Video: Ron Paul Updates Supporters on HR 1207

"The meeting was opened with an introduction by Campaign for Liberty's own Michael D. Ostrolenk, the primary organizer of the meeting, followed by a discourse on the Federal Reserve and HR 1207 by Paul-Martin Foss, Legislative Assistant to Congressman Ron Paul.

Mr. Foss explained that the crucial issue of Federal Reserve transparency requires an analysis of 31 USC 714, the section of US Code which establishes that the Federal Reserve may be audited by the General Accounting Office (GAO), but which establishes severe restrictions on just what the GAO may in fact audit. Essentially the only thing the GAO is allowed to audit are check-processing, currency storage and shipments, and some regulatory and bank examination functions, etc. The most important matters, which directly affect the strength of the dollar and the health of the financial system, are immune from oversight.

The four major areas to which GAO may not have access are:

(1) transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization;
(2) 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
(3) transactions made under the direction of the Federal Open Market Committee; or
(4) a part of a discussion or communication among or between members of the Board of Governors and officers and employees of the Federal Reserve System related to clauses (1)-(3) of this subsection.

HR 1207, The Federal Reserve Transparency Act, would eliminate these restrictions and mandate a GAO audit of the Fed to be completed by the end of 2010.

The meeting was then opened up for questions and comments by Dr. Ostrolenk. Attendees asked Mr. Foss questions regarding congressional support for the bill (it now has over 40 co-sponsors), media attention (Ron Paul and Campaign for Liberty being at the forefront of promotion), and congressional opposition (no open opponents of the bill so far). Joe Seehusen commented that an audit of the Fed would bring it into the light of public scrutiny, and that these "giant baby steps" would clear the way for greater freedom.

As Mr. Foss explained to the attendees of the briefing: all it takes is one audit to blow away this cloud of secrecy and wake up the American people to the Fed's malfeasance. It is important to understand that whether you support the abolition of the Federal Reserve as Congressman Paul does, or think that the Federal Reserve has a useful role to play in management of the economy, it should concern people on both sides of the issue that the Federal Reserve is able to wield such an enormous amount of influence over monetary policy, the financial sector, and the economy in general with essentially no oversight.

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Please help us in our efforts to bring a legitimate audit to the Federal Reserve: click here to encourage your Representative to cosponsor HR 1207. You can also find brochures and petitions to spread the word about HR 1207 in our fliers section."

The Audits of the Federal Reserve has begun, make SURE this goes on youtube and every one of your congressman supports this bill!!
http://www.campaignforliberty.com/blog.php?view=14331

Folks this is it the FEDERAL RESERVE continually acts against the people as a de-facto fourth branch of government - We MUST expose how the Federal Reserve works with no further cover-ups!

Only then will the groundswell of support come to abolish this incredibly toxic experiment once and for all, GET THE MESSAGE OUT!!!

We can stop the power mad CFR through the power of the people!!

I wrote to my state's representative (Republican Vern Ehlers) to urge him to support H.R. 1207. This was his (non)reply:

Thank you for taking the time to contact me about the Federal Reserve (Fed) and the Federal Reserve Transparency Act of 2009 (H.R. 1207). I appreciate knowing your thoughts.

The Fed was created by Congress in 1913 as an independent federal agency to serve as the central bank for the United States. The primary role of the Fed is to formulate the monetary policy for the United States which includes increasing and decreasing the money supply and controlling interest rates to achieve a healthy economic picture for the entire country. By doing this, the Fed is able to alter the availability and cost of money and credit.

The Fed is charged with negotiating and achieving sustained price stability and trying to control inflation. To do this, the Fed targets what is known as the "federal funds rate" which changes the amount of reserves available for lending in the banking system. In the long run, inflation (increases in the general level of all prices) is a natural occurrence. By changing these rates, the possibility of inflation can be diminished.

However, managing monetary policy is not an exact science, and it is subject to many opposing economy theories. The Fed tries to keep the economy operating at an output level consistent with a low rate of inflation. Therefore, it seeks a level of interest rates that will promote economic growth.

By law and practice, the Fed is accountable to Congress. The seven members of the board are appointed by the President with the advice and consent of the Senate. Congress routinely monitors the Fed through formal and informal oversight activities. The Fed reports to Congress twice yearly on its monetary policy, including rate changes, in oversight hearings in February and July as originally required by the Federal Reserve Reform Act.

The bill you mentioned would require an audit of the Federal Reserve be conducted by the end of 2010 and delivered to Congress. This bill has been referred to the Committee on Financial Services for review.

Thanks again for contacting me. As Congress reviews actions taken by the Fed and considers our economic and monetary policy, I will keep your views in mind. With best wishes, I am

Sincerely,

Vernon J. Ehlers
Member of Congress

Yes, we need to call Congress to get support for this audit.

Detective Krum Investigates:
http://victory1project.wordpress.com/
http://v1-p.com/

I've heard from some posters that their representatives don't even know anything about this bill. I even watched an interview with a Republican rep. on Cavuto who was asked if he supported RP's bill H.R. 1207 the other day. His response was that he hadn't heard about the legislation and wouldn't comment on it until he had a chance to read it. If someone knows who I'm referring to then please post it. He was being interviewed about the AIG bonus'. I think we need to go about this like our reps. still don't know about the bill. If you called once, call again, until you get an answer and a confirmation. It would be helpful if we could make a list of people who have flat out said they wouldn't support it and talk to those who already co-sponsored to talk to their peers on the hill.
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____________________________________________
"Make the lie big, make it simple, keep saying it, and eventually they will believe it." -- Joseph Goebbels

I love watching the list grow

Ron Paul is my President

I'm just curious about what will compel the Fed to follow the mandates should this bill happen to pass. Could they fail to comply just as Rove and Co. fail to show up for their subpoenas?

Thank the ones who are on and bug the others.

Rep Abercrombie, Neil [HI-1] - 2/26/2009
Rep Akin, W. Todd [MO-2] - 3/19/2009
Rep Alexander, Rodney [LA-5] - 3/10/2009
Rep Bachmann, Michele [MN-6] - 2/26/2009
Rep Bartlett, Roscoe G. [MD-6] - 2/26/2009
Rep Blackburn, Marsha [TN-7] - 3/16/2009
Rep Broun, Paul C. [GA-10] - 2/26/2009
Rep Buchanan, Vern [FL-13] - 3/17/2009
Rep Burgess, Michael C. [TX-26] - 3/19/2009
Rep Burton, Dan [IN-5] - 2/26/2009
Rep Castle, Michael N. [DE] - 3/17/2009
Rep Chaffetz, Jason [UT-3] - 3/6/2009
Rep Deal, Nathan [GA-9] - 3/23/2009
Rep DeFazio, Peter A. [OR-4] - 3/9/2009
Rep Duncan, John J., Jr. [TN-2] - 3/6/2009
Rep Fleming, John [LA-4] - 3/18/2009
Rep Foxx, Virginia [NC-5] - 3/10/2009
Rep Franks, Trent [AZ-2] - 3/23/2009
Rep Garrett, Scott [NJ-5] - 3/5/2009
Rep Grayson, Alan [FL-8] - 3/11/2009
Rep Heller, Dean [NV-2] - 3/6/2009
Rep Jones, Walter B., Jr. [NC-3] - 2/26/2009
Rep Kagen, Steve [WI-8] - 2/26/2009
Rep Kingston, Jack [GA-1] - 3/6/2009
Rep Lummis, Cynthia M. [WY] - 3/19/2009
Rep Marchant, Kenny [TX-24] - 3/11/2009
Rep McClintock, Tom [CA-4] - 3/6/2009
Rep McCotter, Thaddeus G. [MI-11] - 3/19/2009
Rep Peterson, Collin C. [MN-7] - 3/19/2009
Rep Petri, Thomas E. [WI-6] - 3/10/2009
Rep Platts, Todd Russell [PA-19] - 3/19/2009
Rep Poe, Ted [TX-2] - 2/26/2009
Rep Posey, Bill [FL-15] - 2/26/2009
Rep Price, Tom [GA-6] - 3/10/2009
Rep Rehberg, Denny [MT] - 2/26/2009
Rep Rohrabacher, Dana [CA-46] - 3/6/2009
Rep Sessions, Pete [TX-32] - 3/23/2009
Rep Stearns, Cliff [FL-6] - 3/6/2009
Rep Taylor, Gene [MS-4] - 3/6/2009
Rep Wamp, Zach [TN-3] - 3/16/2009
Rep Woolsey, Lynn C. [CA-6] - 2/26/2009
Rep Young, Don [AK] - 3/6/2009

support from any Ohio members of Congress. I wonder why the House Minority leader hasn't co-sponsored this bill yet....or any of the other so called "party leaders" for that matter...I won't hold my breath for any of them to come around.

It's up to 42 cosponsors:

http://thomas.loc.gov/cgi-bin/bdquery/z?d111:HR01207:@@@P

and one step at a time.

What is the Federal Reserve?- seems like a question that has never been answered since the T.A.R.P (Troubled Assets Relief Program) funds were handed out in such a hurry before Bush left office.

How does the system work without transparency? Is the approval of congress - a joke! or, is it required when money is created out of thin air?

If private unelected bankers can create money, at will, for so long, why can't they just play nice with themselves and trust each other?

Do the taxpayers deserve this (the bailing out of toxic assets) when bankers can't play nice with each other?

What kind of system did they use in Iraq before they were liberated by freedom loving constitutional law abiding taxpayers?

Who owns the fruits of ones labor and how should it be appropriated and by whom? Hmmm.

it's more like "audit the fed to end the fed"

we dp'ers want to end the fed

our best shot of convincing the sheeple of our cause is to show them what the fed's up to. force the red pill down their throats and they won't look back.

Ron Paul is saying to keep the fed, but make it transparent: This is what he said on Beck, "PAUL:....because for a long time, I have been saying we need more transparency of the Federal Reserve because they were creating the bubble."

He said transparency... I thought he was saying to end the fed... that is whqat my Ron Paul magnet says... It doesn't say "Make the Fed Transparent" Ron Paul...

Tim
GOLD

bump