Urgent! Senators Unveil New Bill to Audit the Fed - Very Bad Bill

Posted October 20th, 2009 by OFallonBrent

Update
On October 20th, 2009 OFallonBrent says:

Okay, here is the deal. I am not going to go into every detail we discussed, but here it is in a nutshell.

This bill is focused on the TARP and bailout funds. This should already be reviewed by the Treasury since they were the ones to issue the funds. This bill does nothing to bring light to the Federal Open markets Committee or dealings with foreign central banks. It also has no firm time line or deadlines.

This is a Trojan horse. It is meant to be a distraction. Fast action can kill this thing before it gets anywhere.

Jim DeMint is coming out hard against this. There are likely to be some strong statements from other senators as well.

The C4L is mobilizing all of its resources, ie membership, to stop this thing in its tracks.

What we are asking people to do is call their home Senator. If they have co-sponsored, thank them and tell them the FRAA (it has not been given a number yet) is unacceptable. If they have not sponsored S604, ask them to, and explain the difference between the two.

It is very important they know we support an audit and not confuse the opposition to FRAA with support of S604. WE NEED TO BE VERY CLEAR ON THAT.

We are asking people to call the DC offices. We want this to be a huge deal tomorrow in DC. Calling local offices is not going to create that buzz and we need to make a big impact with this right away.

This is a huge priority for the C4L and is one reason we've been building our numbers, for emergency actions like this.

So, call your home Senators in DC and let them know how you feel about this attempt to thwart the will of the people.

- - - - - -

Original post:

Earlier people were asking about the C4L. I made a post describing a small amount of information from my perspective as a Regional Coordinator.

I just received an urgent message from the C4L. All state and regional coordinators are asked to be on a conference call tonight to discuss a new senate bill that is being introduced that is a watered down version of S 604.

We've been asked not to give out the conference call number to ensure enough lines for everyone. The call will detail a plan of action to counter this new bill.

I will let everyone here know what to do after the call is over.

Here is a little info on the bill from the Wall Street Journal

Proponents of auditing the Federal Reserve have a new bill to support their cause. Sen. Jeff Merkley (D., Ore.) and Sen. Bob Corker (R., Tenn.) introduced legislation today to require the Government Accountability Office to audit several of the central bank’s emergency lending programs that were created during the financial crisis.

The two junior senators are joining a movement that has drawn more than two-thirds of the House and a third of the Senate. But their legislation, the Federal Reserve Accountability Act, is intended to sidestep criticism that auditing the central bank would hinder the Fed’s independence in conducting monetary policy. The bill directs the GAO — the investigative arm of Congress — to audit emergency lending programs that aren’t already subject to government audits. (Institution-specific lending programs, such as those tied to AIG and Bear Stearns, are already open to GAO review, as are programs conducted jointly with the Treasury Department.)

To avoid disrupting markets, the legislation directs the GAO to redact from its reports the names of specific institutions using the programs and “identifying details regarding assets or collateral” held in the audited facilities.

More...

output

A Big Bump

On October 21st, 2009 hopefulfilled says:

for a very important thread, we need to prevent this!

BUMP

On October 21st, 2009 Furlough-Buzz says:

Stupid VOIP is down, I will have to call tomorrow. You need to call though, especially because I can't right now. Why are you still reading? CALL

Let's Keep this

On October 21st, 2009 E. Oregon 4 Ron says:

UP! Please take a minute and call your Senators today.

I'm curious

On October 21st, 2009 Sternzy says:

off topic, but this article was displayed on the DP front page when i first read it. I then refreshed the page and it said access denied, after that it seemingly disappeared from the DP for 24 hours, now here it is again. Did anyone else experience any difficulties with that?

I just posted this info again--because I had the same experience

On October 21st, 2009 E. Oregon 4 Ron says:

I posted on this last night, and then it just disappeared and I couldn't find it this morning. I tried to find it in 'My Comments' and it wasn't there.

Don't know but here's a bump!

On October 21st, 2009 Liberty_ Belle says:

Call your senators today!

*****
"I think we are living in a world of lies: lies that don't even know they are lies, because they are the children and grandchildren of lies." ~ Chris Floyd

Call your senator! Bump

On October 21st, 2009 DaisyFL says:

Call your senator!
Bump

Bump

On October 21st, 2009 Habit4ming says:

...business as usual...

Bump

On October 21st, 2009 OFallonBrent says:

Everyone please call their 2 Senators today and tell them to support S604 and not the watered down FRAA.

Just emailed this to my respective political body

On October 20th, 2009 rpwins says:

Your colleagues Senators Jeff Merkley (D-OR) and Bob Corker (R-TN) introduced "The Federal Reserve Accountability Act," an attempt to torpedo HR 1207/S 604 by passing a bill that prevents a full audit and full transparency of the Fed.

This despicable Fed Accountability Act is a wicked political maneuver designed to water down, hide,shield and by all means protect the secretive Fed to escape full accountability and fully open its books to the people of the United States.

As my Senator and State Representative, I urge you to demand full and thorough audit of the Fed rather than settle for this sham bill.

Thank you for your attention.

What we have is

On October 20th, 2009 rpwins says:

by far the worse Senate and Congress in years.The most corrupt, treacherous & deceptive crooks money can buy....except the very few like Dr.Paul.Things are going to change soon....

I think you're right. It is

On October 20th, 2009 BmoreBrawler says:

I think you're right. It is definitely a top 3 treacherous congress, along with Lyndon Johnson's congress and the one that rubber stamped Wilson(although Constitutionalism was probably far more alive then than it was in the other two);.

Update

On October 20th, 2009 OFallonBrent says:

Okay, here is the deal. I am not going to go into every detail we discussed, but here it is in a nutshell.

This is a Trojan horse. It is meant to be a distraction. Fast action can kill this thing before it gets anywhere.

Jim DeMint is coming out hard against this. There are likely to be some strong statements from other senators as well.

The C4L is mobilizing all of its resources, ie membership to stop this thing in its tracks.

What we are asking people to do is call their home Senator. If they have co-sponsored, thank them and tell them the FRAA (it has not been given a number yet) is unacceptable. If they have not sponsored S604 ask them to and explain the difference between the two.

It is very important they know we support an audit and not confuse the opposition to FRAA with support of S604. WE NEED TO BE VERY CLEAR ON THAT.

This is an huge priority for the C4L and is one reason we've been building our numbers, for emergency actions like this.

So, call your home Senators in DC and let them know how you feel about this attempt to thwart the will of the people.

Thanks for a good summary.

On October 20th, 2009 BeaReady says:

Thanks for a good summary. I was on the call but couldn't quite catch all through static. This is the first major attempt at watering down the true Audit, simply tossing a bone so they can claim support of transparency. One thing, it shows they are feeling the heat from us, otherwise no need for this trojan. Time to turn up the flame!

.
Trust in God, but tie your camel tight.

http://www.campaignforlib...
http://www.ohiofreedom.co...

THANK YOU

On October 20th, 2009 Furlough-Buzz says:

This needs it's own thread tonight. Big Deal, we have to get on the phone tomorrow guys.

Michael, please front page the call to action!

The wusses are already back pedaling

On October 20th, 2009 OFallonBrent says:

From the WSJ article:

UPDATE 6:30 PM: Sen. Corker, in an interview, said he views his bill not as a compromise but a “minimal step” in auditing the Fed. He said he’s awaiting negotiations by Mr. Paul in the House regarding audit legislation and might support what comes out of that. But he doesn’t want his bill viewed as an offer from the Senate to resolve those negotiations. “I went along with this bill because it was a Democrat willing to look at this audit,” he said. “This is at a minimum what I believe should occur.”

Sen. Corker said he hasn’t signed onto Senate bill 604, which mirrors Mr. Paul’s House version, because he doesn’t think the GAO should review the Fed’s development of monetary policy. But he supports audits of all Fed credit facilities, not just the emergency programs outlined in his bill. “I believe that all financial transactions that the Fed is involved in are perfectly legitimately auditable and should be,” he said. “I’m more than open to further audits.”

I was in

On October 20th, 2009 takeaction says:

a good mood tonight...and then this... Should it surprise me.....no.

This BS just never ends.

It really makes you just want to give up sometimes....but it only makes me stronger after a moment of doubt.

The two junior Senators are joining a movement?

On October 20th, 2009 palerider says:

They most certainly are not. They are trying their best to get themselves some glory and standing with all the good old boys while appearing to support a Fed audit. These are two more members of the Senate that either do not understand reality or don't fathom the principle of taking care of business. They both need to go..... NOW!

This is what Ron Paul has

On October 20th, 2009 knowmore says:

This is what Ron Paul has been warning us all about. What is his reaction or proposed action plan?

Time to hit this hard dailypaul

On October 20th, 2009 tog2476 says:

Those who expect to reap the blessings of freedom must. like men, undergo the fatigue of supporting it.-Thomas Paine

The R3volution requires action, not observation!!!!

bump

On October 20th, 2009 legalizeliberty says:

we should fire away thousands of phone calls emails faxes letters...let's surprise the Big Brother with our activist spirit.
________________________________________
"Long live eccentricity!
It is the willingness to do things differently
that allows the human race to progress."
-- Isabel Parlett

The conference call is at 9pm Central

On October 20th, 2009 OFallonBrent says:

I'll post here as soon as it is over.

Great

On October 20th, 2009 Furlough-Buzz says:

I'm looking forward to hearing the plan

Fight on til the results are correct.........................

On October 20th, 2009 highwithaltitude says:

"First they ignore you, then they laugh at you, then they attack you, then you win!"
GANDHI

Leave Senator Corker a voice mail.

On October 20th, 2009 jcr@mac.com says:

He's at 202-224-3344. I let him know in no uncertain terms that voting for s.604 is literally the least he can do if he's going to maintain any pretense of doing his duty under the oath he swore.

-jcr

His voicemail is full Let's

On October 20th, 2009 Ira Freeman says:

His voicemail is full Let's all call tomorrow, then tomorrow night again on his VM.

You Judge A Tree By It's Fruit, NOT its Flower

* Let’s do a quick Google

On October 20th, 2009 Jive_Dadson says:

Let’s do a quick Google audit of Merkley and Corker, and while we’re at it, Ron Paul.

Merkley’s largest single contributor ($214,000) is a PAC that allows contributors to earmark their money for individual congressmen. The effect is to mask the identities of the actual contributors. That is different from money laundering how?

In aggregate, since 2005 he has received $448,000 from lawyers and law firms, and $263,000 from securities and investment firms.

Corker has raked in $600,000 from lawyers and law firms, and $592,000 from securities and investment firms.

Let’s see how that stacks up against the originator of HR 1207, the original audit the fed bill.

Ron Paul has received $2000 from health care professionals, and $1000 from a real estate firm. That’s it.

The Merkley/Corker bill is the best legislation money can buy.

Hey Jive. That PAC is no doubt...

On October 20th, 2009 Michael Nystrom says:

a corporation!

Muhahhaahhaahahahaah!

Update

On October 20th, 2009 Jive_Dadson says:

I read that Corker is a real estate magnate. Hmmm. Fed bailouts and real estate. There couldn't possibly be a connection there, eh?

Since 2005, Corker has taken in contributions of $762,000 from real estate firms. Merkley has received $186,000 from the same sector.

As our dear friend henri would say ...

On October 21st, 2009 northstar says:

We're connecting the dots!

-
Show your support on the Ron Paul Map !
People worldwide support Dr. Paul too :-)
http://www.pollingmatrix....

Nice angle

On October 20th, 2009 scdecade says:

Bought and paid for. Stay on 604.

You're the man

On October 20th, 2009 Furlough-Buzz says:

Major campaign against these two using info in Jive's post

I am waiting for my C4L update via the Dailypaul

Sorry, but there will be no

On October 20th, 2009 AntiFed1791 says:

Sorry, but there will be no compromise while the thieves have daggers at our throats. They have robbed us, are robbing us and will continue to rob until we stop them.

Bullshit. We knew this was

On October 20th, 2009 BillyBoy says:

Bullshit. We knew this was coming. Should we call their offices in force?

I called..

On October 20th, 2009 jcr@mac.com says:

And you might say I was forceful. ;-)

-jcr

Thank you. May the force be

On October 20th, 2009 Ira Freeman says:

Thank you. May the force be with you!!!!

You Judge A Tree By It's Fruit, NOT its Flower

Wait for the action plan

On October 20th, 2009 Liberty_ Belle says:

after the conference call...we should know shortly after!

*****
"I think we are living in a world of lies: lies that don't even know they are lies, because they are the children and grandchildren of lies." ~ Chris Floyd

of coarse....no wonder they

On October 20th, 2009 troyusaguy says:

of coarse....no wonder they have been stalling. I guess this is better than bombing more buildings to divert the bill.....

Thanks, will wait for the action plan!

On October 20th, 2009 Liberty_ Belle says:

"The call will detail a plan of action to counter this new bill.
I will let everyone here know what to do after the call is over."

******************
"I think we are living in a world of lies: lies that don't even know they are lies, because they are the children and grandchildren of lies." ~ Chris Floyd

Bob Corker is bought and paid for

On October 20th, 2009 BigT says:

by the bankers.

He is their evil spawn.
All of Tennessee regrets the day he ever took office.
We call him "Bailout Bob".
He was leading the charge to bail out the bankers.

Of course nearly every one of his top 10 campaign contributors were Wall St bankers.

He's so deep in their pocket, he'll never see daylight again.

Sounds like an opening for a Senator in Tennessee.

On October 20th, 2009 jcr@mac.com says:

When does that sellout SOB come up for re-election? Does Tennessee have a recall process?

-jcr

He was elected in 2006

On October 20th, 2009 BigT says:

so he's not up for re-election till 2012.
That's why they are using him, because it's a lower risk to his re-election when it's that far off.
He's on the banking committee too.

Keep your head up!

On October 20th, 2009 jgar says:

Call your reps and tell them not to support this bill, but to demand Ron Paul's Bill.

I was planning to be sober today...

On October 20th, 2009 legalizeliberty says:

but this news is so depressing...
________________________________________
"Long live eccentricity!
It is the willingness to do things differently
that allows the human race to progress."
-- Isabel Parlett

Sad to see

On October 20th, 2009 xenoclone says:

that Merkley is already acting corrupt, given he's brand new on the job. His competition in the democratic primary was so bad, he really got an undeserved election.

There is nary a pause before

On October 20th, 2009 Michael Nystrom says:

There is nary a pause before the pigs thrust their heads into the feeding trough of the US Congress.

Who wants to bet that this gets a vote with 2 sponsors

On October 20th, 2009 ODell Equip says:

and then a companion House version with 1 or 2 sponsors gets a vote?

"What was taken from the boomers, it ain't there, what was taken from the X'ers it ain't there, what is being taken from their great, great, great squared grandchildren it ain't there. Some generation just has to have the guts to quit passing it on." Me

The reconciliation of the house & senate versions

On October 20th, 2009 Michael Nystrom says:

will go something like this:

[W]hen you’re looking at the process by which any bill gets passed into law, on the House side at least there are only a few people who really matter. Those people are the majority leader, the chairman of the relevant “committee of jurisdiction” (i.e. Energy and Commerce for the oil industry, Financial Services for Wall Street firms, etc.), the chairman of the Rules Committee, the chairs of the House-Senate conference committee, the House Speaker and perhaps a few other members of the conference committee.

These people are important because this small group can essentially ram a bill into law all by themselves. If you control all of these seats, you control every space on the congressional Monopoly board within which the bill can be written or altered unilaterally.

There are four main way stations on the road to a bill’s passage. There’s the committee of jurisdiction, where the bill, after being introduced, goes through what is called a markup process. In a markup, the committee decides what goes in the bill and what does not. The markup process is supervised by the committee chairman. Theoretically the markup process is put to a general vote by the committee, but in this Congress the reality is that the chairman puts in what he wants and chucks what he doesn’t want out the window.

Continue:

http://www.dailypaul.com/...