Audit the Fed Passes!

S202 Cosponsor map:

 

 

From Matt Hawes at Campaign for Liberty:

Minutes ago, the U.S. House voted to pass our Audit the Fed bill by a vote of 327-98!!

You can find out how your representative voted HERE.

Thanks for your help to achieve this historic victory!

Only a few years ago, few would have believed that two-thirds of the U.S. House would support a complete audit of the Federal Reserve.

It’s time to further shock the establishment by carrying our momentum over into the Senate.

And that’s where Audit the Fed faces its toughest test yet.

Ben Bernanke and his bankster pals know they can count on Senate Majority Leader Harry Reid and their other allies to do everything in their power to stop our transparency effort.

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Fed Audit Hearing Oct 4 2011

UPDATE: HR459 – 274 Cosponsors

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HR459 cosponsors – Federal Reserve Transparency Act of 2011

Updated 7/19/2012 – 274 Cosponsors

Click HERE for a more detailed view at Google maps.


A rare Fed dissent from three regional presidents

The Federal Reserve has kept its short-term interest-rate target at near-zero for 32 months, and yesterday its Open Market Committee announced that it’ll keep the rate there for at least another 24 months. This is what a central bank does when it wants to appear to do something to help the economy but has already fired most of its ammunition.

The announcement of a specific mid-2013 target date supplants language that near-zero rates would continue for an “extended period.” The idea is to assure markets that the Fed won’t tighten for a very long time. Investors who want higher returns will have to go further out on the risk curve for longer, and so perhaps this will keep long rates lower for longer. Equities—one form of risky asset—certainly reacted well yesterday.

Read more here.

The Federal Reserve has kept its short-term interest-rate target at near-zero for 32 months, and yesterday its Open Market Committee announced that it’ll keep the rate there for at least another 24 months. This is what a central bank does when it wants to appear to do something to help the economy but has already fired most of its ammunition.

The announcement of a specific mid-2013 target date supplants language that near-zero rates would continue for an “extended period.” The idea is to assure markets that the Fed won’t tighten for a very long time. Investors who want higher returns will have to go further out on the risk curve for longer, and so perhaps this will keep long rates lower for longer. Equities—one form of risky asset—certainly reacted well yesterday.

Ron Paul on CNBC: I worry most about consequences of Currency Destruction – August 10, 2011

Rep. Paul slams Fed for steps risking US dollar’s reserve status

By Pete Kasperowicz – 08/10/11 09:03 AM ET

The Federal Reserve has taken another step to end the dollar’s reign as a global reserve currency, Rep. Ron Paul said Wednesday.

Paul, the GOP presidential candidate and frequent Fed critic, criticized the central bank’s Tuesday announcement that it would keep a key interest rate at or near zero percent for another two years.

“I think what we’re dealing with is the end of the dollar reserve standard, and that’s a world-wide phenomenon,” Paul (R-Texas) said on CNBC.

The Fed on Tuesday did not announce a third round of quantitative easing as some were hoping, which could have led to more Fed purchases of Treasury debt and a flood of new money, something Paul has criticized in the past. Still, Paul implied that the Fed’s decision to keep interest rates low through mid-2013 is a supplemental strategy that will push the dollar down, and said the recent surge in gold prices is a sign of that.

 

http://thehill.com/blogs/floor-action/house/176229-rep-paul-says-fed-move-step-toward-end-of-dollars-reserve-status

Ron Paul ‘We Have Not Learned Our Lesson’