people is the price of liberty, and that you must pay the price if you wish to secure the blessing." - Andrew Jackson

what do you think?

I have a

suspicion he is.

"But you must remember, my fellow-citizens, that eternal vigilance by the people is the price of liberty, and that you must pay the price if you wish to secure the blessing." - Andrew Jackson

So what? So is Bernie Sanders.

He introduced "Audit the Fed" in the Senate last go round.

reedr3v's picture

Your usual bigot comment, jerk; the second

in this thread alone.

There is nothing

Bigoted about my comment. I haven't said any thing offensive about jews, just zionist jews and what I have said about them is the truth. Maybe you are a scared upset zionist.

"But you must remember, my fellow-citizens, that eternal vigilance by the people is the price of liberty, and that you must pay the price if you wish to secure the blessing." - Andrew Jackson

reedr3v's picture

And no maybe, you are an ignoramus

who has NO love of liberty or peace.

Jiradog below me is correct:

Jiradog below me is correct: The Fed is independent of the Americans and, for all intents and purposes, constitutional congress persons, of whom there are only two. Also, for the last time, the Fed is private and governmental. The Congress is cover for the private source of the Fed. This correction leads to what I'm about to complain about: foggy writing.

I'm frickin' tired of reporters or their editors writing grey-area, wishy wash style, this "independent" without qualifying what the hell it is independent of and dependent on.

Writers and editors wherever the hell you are: You, get your S straight.

Independent of what and dependent on what?? GET YOUR S STRAIGHT. Write and edit. Don't scramble. Write and edit.

Note to writers and editors: Write out what abbreviations are before using abbreviations unless most people know what the abbreviation stands for. Dang it. Quit producing slop.

By the way, Ren-and-Stimpy Hoyer needs to be shown the door. Make sure the door and your boot meet his rear-end -- hard.

School's fine. Just don't let it get in the way of thinking. -Me

Study nature, not books. -Walton Forest Dutton, MD, in his 1916 book whose subject is origin (therefore what all healing methods involve and count on), simple and powerful.


That is correct, they are independent of the american people, and our representatives. The only ones they are beholden to are the international banking cartel.


Ted Deutche is still uncommitted they said. I of course expressed that I would like him to support the bill.

steny hoyer

Needs to be impeached and tried for Treason Aiding and Abetting the Enemy! I'm Serious.

I guess we know who owns him

if anyone is running against him you can easily use the class warefare argument of him being owned by the big bankers and corporations. it seems to work somewhat well this election season when Obama uses it against Romney.

I just called my

I just called my representative, Jim McDermott, who is a Democrat co-sponsor of the bill. Little did I know... he's most likely going to vote "no", as told to me by his aide. Please, everyone call your representatives, EVEN if it says they're co-sponsors, and voice your support!

I guess he didn't like alterations made since he signed on (which was 4/16/12). I have no idea what these alterations are, or if he's just cowering to political pressure. If you guys know where I can find these amendments, that would be great!

BTW-- thanks for the post, otherwise I may not have called him and found out this important info.

That's odd

There were two changes made to the bill.

One was offered by Darrell Issa who only changed the name of the bill from 2011 to 2012 and extended the time they can complete the audit from the end of 2012 to one year after it becomes law.

The second was offered by Elijah Cummings, a Democrat, who wants the Fed to audit some mortgage information.

Those shouldn't be material changes that would make someone reconsider their position.

I had a horrible feeling in

I had a horrible feeling in my stomach that it was all BS. I sent the word out to my fellow local RPers; hopefully he gets the message that he should tread lightly, as it is re-election for him :P

But thanks for the info, I was going crazy trying to find stuff, to no avail (until now).

He cosponsored HR 1207

in 2009 too.

... and looks like he said

... and looks like he said "nay" then, too.


I guess he's just a phony, then.

I've never seen such treachery

The Dodd-Frank bill does nothing to audit the Fed. In fact, it makes it harder to get information from the Federal Reserve. The only way we know about 16 trillion more being printed, and 5 trillion going overseas is because Bloomberg and Fox Business took the Fed to Court. A judge ruled the Fed had to turn over the documents requested. Steny Hoyer is a traitor, and all those who accept the position to go along to get along and vote against the audit of the Fed are traitors. The question is what do the American people do about it?