Ron Paul’s ‘audit The Fed’ Bill Passes The House

Discussion in 'General Discussion' started by Quigley_Sharps, Jul 26, 2012.

  1. Quigley_Sharps

    Quigley_Sharps The Badministrator Administrator Founding Member

    At long last, Ron Paul has his day.
    The House of Representatives on Wednesday overwhelmingly approved the Texas Republican's bill to increase the transparency of the Federal Reserve. With bipartisan support, the measure passed 327-98. One Republican, Rep. Bob Turner of New York, joined 97 Democrats in voting against it.
    For Paul, the journey to getting his bill approved in the House has been a long, and often lonely one. He first introduced the bill to a skeptical House a decade ago. While his efforts were ignored at the time, the call to "audit the Fed" has gained support from mainstream Republicans and Democrats.
    On the presidential campaign trail in 2008, Paul spoke often about the need to make more of the Federal Reserve's activities public, a cause that became a rallying cry of his supporters. Paul's book "End the Fed" was published in September 2009, and he continued his crusade against the federal bank into his second run for the Republican presidential nomination in 2012. (Paul first ran for president as the Libertarian Party candidate in 1988.)
    Paul's bill came to the floor Wednesday with 270 co-sponsors. The measure also received support from his fellow Republican presidential candidates during the primaries. Former Massachusetts Gov. Mitt Romney, the presumptive Republican presidential nominee, most recently voiced his approval for Paul's efforts last week.
    "Ron Paul's 'Audit The Fed' bill is a reminder of his tireless efforts to promote sound money and a more transparent Federal Reserve," Romney posted on Twitter.
    The bill, of course, is not without critics. Democrats say the Act could "politicize" the Federal Reserve's decisions—what Federal Reserve Chairman Ben Bernanke has called a "nightmare scenario."
    "This bill would ... jeopardize the Fed's independence by subjecting its decisions on interest rates and monetary policy to GAO audit," said House Minority Whip Steny Hoyer, a Democrat from Maryland. "I agree with Chairman Bernanke that congressional review of the Fed's monetary policy decisions would be a 'nightmare scenario,' especially judging by the track record of this Congress when it comes to governing effectively."
    While Wednesday's passage in the lower chamber is a victory for Paul and his supporters, the bill is considered dead on arrival in the Senate. Harry Reid, the Senate majority leader and a Nevada Democrat, has vowed not to put it to a vote.
  2. Brokor

    Brokor Live Free or Cry Moderator Site Supporter+++ Founding Member

  3. TheEconomist

    TheEconomist Creighton Bluejay

  4. CATO

    CATO Monkey+++

  5. CATO

    CATO Monkey+++

  6. TheEconomist

    TheEconomist Creighton Bluejay

    When you get your name on in sponsorship it just means that you have a hand in the writing. This could mean they took part in the drafting of the legislation as a means to weaken it as much as possible in case it did pass the house. If this was their position, it only makes sense that they would vote against it.

    You may be asking why Paul would allow them to work on it if this was the case? The reason is a bill with bi-partisan penmanship has a better chance of making it through the house. A good ole' concession laden bill will almost always stand a better chance. In the end, even without these poopsmiths, the bill passed and the American people are getting what they want to see for now. Only a few more steps to go and this audit might happen.

    Does anyone know when this will come up for vote in the senate? If it is after the election (I.E. when the democrats take over control of the senate and house by a vast majority, forgive my prognostication) I think this thing will die a quiet death. If before, it would give the republicans another sticking point against Obama if he would choose to table the issue and let it die on his desk or veto it.
  7. BTPost

    BTPost Stumpy Old Fart,Deadman Walking, Snow Monkey Moderator

    Harry Reid says he will NOT allow it to come up for a vote in the Senate.... announced yesterday.....
  8. Seawolf1090

    Seawolf1090 Retired Curmudgeonly IT Monkey Founding Member

    No surprise at all.
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