Daily Paul Liberty Forum

Friday, Nov 20, 2009 04:21 PST

The Washington establishment suffers a serious defeat
By Glenn Greenwald

Something quite amazing happened yesterday in Congress: the House Finance Committee -- in a truly bipartisan and even trans-ideological vote -- defied the banking industry, the Federal Reserve, the Democratic leadership, and mainstream Beltway opinion in order to pass an amendment, sponsored by GOP Rep. Ron Paul and Democratic Rep. Alan Grayson, mandating a genuine and probing audit of the Fed. The Huffington Post's Ryan Grim has the best account of what took place, noting:

In an unprecedented defeat for the Federal Reserve, an amendment to audit the multi-trillion dollar institution was approved by the House Finance Committee with an overwhelming and bipartisan 43-26 vote on Thursday afternoon despite harried last-minute lobbying from top Fed officials and the surprise opposition of Chairman Barney Frank (D-Mass.), who had previously been a supporter.

Grim details how key Committee Democrats such as Frank -- who spent the year claiming to support an audit of the Fed in the face of rising anger over its secret and bank-subservient policies -- suddenly introduced their own amendment (sponsored by Democratic Rep. Melvin Watt) that would have essentially gutted the Paul/Grayson provisions. Banking industry and Fed officials, as well as the Democratic leadership, then got behind that alternative provision as a means of pretending to support transparency while protecting the Fed from any genuine examination. Notwithstanding the pressure exerted on Committee Democrats to support that watered-down "audit" bill, Grayson convinced 15 of his colleagues to join with Republicans to provide overwhelming support for the Paul/Grayson amendment. As Grim notes:

[Frank] urged a no vote, yet 15 Democrats bucked him, voting with Paul. Key to winning Democratic support was a letter posted early Thursday from labor leaders and progressive economists. The letter, organized by the liberal blog FireDogLake.com, called for a rejection of the Watt substitute and support for Paul.

"Today was Waterloo for Fed secrecy," a victorious Grayson said afterwards.

Continue

Updated on October 2, 2009

On record so for on thomas: http://thomas.loc.gov/cgi...

Title: A bill to amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes.

Sponsor: Sen Sanders, Bernard [VT] (introduced 3/16/2009) Cosponsors (30)
Related Bills: H.R.1207

Updated on November 20, 2009

On record so far on thomas: http://thomas.loc.gov/cgi...

Title: To amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes.

Sponsor: Rep Paul, Ron [TX-14] (introduced 2/26/2009)
Co-sponsors (313)
Latest Major Action: 2/26/2009 Referred to House committee. Status: Referred to the House Committee on Financial Services.

I know there are many Glenn Beck fans on this Ron Paul forum. But you would do well to understand that GB trashed Dr. Paul and his supporters along with David Horowitz when Ron Paul's candidacy was threatening the status quo.

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A similar thread was originally started by MashTheGas but I guess it was lost with the server crash. It lasted a few weeks with a few hundred responses.


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original thread found nov 8 09 ~
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