Let me begin by refusing to apologize for the inflammatory rhetoric in the title of this post because I’m not CNN’s John King. Once again, Ron Paul has re-introduced his Audit the Fed bill in the House. This time his son, Rand Paul, has introduced the companion bill in the Senate. It’s time to put your lawmaker in your cross-hairs and get them to target the Federal Reserve for an audit.
PC SPEECH JOHN KING STYLE DISCLAIMER: We do not condone literally putting your lawmaker in the cross-hairs of your gun or guns. We merely mean that you should become active and request that your lawmakers support a full audit of the Federal Reserve as outlined in these bills. We also do not mean to suggest you, Ron Paul, or Rand Paul, literally grab a double barrel shotgun and shoot it at the Federal Reserve building or any Federal Reserve employee or official. Ok, enough! Now read the damned press release below, please.
SPRINGFIELD, Va.–(BUSINESS WIRE)–Congressman Ron Paul and his son, Senator Rand Paul, today introduced companion legislation in both chambers of the United States Congress to require a full and thorough audit of the Federal Reserve.
The bills, both titled The Federal Reserve Transparency Act of 2011, but known better as “Audit the Fed,” are numbered H.R. 459 in the House and S. 202 in the Senate and continue the efforts championed by Ron Paul last year that won 320 co-sponsors before passing the House and 32 cosponsors in the Senate before falling short on a floor vote.
H.R. 459 starts the session with 56 original bipartisan cosponsors, while Sen. Jim DeMint (R-SC) and Sen. David Vitter (R-LA) are original cosponsors for S. 202.
The Federal Reserve Transparency Act of 2011 would open up the Fed’s funding facilities, such as the Primary Dealer Credit Facility, Term Securities Lending Facility, and Term Asset-Backed Securities Lending Facility to Congressional oversight and audit by the non-partisan Government Accountability Office. Additionally, audits would include discount window operations, open market operations, and agreements with foreign central banks such as ongoing dollar swap operations with European central banks.
Public polling conducted by Rasmussen Reports in December 2010 indicated that 74 percent of the American People demand transparency at the Fed and support a full audit as called for in the Audit the Fed legislation. In 2009 and 2010, Campaign for Liberty generated over 2.5 million grassroots contacts to federal lawmakers in support of Audit the Fed.
“The Federal Reserve and its loose money, easy credit policies are the culprit for so many of the dire economic problems we face. Americans continue to demand transparency at the Federal Reserve, and Campaign for Liberty is proud to lead the fight to make this legislation the Law of the Land,” said Campaign for Liberty President John Tate. “All across the country, grassroots citizens are uniting behind Ron and Rand Paul and will demand this audit, this year.”