218 Will NOT Move it out of Committee - Here's Why

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Q: "What does it take to get this bill out of committee and on the floor of the House for a vote?"

A: It is possible the bill will be tabled, or die, while in committee. Committees were formed originally to have focus groups, but their modern usage merely serves to endow the committee chairs from the majority parties with a lot of power, and to stifle the minority party's bills from ever reaching the House floor.

To pass, the committee must have quorum - the necessary amount of representatives present to vote on it - and passing requires a majority of those in attendance at committee before moving to a House vote where only a simple majority of 218 is needed. This process is described here, see page 21/67.

Currently, 34 co-sponsors are on the Financial Services Committee of 71 members, so just two more co-sponsors would give the bill a majority! Please check the roster to the right. Attached here is a spreadsheet with all current co-signers on pages 1-5, and the Financial Services committee members all on page 6. In the file, just click on their name to visit their website and contact them.

Q: "How many co-sponsors does it need to force that? Or does that even matter?"

A: The number of co-sponsors technically does not matter, and co-sponsors are not obligated to vote for the bill. However, it serve as an indicator of the minimum support a bill expected on the House floor, so is a key indicator while in committee. While bills are in committee, they can be marked up and amended, which is why the simplicity of Paul's bill is key - there is simply not much to mark up.

Q: "What if the Chairman Barney Frank (D-MA) continues to postpone a vote on HR 1207?"

A: Representative Barney Frank, D-MA, is the Chair of the Financial Services committee. He has not co-signed the bill, and traditionally is allied closely with the banking special interests and the FED, so no cooperation can be expected from him. Frank has spoken about Paul, HR 1207, and committee politics - and boldly proclaiming that there is no inflation while inflation remains high at 7%.

However, page 20/67 states that "three or more members of a standing committee may file with the committee a written request that the chairman call a special meeting" to force a vote.

Furthermore, the rules also state that the committee may be "discharged" or circumvented if a majority of Representatives (218) have signed a motion to discharge the bill from committee. (pages 31-32/67)

Obviously, to help secure the bill's passage, a majority of co-signers - just 11 more would be helpful. The most prudent path still appears to move the bill through committee, and secure a couple more committee members as co-signers. Writing a quick note to Financial Services committee would also help.

Q: "What is the gravest threat to the bill?"

A: I happen to believe that if this bill can be approved by Congress and delivered to the President, he would sign it per all of his rhetoric about an open government and transparency. A win in the House now appears likely, so I would say the gravest threat is that the bill will die in the Senate. Senator Bernard Sanders (I-VT) has sponsored S 604, the "Federal Reserve Sunshine Act of 2009." The text of the bill is currently identical to HR 1207, but Sanders has zero co-sponsors.

Therefore, activists should target their U.S. Senator's offices. I recommend using DownsizeDC's "Audit the FED" Campaign to thank or urge your representative and Senators to co-sign this bill. However, writing directly to your Senator's office and placing a phone call are also recommended.

An action item summary:

1. Contact your Representative or target a few from the list above. If two (2) more members of the Financial Services Committee co-sign, HR 1207 will be assured of passing committee unchanged. If eleven (11) more members of the House co-sign, HR 1207 will be assured of passing the House.

2. Write a note to the Financial Services Committee, urging them to vote on HR 1207 and pass it unamended.

3. Urge your Senators to co-sign S 604 by DownsizeDC, but also by email and phone.

4. Spread the word to friends and family about the impact of this bill. Education is key!

Rely on sites like Campaign for Liberty and Liberty Maven to keep up with the current status. Shelly Roche and the gang at www.BreakTheMatrix.com is doing a nice job as well!

Remember HR 1207 is not just an audit of the FED, it is an audit of your local Representative!