ON CAPITOL HILL
Ron Paul: Audit Fed 'gutted' in committee
Bank-connected congressman blamed for undermining bill
Posted: October 31, 2009
6:15 pm Eastern




WND ON CAPITOL HILL
Ron Paul: Audit Fed 'gutted' in committee
Bank-connected congressman blamed for undermining bill
Posted: October 31, 2009
6:15 pm Eastern

By Drew Zahn
© 2009 WorldNetDaily


U.S. Rep. Ron Paul, R-Texas

Rep. Ron Paul, R-Texas, has complained that the bill he sponsored calling for an audit of the Federal Reserve has been "gutted" by congressional committee, pointing specifically to a legislator whose campaign coffers have been boosted by the banking industry.

As WND reported, Paul sponsored H.R. 1207, a bill requiring the Federal Reserve – an organization that's independent from the U.S. government but nonetheless oversees U.S. monetary policy – be opened to oversight by Congress. The plan compiled over 300 co-sponsors in the House before being sent to committee.

But in a telephone interview with a Bloomberg reporter, Paul said the teeth have been ripped out of the bill.

"There's nothing left; it's been gutted," Paul said. "This is not a partisan issue. People all over the country want to know what the Fed is up to, and this legislation was supposed to help them do that."

Paul told Bloomberg the bill has been stripped of provisions that closed loopholes protecting the Fed, including exemption from audits of transactions with foreign central banks and protected communications between the Board, reserve banks and staff.

Demand the money managers come clean by signing the petition in support of an audit of the Federal Reserve now!

Paul blamed the chairman of the House Financial Service Committee's panel on domestic monetary policy, Rep. Mel Watt, D-N.C., for eliminating "just about everything" in preparation for the bill's consideration on the floor of the House.

Watt, is has also been revealed, has significant connections to the banking industry.

Funny how this didn't get any more responses than it did. My, my how ATS's attention span is so short.

Isn't there a clause where America can buy back the Fed?

The U.S. Government can buy back the FED at any time for $450 million (per Congressional record). The U.S. Treasury could then collect all the profit on our money instead of the 300 original shareholders of the FED. The $4 trillion of U.S. debt could be exchanged dollar for dollar with U.S. non- interest bearing currency when the debt becomes due. There would be no inflation because there would be no additional currency in circulation. Personal income tax could be cut if we bought back the FED and therefore, the economy would expand. According to the Constitution, Congress is to control the creation of money, keeping the amount of inflation or deflation in check

There is NO WAY the Fed will ever be audited.

ill continue to do my part in an attempt to get this bill passed(not that there is much i can do) however im fully aware, that i do not believe it is possible. i think the fed is way to powerful.