update on Bill HR 1207

Video giving you update on "Audit the Federal Reserve" (39 congressional co-signers now and growing). The people are pressuring their representatives, and getting results.

http://www.campaignforliberty.com/

Why and When was Federal Reserve Created

First Section from Government Website is as follows:

When was the Federal Reserve created?
The Federal Reserve was created on December 23, 1913, with the signing of the Federal Reserve Act by President Woodrow Wilson. The act had been drafted as House Resolution 7837 by Representative Carter Glass (D-VA), incoming chairman of the House Banking and Currency Committee.

What are the Federal Reserve's responsibilities?
Today, the Federal Reserve's responsibilities fall into four general areas:

• conducting the nation's monetary policy by influencing money and credit conditions in the economy in pursuit of full employment and stable prices
• supervising and regulating banking institutions to ensure the safety and soundness of the nation's banking and financial system and to protect the credit rights of consumers (They did not do their job. No wounder the people are calling for an audit. In fact many are calling for an Audit of the Federal Reserve for this reason and evidence they have been bed fellows with the banking system that created the banking crises...fraud {see below})
• maintaining the stability of the financial system and containing systemic risk that may arise in financial markets
• providing certain financial services to the U.S. government, to the public, to financial institutions, and to foreign official institutions, including playing a major role in operating the nation's payments systems
  

Who owns the Federal Reserve?
The Federal Reserve System is not "owned" by anyone and is not a private, profit-making institution. Instead, it is an independent entity within the government, having both public purposes and private aspects.

As the nation's central bank, the Federal Reserve derives its authority from the U.S. Congress. It is considered an independent central bank because its decisions do not have to be ratified by the President or anyone else in the executive or legislative branch of government, it does not receive funding appropriated by Congress, and the terms of the members of the Board of Governors span multiple presidential and congressional terms. However, the Federal Reserve is subject to oversight by Congress, which periodically reviews its activities and can alter its responsibilities by statute. Also, the Federal Reserve must work within the framework of the overall objectives of economic and financial policy established by the government. Therefore, the Federal Reserve can be more accurately described as "independent within the government."

The twelve regional Federal Reserve Banks, which were established by Congress as the operating arms of the nation's central banking system, are organized much like private corporations--possibly leading to some confusion about "ownership." For example, the Reserve Banks issue shares of stock to member banks. However, owning Reserve Bank stock is quite different from owning stock in a private company. The Reserve Banks are not operated for profit, and ownership of a certain amount of stock is, by law, a condition of membership in the System. The stock may not be sold, traded, or pledged as security for a loan; dividends are, by law, 6 percent per year.

It is self-financed and therefore is not subject to the congressional budgetary process.

Note: This site also says they are audited, while others say: yes, but not a true audit that requires them to report all activities to congress. (see more explanation below). I personally wounder if there was full disclosure to congress that revealed corruption would they reward it as they have with Bailouts to banks. I am for a full audit that reports findings to the American people

http://www.federalreserve.gov/generalinfo/faq/faqfrs.htm#5

This second part was taken from various websites:

Though the Federal Reserve policy harms the average American, it benefits those in a position to take advantage of the cycles in monetary policy. The main beneficiaries are those who receive access to artificially inflated money and/or credit before the inflationary effects of the policy impact the entire economy. Federal Reserve policies also benefit big spending politicians who use the inflated currency created by the Fed to hide the true costs of the welfare-warfare state. It is time for Congress to put the interests of the American people ahead of the special interests and their own appetite for big government. (This article further explains why the creation of the Federal Reserve is unconstitutional) http://www.lewrockwell.com/paul/paul53.html

Ron Paul speaking to the Congress http://www.youtube.com/watch?v=A4kxTkhwR_Q

Audits of the Federal Reserve are not Audits in the true sense of the word;The U.S. Federal Reserve has refused to publicize a list of AIG's derivative counterparties and what they have been paid since the bailout, riling the U.S. Senate Banking Committee.

Federal Reserve Vice Chairman Donald Kohn testified before that committee on Thursday that revealing names risked jeopardizing AIG's continuing business. Kohn said there were millions of counterparties around the globe, including pension funds and U.S. households.http://www.reuters.com/article/BANKSL/idUSN0725372820090307

“The Fed has so far resisted attempts to provide information on how it is spending the bailout money and currently dictates how accountable it will be to Congress. Since its creation in 1913, the Fed’s control of money and credit in this country has resulted in a 95% devaluation of our dollar and the piling up, just in the last year, of almost $10 trillion in bailouts and loans http://www.freedomworks.org/blog/joseph-onorati/ron-paul-bill-to-audit-the-fed

Two years ago would you have doubted the wide spread banking corruption now being revealed? Corrupt institutions often throw out a fall guy to take attention off of the real crime lord. It is time for complete transparency as President Obama has promised.

Bill HR 1207 to audit Federal Reserve http://www.opencongress.org/bill/111-h1207/show

Who to Contact:

To find your Senator, click here. To find your Representative, click here.

To contact Obama: http://www.whitehouse.gov/CONTACT/

To contact the financial services committee: http://www.house.gov/financialservices/contact.html

****bill to audit the Federal Reserve, HR 1207

Roma Writes: Many people think the Federal Reserve is part of the U.S. Government. It is , in fact, privately owned by an unelected body, and many of their actions have not been transparent . And because they have a tremendous power over our monetary system many are now calling for transparency, and the Federal Reserve is resisting. If they have nothing to hide they would welcome an opportunity to put the distrust to rest.

If you support the idea of transparency please click on the link below to sign the petition:


From Campaign for Liberty March 13, 2009
Dear Friend of Liberty,

Yesterday, I wrote to inform you of Ron Paul’s bill to audit the Federal Reserve, HR 1207.Yesterday’s response was staggering - and overwhelming. In fact, response was so incredible that the traffic simply overwhelmed our servers.

What that means is many who tried to take action couldn’t.I’m sorry if our server being overwhelmed caused you any problems. We believe we have the issue fixed now and are ready for you to come back today. WHETHER OR NOT YOU SIGNED YESTERDAY, will you please click here right away? We want to make sure EVERY friend of Liberty is on board, and due to the problems yesterday, we are asking everyone to try one more time.
_______________________________________________________

From Campaign for Liberty on March 12, 2009

Dear Friend of Liberty,
Right now, you and I are seeing the worst plundering of a nation’s wealth in the history of civilization – all led by the out of control Federal Reserve.If you and I don’t act today, I’m afraid this crisis will end with the economic ruin of every man, woman and child in the United States.

Just think about the scope of the problem for a minute: The Fed pumps trillions of dollars in fiat currency into a system already overloaded by the massive amount of dollars committed to the economic bailouts in recent months.This TOTALS:More than the socialist New Deal...More than the entire Iraq debacle...More than the 1980’s savings and loan mess...More than the Korean War...COMBINED.

Where will it all end?It’s time you and I put a stop to an out of control Federal Reserve. And Ron Paul has a bill before Congress to do just that.That’s why it’s vital you fill out your personal "Audit the Fed" petition in support of Congressman Paul’s bill.Today, $9.7 TRILLION in taxpayer dollars in bailouts and loans have been agreed to by Congress, the Bush and Obama Treasury Departments, and the Federal Reserve.Poll after poll shows the American people are fed up and are ready for fresh leadership to make their voices heard in Washington.That means it’s a perfect time to unleash the Ron Paul R3VOLUTION on the out of control Fed!Please complete this petition urging your Congressman to cosponsor and a seek roll-call vote on Ron Paul’s Audit the Fed Bill -- the first step toward ENDING THE FEDERAL RESERVE once and for all!

As I know you’re aware, the Federal Reserve’s inner-workings are shrouded in secrecy, and their meetings are off-limits to the public. Just recently, the Federal Reserve told Congress “NO WAY” when asked to account for TWO TRILLION DOLLARS in taxpayer-backed loans!Well, why do you think they refused? They know coming clean with Congress and the American people on how they doled out those two TRILLION dollars would result in an anti-Fed firestorm.So can you imagine the impact of a full-scale audit?You and I will finally be able to show the American people that the Federal Reserve System leads to:*** Constant economic crises -- the housing crisis and the resulting chaos is just one example of an economic bubble created by centrally-planned interest rates and money manipulation;*** The destruction of the middle class -- as fuel, food, housing, medical care and education costs soar, everyone who is NOT on the government dole is forced to make do with less as the value of their money slowly decreases;*** Currency destruction -- history shows us that riots, violence and full-scale police states can result when people finally realize fiat money isn’t worth the paper it’s printed on and REFUSE to accept it.And unless you and I do end the madness in Washington, D.C., we may be closer than we’d like to think to learning that history lesson first hand -- right here on the streets of our towns and cities.

That’s why your commitment to helping the Campaign for Liberty fight this battle is so vital.Just a few months ago, there was no chance of passing any legislation like Ron Paul’s Audit-the-Fed Bill.So I guess there has been one “CHANGE.”But with the piling up of trillions of dollars in out of control “bailouts” of Wall Street and international bankers, even many politicians in Washington, D.C. want to show you they’re “being responsible”.What better way for Congress to do this than by auditing the Federal Reserve to account for the trillions stolen from the U.S. taxpayers?

There will be many battles you and I must fight over the coming months to take back our country. But this one is set to rage in Congress in just a few short weeks.And, it’s a bill we CAN pass!You see, after regulating, taxing, spending, borrowing and printing us into what looks like the worst recession in decades, establishment politicians and power brokers are assuring us they are working hard to “fix” our economic woes.So they want to do something (anything) to show you they care.That’s why Dr. Paul’s bill is positioned to move forward this year.And since very few politicians understand the Federal Reserve System, they do not understand the threat this bill poses to the borrow-and-spend system they continually vote for.And even if Ron Paul’s Audit-the-Fed Bill is defeated, just forcing a vote is a win/win situation.Can you imagine how many politicians will pay the price at the ballot box in 2010 when you and I tell the American people their Congressman somehow lost trillions of taxpayer dollars and voted against even looking for the money?Of course, getting a vote won’t be easy, but you know just as well as I do that Ron Paul has proven he’s not afraid of a fight.

Now, we just need to show Congress that the American people demand action on Ron Paul’s Audit-the-Fed Bill. Here’s how we plan to do that:First, we’re already busy contacting up to five million activists nationwide through mail, phones and e-mail to generate petitions to the U.S. Congress demanding action on the bill.But that’s just the beginning.We’ll work the talk radio stations and grant local media interviews to further turn up the pressure on Congress. And, of course, Ron Paul supporters will own the meet-up groups and social networking sites that first launched our R3volution.And a few days before the vote, if we have the resources, we’d also like to run hard-hitting targeted radio, TV and newspaper ads.This entire program is designed to send one, CLEAR message to Congress -- Any politician who votes against the Federal Reserve Audit should look for another job.

But such a massive effort won’t be easy -- or cheap.So, along with your petition, I also hope you’ll agree to make a contribution of $250, $100, or $50 to the Campaign for Liberty.I know times are hard, but if we don’t take action, the America we see in just a few years could look much different than the one we see today.So please, fill out your petition and give a generous contribution of $250, $100, or $50 to the Campaign for Liberty IMMEDIATELY.Please don’t just ignore this email.Can I count on you to join the fight to ultimately END THE FED by making a generous contribution of $250, $100, $50 -- or whatever you can afford to the Campaign for Liberty?

Sincerely,John F. TatePresident

P.S. Please fill out this petition DEMANDING your Congressman cosponsor and seek a roll-call vote on Ron Paul’s Audit-the-Fed Bill TODAY!