Ron Paul Introduces ‘Federal Reserve Transparency Act’

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As his fans call him, the “last principled man left in Washington,” Rep. Ron Paul (R-Texas) introduced a bill to Congress last week which would mandate transparency and government-level audits on the “independent” central bank.

After his esteemed speech at CPAC 2009 regarding the value of the dollar, criticizing both Republican and Democratic governments for not defending the constitution, citing size increases in the Department of Education, ballooning government spending — “the doubling, tripling and quadrupling of budget spending” — and the very existence of the Federal Reserve. Congressman Paul introduced a short list of legislation in Congress including one monumental piece regarding.

“This week the Federal Reserve responded to the American people’s increased concerns over our monetary policy by presenting new initiatives aimed at enhancing the Fed’s transparency and accountability,” said Ron Paul’s weekly blog, introducing the legitimacy of the need for transparency in the Federal Reserve; the Federal Reserve Transparency Act is proposed as a watchdog for the ever ballooning inflation seen as a result of the Federal Reserve’s policies, an inflation which has caused a 95 per cent decrease in buying power since 1913.

The Act would remove all restrictions on Government Accountability Office audits of the Federal Reserve as well as open Federal Reserve operations to scrutiny by the people and the press. Additionally, the act would call for a complete GAO audit by the end of 2010.

The bill has been cosponsored by Californian democrat Lynn Woolsey, Texan republican Ted Poe, North Carolinian Walter Jones, Rep. Barlett, Kagen, Burton, Posey, Rehberg, Broun, Abercrombie, and Bachmann.

Ron Paul has historically supported the complete disbanding of the Federal Reserve under Austrian economic philosophy.

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11 Responses to “Ron Paul Introduces ‘Federal Reserve Transparency Act’” (click to open/close)

  1. Ron says:
    March 1, 2009 at 1:32 PM

    More Americans Are Saying No to the FED & the National Debt” – Join the Revolt!
    Washington has bailed out the banks, Wall Street & their Washington special interests and much of the cost is added to the national debt to by paid by this and future generations while real estate and investments continue to fall. Find out what a growing repudiate the debt movement could mean for treasuries, the dollar, gold and mining shares.

    The Campaign to Cancel the Washington National Debt By 12/22/2013 Constitutional Amendment is starting now in the U.S. See:

  2. John says:
    March 1, 2009 at 1:46 PM

    This whole Federal Reserve thing is a bit of a mess imo… central banking is stupid.

  3. Neil says:
    March 1, 2009 at 3:32 PM

    great article.. and yes he is the most principled man in washington…

    I really hope this piece of legislation gets passed.. then we can know what the bansters are doing behind the scenes.. I don’t know about you.. but I sure would like to see a real change in washington.

  4. Idaho says:
    March 1, 2009 at 4:59 PM

    Can you think of any sound reason our representatives from either party would vote against this?

    For those that won’t – and I can’t wait to hear their excuses – can you think of any reason for keeping them in office?

    There has been an outcry for regulation and oversight ever since these severe economic symptoms became evident – THIS is where to start, break down the wall these bankers hide behind.

  5. Ho Dawg says:
    March 1, 2009 at 6:45 PM

    this is the most important issue of the day.

    Money, what is it? Who creates it? Who gets the interest payments?

    Ron Paul is all over this. Obama has nothing to say.

    Obama is a puppet, as well as most of the government officials.


  6. Scott Harmon says:
    March 1, 2009 at 8:46 PM

    What is this rogue organization called the Federal Reserve? Is it private, or Federal, or both, or neither? It seems to pick and choose when it can act like either a govt institution or a private organization, or even neither of these. It can’t really be audited. It can’t be subjected to FOIA and so forth. It sounds like a “cabal” of elitists or mafia dons. I think the reason there is such resistance to an audit (even though Bernanke calls for transparency of the FED but won’t tell us what trips he’s taking and who attends his meetings) is that the American people would see, once and for all, what a Ponzi scheme this whole thing is, and how utterly mismanaged our currency is. Kudos, though, to Paul’s maneuver: If “THEY” (including Obama) want regulation and oversight of our banks, then let’s have it–let’s go right to the source, the Daddy Bank, and get Bernanke to fess up or be locked up. Enough games.

  7. Paul Furlong says:
    March 1, 2009 at 8:53 PM

    Yeah, whatever gets us back to the constitution. I know it’s not perfect but the guys who wrote it were far higher on the food chain then any of us. When nothing else works….try freedom..Dr. Fuzz

  8. eyecoin says:
    March 2, 2009 at 10:41 AM

    Doesn’t the Fed have to file a corporate income tax return? There should be a lot of info on that.

  9. mike says:
    March 2, 2009 at 11:37 AM

    eyecoin says:
    March 2, 2009 at 10:41 AM
    Doesn’t the Fed have to file a corporate income tax return? There should be a lot of info on that.

    That’s a great idea. We should petition the Treasury for the release of the Federal Reserve’s corporate income tax form. What? You mean they didn’t file one?… Why?…..Hmmmmm

    Great Idea!!

  10. Josh says:
    March 2, 2009 at 6:39 PM

    It is sad that too many people, in the media and in Washington, dismiss many of the ideas of Rep. Ron Paul. The great thing about HR 1207 is that it is a bi-partisan effort with 11 co-sponsors.

    Support Dr. Paul’s Legislation to
    Open Up the Federal Reserve!

    Support HR 1207
    Audit the Fed! Facebook Group

  11. million says:
    March 4, 2009 at 10:03 AM

    wow! 11 co-sponsors. that might be a record for Congressmen who are actually awake at one time. and bi-partisan with 8 GOP and 3 Dems. i can’t wait for the Fed to drop the “we aren’t the Govt” bomb in defense.

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