Comments Subscribe to Personal Liberty News Feed Subscribe to Personal Liberty
 

A New Bill To Audit The Federal Reserve

May 30, 2012 by  

A New Bill To Audit The Federal Reserve
UPI FILE
Auditing and ultimately ending the Federal Reserve’s inflationary control over the U.S. economy has been a long-term goal of Ron Paul.

A crucial vote is coming in July in which we learn once and for all whether Congress works for the banksters and Wall Street or if there is hope of reclaiming a government that works for the people. That vote is on HR 459, a bill that provides for a thorough audit of the Federal Reserve.

The bill has more than 225 co-sponsors in the House — Republican and Democrat alike. A similar Senate bill has only about 20 co-sponsors. The Republican House leadership has promised a July floor vote on the bill.

A partial audit last year that was required as part of the Dodd-Frank financial reform legislation revealed that the Federal Reserve had secretly sent more than $16 trillion to bail out banks around the world. The results of that audit created a firestorm of bad publicity for the secretive bankster cabal and a growing movement to end the Fed.

Auditing and ultimately ending the Federal Reserve’s inflationary control over the U.S. economy has been a long-term goal of Ron Paul. Many people say Paul can’t win. If this vote succeeds in July, Paul will have won, and so will have the American people.

Bob Livingston

is an ultra-conservative American who has been writing a newsletter since 1969. Bob has devoted much of his life to research and the quest for truth on a variety of subjects. Bob specializes in health issues such as nutritional supplements and alternatives to drugs, as well as issues of privacy (both personal and financial), asset protection and the preservation of freedom.

Facebook Conversations

Join the Discussion:
View Comments to “A New Bill To Audit The Federal Reserve”

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.

Is there news related to personal liberty happening in your area? Contact us at newstips@personalliberty.com

  • anonymous

    the bill will fail.the american people have made their choice and it does not involve success at any level.

    • GALT

      So Bob, how do you do an audit on imaginary money? Since the Fed is privately owned,
      what would be useful is the identity of the “owners”, would it not?

      • CJ

        Audit or not, the rules of accounting allow for ‘money multiplication’ on the same level as fractional banking. They wrote the rules, and they will be sure any ‘discoveries’ will be ‘accounted for’ with some rule allowing for overvaluing assets or some other justification (excuse).

      • GALT

        Always did…even when the money was supposedly backed by gold and silver…..there is no escape now……debt is eternal…..the identity of the creditor’s would permit negotiation of terms……..I favor making them “an offer they can’t refuse”…..being as foolish as they are….that’s all they deserve. Just my opinion though……..

  • Sue

    The bill will pass,the American people have woke up.

    • DonnieB

      Sue, although I hope you are right, the fact that there are some 40% voters in this country are still Obama supporters, I am not so sure. These people are still asleep or in a coma.

      • TIME

        If you allow a Wolf to guard the chickens, how well do you really think that will work out?

        Now – think of the following Wolfs guarding the chickens and how well these worked out, The Warren Report, Any red flags on that?
        How about the 9/11 Commission report? Can anyone see – RED FLAGS there?

        Really its to little, as well its way to late. The wealth is gone and all thats left is paper, and
        what value is a piece of paper again?

        Saddly the American sheep have been sleeping for so long there really is little that can be
        done to fix the long standing issues that “”APATHY”" has created.

        Peace and Love

      • Deerinwater

        ” 40% voters in this country are still Obama supporters, I am not so sure. ”

        well, what options do they have Donnie? ~ and it’s probably more then 40%.

        But even so, that does not imply or suggest they would not support an audit.

        An audit is good ~ regardless which side of the isle you stand. You seem to hold strange notions about the current president and those that see no other options on the horizon and left to support him.

  • http://mozilla Robert E. Lee

    audit, file charges and dissolve the fed/Bernanke.Market led free floating, asset backed currency is the way America should be moving.

    • Tom

      I agree!!! But there is a problem. While WE, THE PEOPLE would certainly benefit from having asset based representative money as well as-or supplemented by–commodity money, the no-ethics kleptocratic parasites in Washington and the jungle ethics financialists on Wall Street would lose their underwriter–The Fed–for their scams. If the financialists no longer have the fed to underwrite their scams then they would no longer be able to buy and pay for our two worse than worthless political parties. Then what? Honest politicians, all of a sudden. Wha-wha-wha-wha and a big har-de-har-har. Are you kidding me?

      Would we lose the largest and most lucrative organized crime enterprise that has ever existed? That would be a bit strange.

  • Scott A

    While we need to end the Fed, we may be too late. We are already beyond the point of no return on our debts as a nation.

    • Jimmy The Greek

      Just blow the debts off tell the world to wipe there buts with the paper ! we don’t need the rest of the world , we have every thing we need right here . we have oil and every thing else we need all our people would be working stop all imports and quit dealing with the rest of the world and stop all foreign hand outs CUT THEM ALL OFF ! israel to !

      • Chester

        Jimmy, I am so terribly glad to here that you need NOTHING from any other country. In other words, you don’t even need the machine you wrote that comment with, as I can assure you that not only was it NOT manufactured in the US, most of the parts for it can not BE made here, either from a lack of equipment, trained people to operate said equipment, raw materials to make the parts, or all the above. Unless you are a full blown survivalist, I would almost bet that you would bitch and carry on if you couldn’t get all the nice fresh veggies you like to eat, or a lot of the other foods you eat as well. A good part of that would be lost if we quit accepting imports and selling things abroad we do produce. such as corn and wheat. For sure you would be afoot, as there is not a car made in this country that contains only parts made in this country. Like it or not, we do need the rest of the world, just as they still need us, for as much as they declare otherwise.

      • Jimmy The Greek

        Chester we can make 90% of what we use in house we don’t because it is cheaper to use slave labor i third world countries , the 10% we cant make we can just do with out . I would have no problem living as we did in the 50s

      • TIME

        Dear Jimmy,

        You got that right!
        We use SLAVE labor, and who did we learn that from the “United Kingdom.”

        Peace and Love

      • DaveH

        With Government taking 40% of our GDP — We are the slave labor!

      • CJ

        Time, check your history. The Spanish first brought non-native people to the Americas to be used as slaves. Once that was ‘acceptable’, others sold themselves into indentured servitude to pay transportation wages.

  • Just Me

    The bill may pass and it may fail. It depends on if the members of congress have remembered there spines that day

    • 2004 done

      Just me:Then unfortunately you are saying it won’t pass (I’m from NY- The former Empire, but now Blue Spineless State w/ Schumer- Gillibrand (replaced Hillary) – Hinchey)

  • Neil

    Overt theft from the public coffer is treason.

    Put their bio’s on baseball cards, and Obama can order to kill them next Terrorist Tuesday.

  • Bob Rice

    WOW !!!!!! 16 TRILLION more ??? that puts us about $33 Trillion in the hole,dont audit the FED,take them out and put them in prison,solitary confinement for life,should be an appropriate sentence.

    • Jimmy The Greek

      Gasing them would be better !

    • Paul B.

      If the Fed is a private entity run by the banks, then shouldn’t ALL the debt accumulated by the Fed by the responsibility of the banks who are members of the Fed and control the distribution, use and repayments to the Fed, etc. Why should WE have to be responsible for something WE have no control over.

      I say audit them, and any bank owing the Fed should have to repay the Fed. And if they can’t repay the Fed, then the other banks in the “click” should be held responsible. They created it it, controlled it so should be responsible and keep us whole and out of their mess.

      Also, couldn’t an asset based monetary system be based on other assets than gold, like oil reserves, government owned land, property etc. As oil is pumped, that belongs to all of us, there could be a fee per barrel that goes directly to debt reduction. I am sure there are sufficient oil and gas reserves to cover the debt even if only say $10 per barrel or cu’ meter, whatever. We are smart and can come up with something.

      Kill the progressive death of the Fed created by Wilson. If the next president would do that, then that would be history making, in a good way, not like ObamaCare, SS, Medicare, etc that are historical in a bad way.

      • DaveH

        Sure, but Gold and Silver have stood the test of time and voluntary choice in Free Markets as an accepted form of money.
        Read this to get a greater understanding of money:
        http://mises.org/books/whathasgovernmentdone.pdf

      • Mikey

        They should be thrown in a maximum security facility so the can get raped over & over again just they’ve been doing the average American over the past hundred years.

  • JDN

    Three days before the vote someone in Congress will scream out that gay marriage supporters want free tax payer abortions for Hollywood A listers covered under an amendment to supply condoms to 1 st graders in the Obama heath care package . All will be forgotten in the ensuing mayhem .

  • Wyatt

    I hope and pray the bill will pass . I suspect that it will at the congressional level , but as Harry Reid rides herd on the Democratic Party members who control the Senate , it will fail there . After all he doesn’t want people to find our that he and others in the Democratic party have been looting the treasury to pad their retirements or that Barry O is making himself rich at Americas expense

  • Heather Clover

    I think it’s time to fire all of the Senate & House and put people in there that care about WE THE PEOPLE and not there pockets or how much they can make off us…..Let’s get people that care abut what happens to our Great Country. We also need to stop sending money to countries that HATE US! WE NEED TO FIRE THE WHITE HOUSE! Actually it’s time to impeach the Illegal Man That Sits in the White House, he HATES AMERICA and proves it everyday with what he does. GOD help is all if he wins the election!

  • David in MA

    Most of the DEMONcRATS will vote against it because it will show their corruption if the fed is audited, the Republicans will vote for it to show the DEMONcRATS involvement & corruption, the bill will pass and be tied up un committee to resolve the differences between the House & Senate….Then Congress will pass it as a watered down audit and take anywhere from ten to twenty years to bring toward a final report, by then everyone who was pushing it will be dead and the audit will gather dust as an incompleted audit, and the UN,the bilderburg’s, Illuminatti, IMF, et al will go on with business as usual.
    Personnaly, I would like to see the fed simply shut down, America has spent way to much funding outside America via the fed and it needs to be stopped.
    AMERICA FIRST!

  • Jimmy The Greek

    The zionist that run the United States Government well never let the Federal Reserve get audited because it would cut into there gravy train !

    • MNIce

      What Zionists? Zionism is a form of a religion that at least nominally holds its followers are answerable to a Higher Authority. Those I see running the Senate and Executive Branch are a bunch of Mammonites – they only worship money, themselves, their personal power, and more money.

      • Jimmy The Greek

        zionism has nothing to do with religion read up on it a lot of zionist don’t even believe in a god ! ask a Orthodox jew if you dont believe me , Orthodox jews hate the zionist .

      • OneGuess

        @jimmy the greek: Do you even know what a zionist is? Some are religious; some are not. What about it? Hmmm?

      • Jimmy The Greek

        @ one guess yes a zionist is a jewish supermest , just like a white supermeast , or a black supermeast .

  • Paul

    And if the bill passes do you really think we will see the results or any disciplinary action in our life time???

    • JeffH

      Paul, vote for Ron Paul and we’ll find out. A vote for O or R is a vote for status quo.

  • http://Yahoo Robert

    Yeah put the republicans in charge of everything it worked out real well when Bush/Cheney were in thier, two wars prescriptipon all not paid fpr worked out very well, Bush made it harder for ordinary people to file bankruptcy, a great job Bush on the American People and thedn you weasels have the gaul to ask people to vote for you again what gaul!!!!

  • Sirian

    Isn’t it odd that the Fed has been in place for right at 100 years and people are just now beginning to see it for what it truly is? This bill may pass, it may not. It all depends upon whether or not there is a sufficient number of Reps & Senators that will either stand by their oath to the Constitution or their desire to remain in an ego driven power position. In simple terms, wait and watch.

    • Jimmy The Greek

      Yes the fed came along about 40 years after the start of zionism when the zionist got wilson in there pocket !

      • OneGuess

        Your anti-semitism is showing…

      • Jimmy The Greek

        @ one guess I have never tried to hide it i am proud of my European blood line The best and smartest on the earth !

      • Mikey

        The only thing showing OneGuess is your ignorance.

  • Evie

    They will never allow this bill to pass! They want to hide the fact that they are crooks! They want to continue to steal our $$’s and no one be the wiser. They have been in bed with wall street since the beginning. If they weren’t doing something wrong, they would disclose all!

  • DanN

    My question is, what will WE THE PEOPLE do if HR 459 does not pass. If the elected officials are paying attention and true to America, they will pass it. If they don’t….well, it tells us who they are representing. What will you,I and the rest of America(ns) do about it. There is strength in numbers.
    JMHO

  • http://gravatar.com/warrior777princess warrior777princess

    I hope the bill passes. I will write my rep requesting support. However, none of this is important if we don’t place a freeze on immigration. Alarming stats show our population doubling soon if we don’t make reforms. Numbers USA has information for enlightening the populace and taking action. I feel this should be a priority equal to auditing the Federal Reserve. Numbers USA has a free video to supporters. The cold reality is alarming.

  • http://www.sfschoolofeconomics.com Ingo Bischoff

    The bill to audit the Fed is a meaningless gesture. The Fed has been an agency of the Federal Government since the National Banking Act of 1935. If you want to know the details about the Fed’s balance sheet, ask the banking committees of the House and Senate to make it public.

    As to the reasons for the influence of the big money center banks on the operation of the Fed, you might look at the way U.S. Senators are elected under the 17th Amendment ratified in 1913.

    • JeffH

      “meaningless gesture?”…”If you want to know the details about the Fed’s balance sheet, ask the banking committees of the House and Senate to make it public.”

      Oh boy! Just how much do you trust the “banking committee”?
      Just how much do you trust our government?

  • Red Hawk

    I am with you Jimmy

  • http://google guyleggettjr

    It’s about time to audit and do away with the fed. Then the next thing we should do is to get out of the united nation, club of leeches.

  • john

    …..the federal reserve needs to be put in check, out of control, corrupt, etc. if we love this country, better get off our ass, and hold these thugs accountable!!!

  • Debora

    No one said anything about being on the phone to Congress: 500,000 people call to say pass bill…..Will tie up phones lines……they will know that that is what the people want….now what they do???? That is were the people should vote buts out of office and any office anywhere that they try to get…..

    • THG 1956

      You can reach any Congressman @ 202/224-3121 . Just ask for your Congressman and tell him you would like for him to support the bill. Enough calls and it may help.

  • Red Hawk

    Heres a thought for all of you. We the taxpayers balied out G.M. with 80 billion dollars. G.M.. was so thankfull it is now going to China to to build its autos. I agree with Jimmy in that its time to take care of ourselves . I would have no problem going back in time to live as humans should without all the junk produced in China and elsewhere. America once made quality .It no longer does because the Corporate World wants more profit . They love dealing with slave labor and fall apart junk because it means when your China Junk falls apart you will be addicted to it so much you will buy more. As for me I wish I could go back in time to the time before the bucher Columbus appeared on these shores.

    • Chetan Lutah

      Some good points, Red Hawk! I think the GM bailout was closer to $100 billion and they’ve managed to drive the company’s total net worth down to about $34 billion in the meantime. That means they don’t have the means to payback tax payers, even if they were liquidated we get maybe 30 cents on the dollar.

      Most every MBA program in the country teaches students techniques to maximize profits while minimizing overhead, (Quantitative Business Management) and in spite of Sr. management rhetoric, human capital is considered overhead and part of “fully loaded costs”. These same folks will talk about their greatest assets being people while their actions are to cut staff and “take advantage” of the lowest paid labor markets the world has to offer. Just ask new graduates who can’t find a job and the countless hundreds of thousands whose jobs were cut due to poor management practices, relocation of operations and the general idea to maximize profit no matter what it takes. So, what do the corporate “whigs” get for the all this resourcing? It MUST mean untold wealth for the investors or what’s the the point? I looked up a survey done at the height of this NAFTA-ish resourcing fad to see just if I could answer that question. A 2003 survey by P.A. Consulting found that 60% of respondents were disappointed with financial returns, 17% saw no benefit & only 23% indicated outsourcing met their financial goals. What LOOKS like a good idea initially turned out to be a lot more expensive later. This outsourcing really IS just another fad promoted by business schools and leaders desperate to be seen as doing SOMETHING. Unfortunately that SOMETHING creates untold misery, uncertainty and economic hardship for too many folks and is undermining the very fabric of this country.

      • Rick

        They keep laying off our people so they can not afford to buy the products they are making cheap oveseas. The people over there that they are paying peanuts can’t buy the product so who is buying the product? A solid but smaller profit on many sales is better than a large profit on very few sales.. Say a compnay makes 100 dollars profit on its product and it sells 1000 of them. and they change the system and they make 200 on each one but only sell End the trade agreements like NAFTA and tax all imports high to make it more profitable to employ our own people.the majority of the things made overseas we invented anyway.

  • Rafael

    When you start to think about the damage Marxist pamphleteering has wrought on the planet, it’s should cause us to ask why it’s not being studied in the same way Nazism is studied. It was, after all, a far more deadly ideology.

    Federal Reserve not governed by the supply and demand, another Marx invention.

    • Jimmy The Greek

      yOU GOT THAT RIGHT ! Rafael

  • http://gillysrooms.blogspot.com GILLYSROOMS IN AUSTRALIA

    You dont really want the Federal Resrve to be audited when they already have the power to falsify your economic financial accounts under the same powers od secrecy given to your CIA, FBI and police and your army to permit the killing of people in wars and the fighting of crime.

    I believe that both sides politicians only understand to a very minor degree what your Federal Reserve really does to protect YOUR CITIZENS money in a very difficult set of circumstances and you dont want to reveal the truth to the masses of civilians unless you wish to destroy any bit of remaining confidence in your economic circumstances, but luckily many dont read this forum or show any interest in economic reporting or might not understand or believe the reality even when presented on a golden or paper mache platter..lol.

    • Debora

      powers that be scare me

  • Mutantone

    We need to stop paying off the other nations debits, unless we get something in return. I say it is time to revert to the Gold Standard make all other forms of paper currency worth zero, wipe the debit and issue new money backed by gold. sliver, and or platinum

    • http://gillysrooms.blogspot.com GILLYSROOMS IN AUSTRALIA

      Do you really understand what you are saying? You already have had something in return for those loans, but you think you should get more? Spoken like a real welfare recipient..lol

      • Mutantone

        Just what did we get in return for the loans to the “Arab Spring” groups? Or the Muslim Brotherhood around the world? Or the millions poured into Pakistan and Afghanistan? or the real kicker the Millions in given to China to help their pollution clean up?

  • Randy

    The FED is an illegally Formed Entity, ie., .by a President who should have never come into power if it weren’t for the their funding, that has grown well past control of its keepers, that needs to be put down and put down hard. The FED has a strangle hold of ALL of America including our Government. For some Stupid Reason even our government trembles at their words. Its time for the great money machine to come to an end. If I recall in our Constitution it states that only congress shall authorize the printing of money, Article One, Section Eight of the Constitution, this hasn’t happened since 1936.It is time to burn down their house of corruption.

  • http://aol J.R.

    Well this is just another game they are playing for the elections, and how do you audit fake money with no value, If read the constitution our money is suppose to be gold and silver

  • http://Disqus 4USA2

    Yes… audit them. This administration alone has increased the national deficit by almost $6 Trillion dollars. And they’ve blocked any Fed Reserve audit for 3 1/2 years. Obama’s campaign are now saying they’ve ONLY run up the debt by $1 Trillion. HA! I don’t think no matter how corrupt the Fed reserve is, that they can cover up $5 trillion dollars that’s missing and it’s time the American people woke up about where their tax dollars have gone and are going. Do the math….far cry between $1 Trillion and 6. America’s economy is on the verge of collapse! An audit may not stop that from happening but at least we will know what evil has been going on for a long, long time. The job to bring us back is going to be a hard road no matter what because we are already at “unsustainable debt”. Per “RedHawk” stop the junk imports now and get this country back to where quality matters and makes jobs.

    • http://gillysrooms.blogspot.com GILLYSROOMS IN AUSTRALIA

      Ask Romney to tell his supporters if he would support an audit and get his answer in a true contract form…because i can tell you now…He wont agree to a real audit or for it to be broadcast for voters to read let alone understand its importance if he become President and I doubt he would have the power anyway..

  • ladybug

    http://www.petition2congress.com/6251/we-people-demand-full-scale-investigation-eligibility-requirement/

    This petition has been signed by over 38 thousand people and that is only the tip of the Obama iceberg. He is destroying our country. He is trying to make it a nanny state, and burying us in debt, He isn’t fit to be president because he doesn’t believe in the Constitution and I don’t believe he is eligible. People are waking up to the devious ways of the man. Too bad congress is too lily-livered to stand up to him and impeach him.

    Auditing the Fed and disbanding it are all steps in the right direction. We have been asleep at the switch for way too long. We really have nobody but ourselves to blame. It is definitely time to stand up and be counted.

  • P. Sherrod

    P.S.

    I think most postively that we should have an audit because we
    know the Federal Reserve is a private concern and would not any
    people that have a prive concern working for them want a yearly
    audit.

    Also, I believe the President should share his birth certificate
    to respect the American people. Why would he pay millions to dollars to lawyers for court fights over it if it were right.
    That would be foolish. Also, has anyone thought about it is

    A law of the land. He should want to follow it as President

  • M. Post

    Would just like to point out that although the bill is labeled HR459, it may be pure coincidence that the California Penal Code for Burglary just happens to be 459. Are we about to be even more burglarized by the Fed?

    • Carol Fryer

      Excellent, Waking up I see. Whatever a bill says in its label it is usually the opposite. And there are always tons of loopholes in the final product to give the target more then one out.

  • Chester Lee McWhorter Sr

    YES, Audit now. publish the results. stop all imports of chinese products. reestablish the jobs to America. stop all foreign ald for at least 10 yrs. Balanced Budget Amend. Term limit all. thats a start.

  • ljude

    End the Fed they have been theives and traitors to our country! Ben Bernanke and the other folks running the Federal Reserve are just going to keep insisting that everything is going to be okay for as long as they possibly can. They are going to tell you that they know exactly how to fix things and that the economy will be back on track very soon.
    Don’t be stupid and believe them this time.

  • boyscout

    Yes, most definitely, audit the Fed. It should prove great fun just trying to interpret all the divergent statistical analyses that spin from a peak into the demon’s kitchen. I bet the unified sales pitch of whoever controls that information at the time of its release will read something like: “Everything is just peachy, so endeavor to persevere”. Or,
    how about: if thine eye offends thee….

  • Gang Buster 2012

    Long Over Due For A Audit!!!Its time the American people is told the truth,abput what is going on!!!

  • Gang Buster 2012

    “abput????”I Mean “about”!!!!

  • Oldbutnot a dumbass 2012

    I Agree!!!

  • Dad

    We’ll never see that money, but I’d get some satisfaction in seeing them tried for treason and executed.

  • JeffH

    One of the major problems we’re constantly faced with are “concentrated benefits and dispersed costs.” This is a problem identified by Milton Friedman and other great thinkers. Here’s how it works . . .

    •Favored interests have big incentives to defend the huge, concentrated, tax-funded benefits they receive from politicians.
    •But taxpayers have little incentive to oppose any given favor because the cost of each one is widely dispersed amongst all taxpayers.
    •These mismatched incentives are a major reason that State criminality constantly grows.

    Any organization seeking to tame The State must strive to equalize these incentives as much as possible. DownsizeDC hopes to do this by helping to create levers that . . .

    1. Lower the costs taxpayers pay to resist The State.
    2. Increase the costs politicians pay to serve their cronies.
    Jim Babka
    President
    DownsizeDC.org

    “You get the same order of criminality from any State to which you give power to exercise it; and whatever power you give the State to do things FOR you carries with it the equivalent power to do things TO you.” — Albert Jay Nock (1870-1945) Source: The Criminality of the State, American Mercury Magazine, March, 1939

  • javamann

    Recently, Obama stated that he was giving, “increased powers” to the Fed.

    I’m having some trouble tracking down what that meant: Help, someone?

  • Carol Fryer

    javaman, It means treason. same ole thing. Just worse.

Bottom
close[X]

Sign Up For Personal Liberty Digest™!

PL Badge

Welcome to PersonalLiberty.com,
America's #1 Source for Libertarian News!

To join our group of freedom-loving individuals and to get alerts as well as late-breaking conservative news from Personal Liberty Digest™...

Privacy PolicyYou can opt out at any time. We protect your information like a mother hen. We will not sell or rent your email address to anyone for any reason.