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Senate Republicans try to kill Rep. Paul's Audit the Fed Bill
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Congressman Ron Paul proposed a bill to audit the Fed called HR 1207, or The Federal Reserve Transparency Act, which now has 179 co-sponsors. The Fed is a very secretive institution with little to none government oversight. What most people do not know is that the Fed is a private bank. The Fed continues to print money out of thin air to bail out Wall Street, subsidize our nation building overseas, as well as to pay our debt to private bankers. With the recent financial crisis and the bailouts of Wall Street, Congressman Ron Paul's warnings about our unsustainable financial policies have been vindicated. Ron Paul believes that the Federal Reserve should be abolished all together and replaced with a Constitutional sound currency such as a gold standard. The Constitution grants Congress the right to issue currency, therefore the Federal Reserve in Unconstitutional.
The Senate version of the bill is titled HR 1207 and two high ranking Senate Republicans, Charles Grassley on the Finance Committee and Richard Shelby on the Banking Committee are attempting to Neuter the bill. Senator Shelby was responsible for modifying the bill by limiting the scope the bill can audit Fed. Senator Grassley conceded to the Amendment. Handwritten Notes prove that the two Senators were in cahoots to neuter the bill. Senator Shelby wrote in the margins of the bill "with respect to a single and specific partnership or corporation", which neuters the bill's ability to audit the federal reserve as well as admitting the Fed is a private corporation rather than a government institution.
The fact that these two Senators have watered down a bill to audit the fed shows they are in favor of secrecy in government and carrying water for the big bankers. The same private bankers who own shares in the fed have a lot of clout over our Senate, and specifically the Senate's Finance and Banking Committee's. President Obama's 2nd top source of campaign contributions were from the financial firm Goldman Sachs.
