Ron Paul’s Latest “Audit the Fed” Bill Passes Committee Unanimously

Brian Doherty | June 27, 2012

This morning, the U.S. House of Representatives Oversight and Government Reform Committee unanimously passed Ron Paul’s latest “Audit the Fed” bill, H.R. 459.

The bill would eliminate certain restrictions that now exist on any audits done on the Federal Reserve from 31 U.S.C. 714, such as:

Audits of the Board and Federal reserve banks may not include—

(1) transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization;

(2) deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations;

(3) transactions made under the direction of the Federal Open Market Committee; or

(4) a part of a discussion or communication among or between members of the Board and officers and employees of the Federal Reserve System related to clauses (1)–(3) of this subsection.

The central bank is an institution of the most deadly hostility existing against the Principles and form of our Constitution. I am an Enemy to all banks discounting bills or notes for anything but Coin. If the American People allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the People of all their Property until their Children will wake up homeless on the continent their Fathers conquered. -Thomas Jefferson

Central to the seemingly endless series of bubbles and crashes is the monetary policy of the Federal Reserve, a privately owned and opaquely operated cartel of international banking interests. The argument that the Fed was created to counter the stock market crash of 1929 is a smokescreen that effectively took that power from the rightful bearers as directed by the constitution. Our tax dollars have been used to prop up corrupt financial institutions not only in our country, but around the world. It’s time we had a look at their books.