Ron Paul's 'Audit-The-Fed' Swan Song Passes House, Unlikely To Pass Senate

Tyler Durden's picture

When Paul first introduced his bill a decade ago, it was written off as another piece of his far-flung libertarian worldview is how Politico juxtaposes today's (now successful) vote on Ron Paul's Fed Transparency Bill. "I want to appreciate and congratulate Dr. Ron Paul for his tireless pursuit of openness and transparency," said Rep. Jason Chaffetz (R-Utah). "Without his leadership, we wouldn’t be at this point today." Via Bloomberg:





Via Politico:

“I’m pleased. It’s something I’ve worked on for a long time, and it’s a good first step,” Paul told POLITICO. “It’s coming to the floor as a response to the American people, because I don’t have a whole lot of clout around here.”


Paul really doesn’t want this bill to be treated as his swan song in Congress, but to some extent this vote represents a coda to an eccentric congressional career. Paul’s movement has always been stronger outside the Capitol than inside it, yet the fact that at least one of his ideas is starting to break through shows that he may still have some clout on the national stage, even if he’s leaving the congressional payroll and ditching his presidential runs.


And even though a return to the gold standard, legalization of drugs and abolishing the Federal Reserve remain pipe dreams, Paul believes the traction on his Audit the Fed bill does validate his grass-roots, populist approach to monetary policy.


“I like to think of it more as verifying that my approach is a little bit different than just becoming a powerful player and having an influence, versus really changing people’s minds,” he said. “Events have also brought it about because these last five years have been so important to the economy. If the crisis hadn’t hit, I don’t think I could have gotten as much attention.


“Government reflects the people, sometimes that happens slowly,” he said. “When the American people get upset, Congress listens.”

and some useful comments from the opposers of the bill...

Never mind that the Fed audit is dead in the Senate — Majority Leader Harry Reid’s office has said he won’t bring it up.


There are still many Democrats who aren’t convinced, like Rep. Emanuel Cleaver (D-Mo.). “There is an audit of the Fed done every year. It’s not what Dr. Paul prefers, but I think the public has been misled in believing there’s no accountability. That’s not accurate,” Cleaver said. “I do think there are times when members will vote for something they don’t normally like as a tribute to members that are departing. Some of that may happen.”


And Hoyer said no matter how many Democrats are co-sponsors, he still thinks the bill is bad policy — and he’s urging Democrats not to support it.


“Whatever the motivation is, and however broad the sponsorship is, my own view is that it’s bad policy,” Hoyer told reporters on Wednesday. “It will undermine the independence of the Federal Reserve and will, therefore, undermine the competence in the Federal Reserve, which plays a significant role in stabilizing the economy and addressing the creation of jobs.”

and the full roll-call...

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lolmao500's picture

Good thing Harry Reid (who controls the senate) stole the election uh? (Remember, his SON ran the electronic voting machines in the state and before power went down, Reid was LOSING by quite a lot and... BOOM, power goes out, when it goes back on, Reid is winning... what a coincidence!)

Trillions of $$$ and thousands of corrupt banksters on the line... if you think they wouldn't rig an election over it, you're lying to yourself.

Precious's picture

One inept part of government investigating yet another part.  That ought to be effective.

Muppet of the Universe's picture

Look at your Illuminati Card Deck bro.  RP's in there right up alongside Alex Jones.  & you know what?  R.P just doesn't do it for me anymore.

He can't kick it, like FA Hayak smashes it.

hedgeless_horseman's picture



The Emperor: [laughing] Perhaps you refer to the emminent vote of your audit bill? Yes, I assure you, we are quite safe from your friends here.

TruthInSunshine's picture

I eagerly await the reconciliation and passage of this legislation by the Senate, and then the signing of it into law by President Obama, with strong support from former President of the New York Branch of the Non-Federal Reserve-less Non-Bank and current esteemed Treasury Department Secretary, Timothy Franz Geithner.




RSloane's picture

Learn to pass the good shit around the room will ya, Truthy?

12ToothAssassin's picture

IF this ever see's Abama's desk (and thats a big IF) it will then hit the brick wall of national security where it will die.

MillionDollarBonus_'s picture

I've just got back from a meeting with a prominent committee of Occupy Wall Street activists. After a lengthy discussion and much thought, we decided that we will NOT be supporting this bill. The reasoning behind this decision is that the Federal Reserve does an important job regulating the financial industry, and we feel that any negative attention might damage this institution's ability to continue to do important regulatory work. In addition, the Federal Reserve is unable to pursue it’s dual mandate objectively if congress is interfering with their decision process and loonies like Ron Paul are constantly scrutinizing their every action. 

DaveyJones's picture

and auditing an entity that services numbers and money is a dumb idea anyway

SheepRevolution's picture

Here is Harry Read, defending an audit of the Fed:


Spread it!

AldousHuxley's picture

This is just political posturing.....making them look like they are fixing something to get re-elected while not accomplishing much




There is no need for audit. Fed is public about QE1,2,X and ZIRP until 2014, and now LIBOR.

Independence my ass. they are already politicized.



The Gooch's picture

Awareness is a damn good start.

Seems to be a lot more of that lately.

Bicycle Repairman's picture

Hey Ron, thanks for the memories.  Have fun in your retirement.

<pomp and circumstance plays in background>

lolmao500's picture

What about get on the rooftops bitchez?

petolo's picture

You are  the real loon and i can refer you to a good taxidermist. Put it on my JPM Mastercard.

MeelionDollerBogus's picture

LulZ - regulatory ... dual mandate ...

dual penetration is more like it.

OWS - MDB - lulz

oh, try harder MDB, try harder


HoofHearted's picture

We should all send Harry Reid a piece of rope with the note, "Audit the Fed"

But he's so much of a dumb ass he probably wouldn't understand it.

AldousHuxley's picture

Occupy Boston.....

Protest at Federal Reserve Bank of Boston


next time bring molotov and burn that shit down along with fat pension pigs.


This is what boston pigs look like anyway....nazis

NoClueSneaker's picture

Ed Markey voted "nay". He like FB, AAPL or NFLX.... :-(


Dunno, me pissed.

strannick's picture

Ron Paul. George Washington and the Republic that was America salut you.

Daily Bail's picture

Ron Paul Takes A Victory Lap Around The New York Fed While Crowds Chant: "End The Fed!"

This is a pretty awesome clip.  Fuck Harry Reid, can't we at least celebrate for a few minutes.

AldousHuxley's picture


Rockefeller scared of Ron Paul when he hears of him for the first time


Rockefeller doesn't know about Ron Paul???

NoClueSneaker's picture

Inbreeding made them authistic. Who TF is a Rockefeller ? Any contributions except sadism ?

HarryM's picture

Would make the LIBOR scandal look like a girlscout cookie sale

Abiotic Oil's picture

I'd be more concerned with the "Combined Disasters" card showing Big Ben exploding, with the Olympics and all.  The events at the Twin Towers and Pentagon were correctly predicted in the artwork on the cards "Terrorist Nuke" and "Pentagon" along with a bunch of other frighteningly prescient pictures.

Buckaroo Banzai's picture

Big Ben exploding? You don't say. What time does Big Ben read here, at the 10 second mark?


Muppet of the Universe's picture

Now all we need to do is get some bets going on Intrade!!  ANY TAKERS?  PM me! 2.5k says Big Ben gets bombed/planed/dissapeared.

AldousHuxley's picture
From Dictatorship to Democracy


Gene Sharp


read it

12ToothAssassin's picture

9:12? Are you implying that to be September of 2012?

yrad's picture

And down goes the market! Funny stuff...

Blankenstein's picture


Bro I hope you aren't a Fed/Squid/Morgue troll just joining (2 weeks) to put up anti Paul propaganda in the guise that he is part of TPTB.  With the Senate vote coming up and the election in November it makes one wonder.

FreedomGuy's picture

You are kidding, right?

If Ron Paul is part of a grand conspiracy then Jesus works for Beelzebub.

55 men's picture

Dr Paul should have the senate bring this to the floor on Dec. 24th while everyone is home for christmas...... who knows, it worked once before.

fockewulf190's picture

Perhaps only 1% of Americans are going to write in for Ron Paul come election day, but I for one am going to be proud to be a member of the 1%.

Obama or Romney at the helm will bring utter disaster. Keep stacking.

DaveyJones's picture

while I admire his efforts, both parties must be destroyed before any meaningful healing. Why do we trust any entity to forward our interest when, by definition, their loyalty is to forward something else first. They have also proven over and over to be nothing more than a criminal arm of the multinationals  

mbarido's picture

Here in Texas, unless at least one third party candidate gets on the November Ballet as a write-in, it is over, Texans will be unable to write in Ron Paul. Per county voting officials

Make no mistake, no write-in, no vote by me.  I am 60 (July 26, 1952) tomorrow and I have voted every general election since I could first vote at 20 (oversseas absentee twice)

No write-in for the only man that has any idea of the constitution or sound money, and I am out of here quickly.

jerry_theking_lawler's picture

texas succession?? please, and bring the rest of the 'red' states with you....

mbarido's picture

Posted twice - still do not have the hang of editing my text properly

Buckaroo Banzai's picture

Actually it's worked a bunch of times before.

55 men's picture

I had a feeling somebody would say that....i was trying to be specific to a perticular date but i am sure you understood what I meant...nice catch though.

Troll Magnet's picture

yeah but then mr. goldman sachs himself (obama) still has to sign it.  

HardAssets's picture

"Dr Paul should have the senate bring this to the floor on Dec. 24th while everyone is home for christmas...... who knows, it worked once before."

Wrong time to go around the evil-ones-in-charge when theyre distracted . . . . better to bring the bill up on Halloween.

SMG's picture

I was a believer in the Ron Paul Revolution for a while, but have since come to the conclusion he was nothing more than a lighting rod to divert any real opposition to the Oligarchy.

Same old distractionary tactic "Oh the bill was so close, but those darn Senators wouldn't pass it".   Enjoy the puppet show peasants.

At least he did educate some, but alas too many people prefer their iCrap, and Dancing with the Muppets.

Somebody has too step up soon, or all us peasants will suffer dearly for our neglet of our country.

Who will it be? Maybe you?



BLOTTO's picture

***For information:

 (You guys make up your own mind)

1. Doug Wead was Paul's 'senior campaign adviser'

Doug Wead has been a highly influential adviser of many Republican Presidents and hopefuls, going back all the way to Ronald Reagan. His main sponsors, however, have been the Bush Family. He has worked for them between 1984 and 2000. His most senior position was that of Special Assistant to President Bush Sr.

TIME magazine called Wead an insider in the Bush family orbit and "the man who coined the phrase 'Compassionate Conservative.' (wikipedia)

On june 5th Doug Wead wrote on his blog: "What was behind the broken bones, hysteria and bruised egos at last weekend's Louisiana State GOP Convention?  Why the attacks on legitimately elected Ron Paul delegates?   Don't the Romney folks get it?  Don't they want to win in November?  Don't they want and need the youth vote?  Hispanics?  Independents?  Even, the Democrats, that Ron Paul is attracting to the party?"

In short: the Paul Campaign is a Republican Campaign masquerading as 'Liberty Movement' and attracting the disenfranchised into the party for Romney. According to the highly influential GOP insider and Paul Campaign Adviser Doug Wead, anyway.


2. Ron Paul willingly and knowingly allows massive vote fraud.

The scale of this fraud is massive. It's so bad it might have actually cost him the nomination.

According to Dave Hodges on Farm Wars, "Even the New York Times admitted that the Republican Primaries in Iowa and Maine were stolen away from Ron Paul. Ron Paul was undoubtedly winning the Republican Primary in the early days.  However, as the nomination continued to be stolen, and the will of the people was being usurped, Ron Paul remained silent to this grand theft of the nomination process. Even in Louisiana, as Ron Paul was winning, the Louisiana Republican leadership, controlled by Mitt Romney minions, stole the Paul delegates and gave them to Romney and then proceeded to beat up and evict the Ron Paul delegates when they protested. Meanwhile, Ron Paul chastised the dissenters and admonished his followers to be polite."

Considering the enormous momentum that the Paul rallies showed, there is every reason to believe that Paul was actually the front runner in these primaries. Why did he allow the blatant and massive vote fraud? Why did he avoid the risk of winning?


3. Why do people say Paul is a 'Peace Candidate'?

Not only is he lying through his teeth about 9/11 and thus enabling the Empire in the Middle East, we can see how he feels about the Empire through his budget. Just look at his Restore America budget. Therein you will find, out of a trillion dollars worth of cuts, a paltry 15% will be taken from the pentagon, while 63% cuts will be made to food assistance, and 35% medicaid or -- 22% to life sustaining entitlement cuts across the board overall. Clearly, Paul values the financial viability of the empire's war apparatus more than he does for "useless eaters".

He will do away with food stamps for the poor during a depression with 22% unemployment, as a mere statist corruption of the free market, but he will continue the 500 billion Raptor Stealth fighter and all the other insanity that the US Army is feared for. It is exactly this kind of thing that gives Libertarians a bad name.


4. The Romney betrayal was planned long ago.

Analyses of the GOP debates show that in 20 GOP debates Ron Paul attacked Romney's rivals 39 times while never assailing Romney even once.

The above quote by Doug Wead is another case in point.

Just a month ago "Former Ron Paul staffer Lew Rockwell says that talk of an alliance between Mitt Romney and Ron Paul is an "establishment trick" to smear Paul by making him appear as a sell out."

Yet many people out there still cannot believe they obvious: they have been taken for a ride.


***I dont trust any of them - sorry and it is sad - but thats where the fuck they have lead me to, to - distrust them ALL. How can one not? HOW many more times we going to get duped?

Where is our REAL one (1) GOOD 'White Wiazard' we can really believe in?

knightowl77's picture

Of the things you mentioned, only DEFENSE is constitutionally mandated...welfare, food stamps, and life sustaining assistance are NOT legal under the Federal Government. Instead they have come under federal purview by stealing power and authority from the states, which is where those programs belong