Audit the Fed! House Overwhelmingly Passes Bill to Open Federal Reserve

Marriner S. Eccles Federal Reserve Board Building

By Michael Collins Piper

It’s finally happened. On July 25, the U.S. House of Representatives approved by an overwhelming margin a measure calling for an audit of the privately controlled Federal Reserve System banking monopoly, often mistakenly believed to be a “government” entity.

Rep. Ron Paul (R-Texas), a longtime—and for many years virtually the only—congressional proponent of a Fed audit, was the prime mover behind the bill, which was numbered H.R. 459.

Titled the Federal Reserve Transparency Act of 2012, H.R. 459 calls for “a full audit of the Board of Governors of the Federal Reserve System and the Federal Reserve banks by the comptroller general of the United States before the end of 2012.”

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The House approved the bill by a vote of 327-98. Of 240 Republicans, 238 were in favor, with one lone GOP member—Bob Turner (N.Y.)—voting “no.” Another GOP member, Steve Stivers (Ohio) did not vote. House Democrats were essentially split on the issue with a slight majority (97 in number) voting against, while 89 stood with the GOP majority. Five Democrats chose not to vote.

Click here to see how your congressperson voted.

Since 30 years ago—when Liberty Lobby, the Washington-based populist institution, and its national weekly newspaper, The Spotlight, forerunner of AMERICAN FREE PRESS—were urging Congress to rally behind Paul’s efforts to bring public focus on the Federal Reserve System (and the need for an audit thereof), critics called this a “fringe issue.” No more. Instead, a wide range of House members of both parties—“liberal” and “conservative” alike—eagerly joined Paul to co-sponsor H.R. 459, fully conscious of growing public awareness of this issue.

The burgeoning support for the audit-the-Fed measure is the consequence of energetic efforts by patriots nationwide who have, for decades, focused on the problems surrounding essentially unregulated control of the American economic system by this private money monopoly.

The House vote is a landmark event, a tribute to not only Paul’s prescience and persistence on the issue, but also to the passionate efforts of good patriots—like the readers of AFP—who have kept the heat on Congress on this issue.

The Senate is expected to take up its own version, S. 202, soon. Approval there may face an uphill battle since Senate Majority Leader Harry Reid (D-Nev.) has vowed it will never be voted on in the Senate. However, concerted public pressure—particularly during an election year—could turn the tide. To contact your senator, you can call the congressional switchboard at (202) 224-3121 and urge support for S. 202. Call Reid and tell him to bring the issue to a Senate vote.

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Michael Collins Piper is an author, journalist, lecturer and radio show host. He has spoken in Russia, Malaysia, Iran, Abu Dhabi, Japan, Canada and the U.S.

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