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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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Wed, 07/25/2012 - 15:23 | 2650422 Northeaster
Northeaster's picture

Great site:

They email your comments to your House and Senate Reps. for you. It's also interesting to see how others vote around you. Even better, it works! Sen. Brown's Office called me to clarify an issue I commented on.

Wed, 07/25/2012 - 15:30 | 2650458 earleflorida
earleflorida's picture

Elizabeth Warren is a no-brainer!

fuck Brown!!!

Wed, 07/25/2012 - 15:39 | 2650486 SoNH80
SoNH80's picture

Fake-a-hontas? Are you kidding?


Wed, 07/25/2012 - 16:22 | 2650640 Northeaster
Northeaster's picture

Not sure what Warren had to do with my comment or this thread. All I was doing was pointing to a viable option for Americans, registered voters or not, to write their CONgressional Representives on issues that are important to them.

If Warren beats Brown, you will be afforded the same opportunity through that site.

Now, since I think we're all fucked anyways by a completely corrupt CONgress, so far it is the only peaceful way to be heard. I would say go vote, but The United States has arguably the worst voter turnout in the free world, not representative of a true Republic.

Wed, 07/25/2012 - 15:23 | 2650424 apberusdisvet
apberusdisvet's picture

The Fed (and Fort Knox) will be audited when Corzine is getting butt-fucked by Bubba and Guido in prison.


Don't hold your breath

Wed, 07/25/2012 - 15:24 | 2650425 Dr. Engali
Dr. Engali's picture

The conspiracy side of me thinks this might pass the senate as it's all part of a bigger planned take down.

Wed, 07/25/2012 - 15:37 | 2650479 centerline
centerline's picture

+1.  The goal of TPTB may actually be the dismantling of the Fed.

Wed, 07/25/2012 - 15:58 | 2650555 12ToothAssassin
12ToothAssassin's picture

The Fed's charter is up in 2013, no?

Wed, 07/25/2012 - 16:24 | 2650592 Dr. Engali
Dr. Engali's picture

No that is a myth.


I recommend readling The Creature from Jekyll Island by G.Edward Griffin. It is very well written and it lays out the history of the fed.

Wed, 07/25/2012 - 15:24 | 2650428 orangedrinkandchips
orangedrinkandchips's picture








Wed, 07/25/2012 - 15:24 | 2650431 Little John
Little John's picture


Wed, 07/25/2012 - 15:42 | 2650484 ParkAveFlasher
ParkAveFlasher's picture

ron paul, bitchez

Wed, 07/25/2012 - 15:46 | 2650502 ZeroAvatar
ZeroAvatar's picture

Audit, Bitchez!

Wed, 07/25/2012 - 15:27 | 2650447 orangedrinkandchips
orangedrinkandchips's picture



Ok....QE3, rates at negative for the next generation...


tough shit...


Ben shot his wad.....

Wed, 07/25/2012 - 15:29 | 2650454 Laughinggrizzley
Laughinggrizzley's picture

Fuck Harry Reid! Bring out the guillotines!

Wed, 07/25/2012 - 15:30 | 2650456 madcows
madcows's picture

look at the republican split vs. the democrat split.


you can bet it will fail in the senate.

Wed, 07/25/2012 - 15:31 | 2650461 Hype Alert
Hype Alert's picture

The dems really don't want the free money machine audited.   Hmmm

Wed, 07/25/2012 - 15:31 | 2650462 Overfed
Overfed's picture

Just think, we coulda had Ron Paul for prez. But noooooo, the stupid fux in this country want Romoney or O'bomb-a.

Wed, 07/25/2012 - 15:46 | 2650505 Hype Alert
Hype Alert's picture

Media wouldn't allow it.  Make that the status quo wouldn't allow it.  Nothing will change the path we are on.

Wed, 07/25/2012 - 15:54 | 2650544 blunderdog
blunderdog's picture

You mean the stupid fux running the Republican primaries?  Shit, "the people" don't even get to vote for him if he can't get on the ticket.

Wed, 07/25/2012 - 15:34 | 2650470 LouisDega
LouisDega's picture


Wed, 07/25/2012 - 15:33 | 2650471 ZippyBananaPants
ZippyBananaPants's picture

Adam 'look at my dick' Johnson, Bloomberg, has got to be the biggest idiot on the network.  Why do we have to watch this?

Wed, 07/25/2012 - 15:34 | 2650473 adr
adr's picture

One person throwing a pebble at a guy won't even cause him to flinch. A few thousand people throwing pebbles at once can cause some damage.

On another note, WTF IS GOING ON WITH CRUDE OVER THE LAST FEW DAYS? Or is a $85-$90 intraday multiple swing trading range supposed to be normal?

After this we need the Ron Paul "audit every hedge fund bill", the Ausidt Apple Bill", and why not the "Audit the entire governmental corporate economic complex bill".

What we would find is that the entire economy is a fraud.

Wed, 07/25/2012 - 15:37 | 2650481 LoneStarHog
LoneStarHog's picture

The list of Nays reads like an uncleaned OUTHOUSE! Eff every damn one of you Marxist/Commies!

Wed, 07/25/2012 - 15:42 | 2650490 JLee2027
JLee2027's picture

The House of Reprentatives are the direct wishes of the American People and the Senate are two appointees from the state legislature to represent the interest of that State. At least that's how the Constituion originally had things until Senators became elected with the 17th Amendment.

It's too bad the crooks have fouled things up so badly that the Senate can foil the American people. 

Wed, 07/25/2012 - 15:43 | 2650494 ebworthen
ebworthen's picture

The banks bought and paid for lackeys (CONgressional "Representatives") will never allow the Central Bank caretaker rock to be lifted on the vermin of Wall Street.

Wed, 07/25/2012 - 15:46 | 2650504 Snakeeyes
Snakeeyes's picture

Yes, let bernanke drive yields down to the point where everyone suffers. Like -1.50 REAL yields on 5 year Treasuries!

Wed, 07/25/2012 - 15:47 | 2650511 fatlibertarian
fatlibertarian's picture

Does anyone honestly believe that Harry Reid is worried about financial stability? If he is, then when is he going to support cutting spending? Because that leads us directly toward financial instibility. He must get money from the banks. There's a reason why Obama and Romney are both bankrolled by the same major banks and Ron Paul is not, and this is the reason.

Wed, 07/25/2012 - 16:02 | 2650566 ebworthen
ebworthen's picture



Harry Reid and his ilk on both sides of the aisle care about the following:

  1. Their genitals.
  2. Their bowel movements.
  3. Their personal bank accounts.

Yes, that's it.

Wed, 07/25/2012 - 15:48 | 2650514 TuffsNotEnuff
TuffsNotEnuff's picture

Democrats want to win in November ???

All Reid has to do is call this up for a vote and pass it.



Wed, 07/25/2012 - 15:50 | 2650526 youngman
youngman's picture

Todays gold and silver action...first time it has been allowed to rise in over two months...I just wonder if TPTB have had to let go of the reins a little with this LIBOR lawsuit comming upon them and maybe...just maybe they think they are going to get caught with their hand in the cookie jar here too....and with another bunch of lawsuits......if PM´s keep going $2,000 in the next month or two...i think I am right on this thesis...and I will have another beer

Wed, 07/25/2012 - 15:51 | 2650530 surf0766
surf0766's picture

Come on Maria, say it.. And we're off the session highs

Wed, 07/25/2012 - 15:51 | 2650532 extendedorder
extendedorder's picture

Paul is the only politician on this planet I do not hate and despise. I even donated 400 bucks to his campaign.

Wed, 07/25/2012 - 15:54 | 2650546 sawman
sawman's picture

Jesus the US political system must be the most corrupt and manipulative on the planet. At least Mugabe is blatant in his corruption and oppression of his people. These rats pretend to act in the best interests of the populace. Burn in hell. On second thoughts most of them are probably masochists, sociopaths or satan worshipers anyway and would probably like that

Wed, 07/25/2012 - 16:00 | 2650559 fuu
fuu's picture

I am always amazed how it's all or nothing. Either it's a grand-slam-dunk silver bullet or it's fucked.

Thanks Ron, this is a good start.

Wed, 07/25/2012 - 16:02 | 2650570 FRBNYrCROOKS
FRBNYrCROOKS's picture

My Representative voted YES and even Eric Cantor voted yes.


I am disturbed by the fact that almost all the Republicans voted YEA while there were 94 Democrats which voted Nay.


The Senate bill is S 202. I am already putting the heat on my Senator to pass, as is, before the election.

Wed, 07/25/2012 - 16:04 | 2650577 ebworthen
ebworthen's picture

Ajay Kapur from Deutsche Bank on CNBC:

"Breaking up the big banks is a red herring, it isn't a structural problem but a management problem."

Meth addict:  "My problem is not doing meth, it's managing my consumption."

Wed, 07/25/2012 - 16:28 | 2650652 razorthin
razorthin's picture

Send in the straw men next.  That' rich, Ajay Doosh.  That any part of the the entire kleptocratic, fiat fictional reserve, price fixing, mark to fantasy scheme is necessary is the red herring.

Wed, 07/25/2012 - 16:07 | 2650586 JLee2027
JLee2027's picture

Fuck you Harry Reid

Wed, 07/25/2012 - 16:10 | 2650595 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Regarding Harry Reid,

"make sure the rope is tight! It's got to hold the weight of a pig."


Tuco Benedicto Pacifico Juan Maria Ramiriez

Wed, 07/25/2012 - 16:07 | 2650588 jackpile
jackpile's picture

We need to replace congress with true representatives of the people, not special intrests, bankers, elite, military industrial complex, etc., who serve the people's interests exclusively.

Wed, 07/25/2012 - 16:08 | 2650590 jackpile
jackpile's picture

We need to replace congress with true representatives of the people, not special intrests, bankers, elite, military industrial complex, etc., who serve the people's interests exclusively.

Wed, 07/25/2012 - 16:09 | 2650591 ChacoFunFact
ChacoFunFact's picture

1913 . . . TO . . . 1934
"Redeemable in Gold on demand at the United States Treasury or in Lawful money, at any Federal Reserve Bank." "Will pay to the bearer on demand one dollar."

1934 . . . TO . . . 1968
"This note is legal tender for all debts public and private and is redeemable in lawful money at the United States Treasury, or any Federal Reserve bank." "Will pay to the bearer on demand one dollar."

1968 . . . TO . . . 1998
"This note is legal tender for all debts, public and private"

Wed, 07/25/2012 - 16:16 | 2650614 sawman
sawman's picture

2012 - onward  "This note is about as useful as an ashtray on a motorcycle"

Wed, 07/25/2012 - 16:30 | 2650684 snblitz
snblitz's picture

I really like the switcharoo in 1934.  Can you imagine walking up to the fed with a $1 federal reserve note and being handed back one dollar (aka another $1 federal reserve note).

I am in physical possession of US gold notes, dollars of their time.

My 1928 gold certificate says:

"This certifies that there have been deposited in the treasury of the The United States of America TEN DOLLARS in gold coin payable to the bearer on demand"

Full faith and credit?  Laughing all the way to the poor house.

Thu, 07/26/2012 - 07:29 | 2652443 Revert_Back_to_...
Revert_Back_to_1792_Act's picture have noticed a paper trail there.  Now, what if they had branches completely outside the USA interacting with each other and issuing those bank notes guaranteed by the wealth (gold, silver, copper coin and even the land) or public credit of the American People?

McFadden Explains.

Thomas Jefferson Explains.

Andrew Jackson Explains...

Last of the silver coin....

Notice what he says the treasury will do with it's silver.   Sell it for what exactly?

It is all there in the public record.  All one has to do is read it.


Wed, 07/25/2012 - 16:11 | 2650598 jrpuffnstuff
jrpuffnstuff's picture

As if it would even make a difference. 

Wed, 07/25/2012 - 16:12 | 2650600 madcows
madcows's picture

The senate won't likely bring it to a vote.

Then why do they even vote on anything?

Crap, just take a vote that the current government will hold no more elections.  the current leadership is and will be your benevolent masters from now until eternity.

Wed, 07/25/2012 - 16:16 | 2650616 marz929
marz929's picture


Wed, 07/25/2012 - 16:27 | 2650660 alangreedspank
alangreedspank's picture

Probably a plumber for the Fed plugging those "Fed about to intervene!" leaks.

Wed, 07/25/2012 - 16:19 | 2650622 JR
JR's picture

This is not a “swan song"; this is a black swan. This is not the end of an “eccentric congressional career,” as Politico so tellingly telegraphed its viewpoint.

This is the first nail in the coffin of the Federal Reserve Act; it is all downhill for them from now on because of not Ron Paul but the thousands and thousands of knowledgeable activists he has turned on to this criminal conspiracy that has our nation, and now the world, by the throat.

To say that this represents a swan song is to be obscene. Ron Paul is the man who stood and is still standing.

Wed, 07/25/2012 - 16:19 | 2650624 loveyajimbo
loveyajimbo's picture

Ron Paul as a radical... bullshit.  the Fed is incredibly corrupt, they FEAR audits and truth... so ending them is radical??  The drug "war"... total crap, super expensive, does not accomplish jack shit, the Gov is deeply involved in this... see CIA rumors... let alone the prison expense... and bringing back sound money... sure what a kook! How the scummy Dems rationalize voting against this bill... they should all be drug through he streets.

Wed, 07/25/2012 - 16:32 | 2650689 Ignatius J Reilly
Ignatius J Reilly's picture

just suppose it passes, with our regulatory agencies, what would they find?

Wed, 07/25/2012 - 16:24 | 2650641 alangreedspank
alangreedspank's picture

The argument that the audit bill would turn Fed policy into a political game is fraud. The bill is aimed at find out if it has not been "politicized" already. (Which we all know it has been for a long time)

Wed, 07/25/2012 - 16:27 | 2650662 irie1029
irie1029's picture

It is a shame if this does not pass senate and Obama's desk.  It could be a uniting point of the masses against the banksters and government.  

Wed, 07/25/2012 - 16:27 | 2650664 Paracelsus
Paracelsus's picture

I am a right-wing Democrat. I now consider myself an independent after this vote.If even the staunchest Repub's can see  that the SHTF,I only wonder what those DEM's have been smoking.There is something smelly in the NYFEDs' basement,a proper stinking turd.That is why the secrecy.Don't lift up the carpet because you won't like what you see crawling out.

Wed, 07/25/2012 - 16:28 | 2650672 Jaman
Jaman's picture

RP on BB tv coming up next...

Wed, 07/25/2012 - 16:45 | 2650743 dark pools of soros
dark pools of soros's picture

must of missed him...  but can't miss Shover's Schnoze... whata beak!

Wed, 07/25/2012 - 16:39 | 2650694 Catullus
Catullus's picture

fuck you, Hoyer.

Wed, 07/25/2012 - 16:38 | 2650704 Confundido
Confundido's picture

Fucking Bberg is trying to make Dr. Paul look bad and he's making a great exposition of his points....Fucking establishment media!


Wed, 07/25/2012 - 16:42 | 2650719 dark pools of soros
dark pools of soros's picture

The FED is DEAD.... Long Live the FED !!!

Wed, 07/25/2012 - 16:46 | 2650747 brace_brace_brace
brace_brace_brace's picture 

all banksters are in on it. arrest them. 

Wed, 07/25/2012 - 17:01 | 2650810 Winston Smith 2009
Winston Smith 2009's picture

"the Federal Reserve, which plays a significant role in stabilizing the economy and addressing the creation of jobs"

And they've done such a magnificent job haven't they?

Wed, 07/25/2012 - 17:19 | 2650889 GlomarHabu
GlomarHabu's picture

"We the People"  we like that but the elites like ... "We the Supplicants" and boy are they work'n it.

Wed, 07/25/2012 - 17:21 | 2650900 Meremortal
Meremortal's picture

An unfortunate but telling ending.

A man with a some good ideas who blew any chance at realizing same by pushing too many other suicidal and silly ideas.

Wed, 07/25/2012 - 17:34 | 2650953 magpie
magpie's picture

Oh the last time i heard Ron Paul at the Bernank hearing, he wasn't rambling but quite articulate and inspiring.

Wed, 07/25/2012 - 19:15 | 2651274 alangreedspank
alangreedspank's picture

Which part exactly is silly ? The one about free markets ?

Wed, 07/25/2012 - 17:23 | 2650904 Everybodys All ...
Everybodys All American's picture

 The democratic controlled Senate will not even bring this to a vote. It's easy to be cynical on the process. But get real. Do you ever listen to any of the committee hearings and get the feeling that the democrats want to reign this in? Or is it that the easy money train needs to continue to fund more liberalism with the biggest spender in world history at the helm? The tea party ran on trying to stop the spending btw and won overwhelming support in the 2010 midterms and were elected to do just this precise bill. I didn't hear any democrats calling for auditing the fed. That should tell you something. The republicans still only control the house and would inevitably be vetoed by Obama on anything they propose in this regard.

Personally I think people voting for the democrats are simply voting in favor of their social liberalism and against fiscal responsibility. They don't care that are country is going broke. For them other things matter to them much more. At some point fiscal responsibility will matter to everyone but it may be too late.

Wed, 07/25/2012 - 17:24 | 2650913 jimhall1954
jimhall1954's picture

Harry Reid, what a joke. Nancy Pelosi has a higher  testoserone level than he does. He should get Wayne Newtons Plastic surgeon to give him a lift. I am proud to be from Texas with one of the only Representatives that has character and isn't just one. I'm certain that the Fed has dirt on most of the embassasment we have to represent us, like Edgar Hoover did in his hey day.  Seems Meyer Lansky had a photo of Edgar and Clyde "flagrante delicto".  Never was too clear as to whom was  pitching and catching.  I guess we just can't get to the truth of this just like 9 11.  It never ceases to amaze me how few Americans know the facts of our government. I'd like to see Ben tell Andrew Jackson that he wasn't showing him the books to the Fed. Now that would be comical. Iit makes me physicly sick to see John McCcain and Mitt Romney give Ron Paul condescending looks when neither one is fit to lick the bottom of his shoes. I'm feeling sick thinking of the disingenuous traitors we have to select from our field of candidates to choose.  It's like selecting which venerial disease you prefer.

Wed, 07/25/2012 - 18:24 | 2650999 jackpile
jackpile's picture

Classic Ben Bernake 1984. Ends with him saying "The Fed's independence is critical". Yeah, right. After a 100 years of whool over our eyes, the jig is up.

Wed, 07/25/2012 - 18:35 | 2651169 mrdenis
mrdenis's picture

Harry Reeds words ...may he choke on em now"...

Wed, 07/25/2012 - 19:44 | 2651365 The Gooch
The Gooch's picture

Regardless, There are a shit-ton more people aware of the Fed now than previously.

There are also a shit-ton of people posting Senator Reid's phone# on Facefarm and elsewhere urging dissonance.

Steps in the correct direction, imho.

Ron Paul Punk Rock Anthem- Recorded by a "retarded 40 year old with a drum machine and a dream".


Wed, 07/25/2012 - 21:08 | 2651594 The Gooch
The Gooch's picture

The FEMA camp is on both sides of the barbed wire with that pussy attitude.

They already know who you are, Joe. You're on ZH.

Exercise your rights. Sequentially if necessary.

Black Flag "Six Pack" -


Wed, 07/25/2012 - 21:47 | 2651716 xxxkrogoth
xxxkrogoth's picture

Too big to fail, too big to jail and now too big to audit. The crooks policing the crooks. 

Thu, 07/26/2012 - 08:01 | 2652553 j0nx
j0nx's picture

Unlikely to pass the crooked, corrupt, bought off senate? Say it aint so Joe! Disband the Senate. It is without a doubt THE biggest stumbling block to bringing back rule of law in this country and I would venture to say that at least 2/3 of its members are captured by banking interests. Oh well, American Idol is coming back on.

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