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- Less than 24 hours after WND
reported a proposal from U.S. Rep.
Ron Paul, R-Texas, to audit the Federal Reserve was approaching
majority support in the U.S. House, he is confirming the plan has reached
that "crucial benchmark."
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- "The tremendous grass-roots and bipartisan support
in Congress for H.R. 1207 is an indicator of how mainstream America is
fed up with Fed secrecy," Paul said shortly after U.S. Rep Dennis
Kucinich, D-Ohio, became the 218th cosponsor, giving the plan, technically,
majority support in the 435-member House.
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- "I look forward to this issue receiving greater
public exposure," Paul said.
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- A spokeswoman in Paul's office said
by the end of the business day in Washington, D.C., the plan had attracted
221 cosponsors. She said hearings on the transparency of the Federal Reserve
are expected over the next month as part of the Financial Services Committee's
series of hearings on regulatory reform.
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- WND reported only a day earlier on
the list of consponsors reaching 213 for H.R. 1207, the
Federal Reserve Transparency Act of 2009.
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- Paul long has opposed the power held by the Federal Reserve
and its ability to manipulate the nation's economy and over the years has
launched multiple proposals to get rid of the private banking powerhouse,
without significant support.
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- But in light of the economic collapse in the United States
the government takeover of the banking industry, the
government's demands for various auto industry bankruptcies, the
government's appointment of a "pay czar" change apparently
is coming.
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- "To understand how unwise it is to have the Federal
Reserve, one must first understand the magnitude of the privileges they
have," Paul wrote in a recent Straight Talk commentary. "They
have been given the power to create money, by the trillions, and to give
it to their friends, under any terms they wish, with little or no meaningful
oversight or accountability."
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- He's even said
Congress should "reassert its constitutional authority over monetary
policy."
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- Besides the support in the U.S. House, a companion bill,
S. 604, also now has been introduced in the U.S. Senate by Sen. Bernard
Sanders of Vermont. It has been referred to the Senate Committee on Banking,
Housing and Urban Affairs.
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- Paul said that should help the effort "gain momentum."
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- When Paul introduced his latest proposal to audit the
organization there
were 11 co-sponsors, which grew quickly to 124 just a few weeks
ago. It jumped quickly then to 179.
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- The bill calls for the comptroller general of the United
States to audit the private Federal Reserve and report to Congress before
the end of 2010.
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- The Constitution, Paul said, gives Congress, not the
private Federal Reserve, "the authority to coin money and regulate
the value of the currency."
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- Stunning Fed fraud DVD just $4.95! 'The
Money Masters: How Banks Create the World's Money'
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- Paul explained his advocacy for the H.R. 1207 audit in
the U.S. House:
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- "Throughout its nearly 100-year history, the Federal
Reserve has presided over the near-complete destruction of the United States
dollar," the Texas Republican said. "Since 1913 the dollar has
lost over 95 percent of its purchasing power, aided and abetted by the
Federal Reserve's loose monetary policy.
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- "How long will we as a Congress stand idly by while
hard-working Americans see their savings eaten away by inflation? Only
big-spending politicians and politically favored bankers benefit from inflation,"
he said.
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- Paul called oversight of the Fed "long overdue."
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- Federal Reserve
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- You've never needed to understand money like you need to understand
it now! "Web of Debt: The Shocking Truth About Our Money System and
How We Can Break Free" unravels the deception of the Federal Reserve
and presents a crystal clear picture of the financial abyss towards which
we are heading.
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- "Since its inception, the Federal Reserve has always
operated in the shadows, without sufficient scrutiny or oversight of its
operations," he continued.
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- "The Federal Reserve can enter into agreements with
foreign central banks and foreign governments, and the GAO is prohibited
from auditing or even seeing these agreements. Why should a government-established
agency, whose police force has federal law enforcement powers, and whose
notes have legal tender status in this country, be allowed to enter into
agreements with foreign powers and foreign banking institutions with no
oversight?"
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- Paul's bill would also make the Federal Reserve's funding
facilities, including the Primary Dealer Credit Facility, Term Securities
Lending Facility, and Term Asset-Backed Securities Lending Facility subject
to congressional oversight.
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- Note: Concerned individuals may contact members of the
House
Committee of Financial Services in reference to H.R. 1207 and the
Senate
Banking, Housing, and Urban Affairs committee in reference to its
companion bill, S. 604. They may also contact their respective representatives
and senators.
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