This should come as no surprise but Ron Paul says Federal Reserve Policy Audit Legislation ‘Gutted’

Representative Ron Paul, the Texas Republican who has called for an end to the Federal Reserve, said legislation he introduced to audit monetary policy has been “gutted” while moving toward a possible vote in the Democratic-controlled House.

The bill, with 308 co-sponsors, has been stripped of provisions that would remove Fed exemptions from audits of transactions with foreign central banks, monetary policy deliberations, transactions made under the direction of the Federal Open Market Committee and communications between the Board, the reserve banks and staff, Paul said today.

“There’s nothing left, it’s been gutted,” he said in a telephone interview. “This is not a partisan issue. People all over the country want to know what the Fed is up to, and this legislation was supposed to help them do that.”

Paul, a member of the House Financial Services Committee, said Mel Watt, a Democrat from North Carolina, has eliminated “just about everything” while preparing the legislation for formal consideration. Watt is chairman of the panel’s domestic monetary policy and technology subcommittee.

Keith Kelly, a spokesman for Watt, declined to comment and said Watt wasn’t immediately available for an interview. Watt’s district includes Charlotte, headquarters of Bank of America Corp., the biggest U.S. lender.

Call The Capital Switchboard

Conservative For Change has this advice in Ron Paul’s Audit the Fed Bill Gutted.

It is time to get on the phone with everyone in Washington…Congressman and Senators and demand action against the illegal Federal Reserve. Call the Capitol Switchboard 202-224-3121 and speak with everyone you can!

Call Democratic Central Committee

On October 8, in Audit The Fed Revisited Jacob Dreizin offered this advice.

Without a flood of citizen lobbying, they will most likely water down H.R. 1207 into something meaningless, or else ignore it altogether.

The committee Democrats’ central phone number is (202) 225–4247, and the fax is (202) 225-6952. Alternately, and perhaps more effectively, you can politely email some or all of the committee’s most senior Democrat staff directly, as follows:

Committee staff director and chief counsel:

Committee deputy chief counsel:

Committee communications director: (or possibly

Phone Your Own Representative

For a list of phone and fax numbers for Congress please see Speak Out – Audit the Fed, Then End It!

Oppose Debt Slave Bait

As long as you are phoning (you are phoning aren’t you?), you may as well make it double duty.

Patrick at the Housing Crash Forum says Please oppose the $8000 debt-slave bait!

The U.S. Senate will be voting on an amendment this week that would extend the first-time mortgage-slave tax credit.

The NAR is supporting the Dodd-Lieberman-Isakson amendment because they hope to get commissions for ruining more lives with debt.

This amendment would:

–Provide the $8,000 tax credit to ANY buyer (not just first time) so realtors can take more commissions at taxpayer expense.
–Set income limits absurdly high at $150,000/$300,000 for single/married buyers.
–Make the credit available until June 30, 2010, rigging the housing market to postpone affordable house prices.

The NAR is distributing “Legislative talking points” on the Dodd-Lieberman-Isakson Amendment $8,000 “Homebuyer” Tax Credit so realtors know how to spin the issue in public. is asking for your help in generating phone calls to your senators in Washington, DC.

Please request to speak to each Senator’s Tax Legislative Assistant and ask them to OPPOSE the Dodd-Lieberman-Isakson amendment. We need to generate as many calls as quickly as possible. Here is a list of the phone numbers for our Senators:

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Mike “Mish” Shedlock
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