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« Congress Is Blowing It On Financial Reform (Again): Where Are The Limits On Leverage? | Main | Amazing Speech From Congressional Candidate Lt. Colonel Allen West: Now This Is A Leader »

Irony: House Passes Bill To Audit The FED And Ron Paul Votes 'No'

Video:  Congressman Ron Paul -- Aired December 14, 2009

Talk about sticking to your principles.  Congressman Ron Paul fights for 30 years to gain momentum in his fight against the Federal Reserve.  HR 1207 has 317 co-sponsors in the House (S 604 has 31 in the Senate), and it was INCLUDED in Friday's House vote on (mostly useless) financial reform that passed along party lines, with every single Republican voting 'nay', including HR 1207's lead sponsor, Dr. Paul.

His 'no' vote was not unexpected as he explained HERE to the Washington Post >>


From the WSJ

WASHINGTON -- The House of Representatives, in a display of anti-Wall Street sentiment, passed sweeping legislation Friday that rewrites the rules governing financial markets, aiming to restrict the operations of big banks and the powers of the Federal Reserve.

Under the House version, large financial companies including Goldman Sachs Group Inc. and J.P. Morgan Chase & Co. would be hit with billions of dollars in fees and would see new restrictions on their operations.

The bill would strip nearly all of the Federal Reserve's powers to write consumer-protection laws and would allow -- for the first time -- an arm of Congress to audit the Fed's monetary policy decisions, supposedly a politics-free zone. The Fed has fiercely resisted the idea.

For consumers and individual investors, the bill gives shareholders an advisory vote on executive compensation and creates a new Consumer Financial Protection Agency.

The new federal agency would write rules and examine banks for compliance with consumer protection policies on mortgages, credit cards and other products.


Final Vote: Roll Call list of 'how they voted' >> 


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Reader Comments (12)

House Passes Rules for Wall Street Over Opposition
Dec 14, 2009 at 1:36 PM | Registered CommenterDailyBail

Thoroughly Useless Wall Street Reform And Consumer Protection Act Passes Along Party Lines
Dec 14, 2009 at 1:36 PM | Registered CommenterDailyBail

Dec 14, 2009 at 1:37 PM | Registered CommenterDailyBail
Dec 14, 2009 at 1:37 PM | Registered CommenterDailyBail

House approves financial reform bill
Dec 14, 2009 at 1:38 PM | Registered CommenterDailyBail

A lonely voice against the Fed now leads a chorus
Rep. Ron Paul's attempt to rein in central bank is finally close to passing -- just don't expect him to vote for it
Dec 14, 2009 at 1:38 PM | Registered CommenterDailyBail
"in a display of anti-Wall Street sentiment..." This is excellent reporting. A display of sentiment is about all our good men and women in D.C. are good for anymore.
Dec 14, 2009 at 1:43 PM | Unregistered CommenterJames H
COPENHAGEN - Poor countries ended a boycott of U.N. climate talks Monday after getting assurances that rich nations were not conspiring to soften their commitments to cutting greenhouse gases, European officials said.

Don't worry Trinadad and Tobago, you will get paid.
Dec 14, 2009 at 3:38 PM | Unregistered CommenterGobiasBestFriend
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Dec 14, 2009 at 4:28 PM | Unregistered CommenterKen
Confidential intelligence documents obtained by The Times show that Iran is working on testing a key final component of a nuclear bomb.

What we need now is the Bush Doctrine, what we have is the Barry Soetoro Doctrine which is a fraud.
Dec 14, 2009 at 4:43 PM | Unregistered CommenterGobiasBestFriend
The Fed along with Goldman Sachs doesn't want the Fed audited. And since the Fed along with Goldman Sachs controls the U.S. government, the Fed will never be audited. End of story. U.S. financial institutions have all fallen prey to what William K Black calls, "Control Fraud" a term used to describe a situation wherein the culprits who routinely violate & abuse financial audit controls are usually the very same people in charge of enforcing them.
Dec 15, 2009 at 4:09 AM | Unregistered CommenterRecoverylessRecovery
“Confidential intelligence documents obtained by The Times show that Iran is working on testing a key final component of a nuclear bomb.

What we need now is the Bush Doctrine, what we have is the Barry Soetoro Doctrine which is a fraud. “

Somehow I do not think giving Iran heating oil is going to work, they seem to have a lot of oil. Besides, it did not work for Bush and N. Korea, they took our oil and continued making bombs anyway.

Dec 17, 2009 at 8:06 AM | Unregistered CommenterS. Gompers

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