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Congressman Ron Paul's audit the Fed bill HR 1207.
Has officially been guided.
Thanks in North Carolina Democrat Mel Watt just before the bill was to have received a full overwhelmingly positive committee vote.
Congressman -- chairman of the subcommittee on domestic monetary policy and technology.
Whose district is home to the headquarters of the Bank of America removed key provisions from congressman Paul's bill.
Including the audit of the Fed's monetary policy making authority as well as the requirement for transparency.
Of those suspicious.
Secret agreements with foreign central banks.
Joining me -- discuss all of this is John Tait president of the campaign for liberty John it's a pleasure welcome back to freedom watch.
-- thank you judge good to be here again what will we ever find out as much about the fans as we know about the CIA.
Well that's our plan where we're gearing up -- have our members contacting.
The members of the house financial services committee were not giving up on this yet.
You know this is sort of stage five of the six things that stuff politicians tried to do.
To stop people from -- affecting change another sort of jumped -- -- to stage five which is.
Try to offer compromising sellout and now were not gonna stand for that were demanding -- a up and down vote on -- -- and Paul's HR 1207 as originally drafted.
And now we're gearing up and getting our members involved in calling.
-- -- right now others 29 Republicans on the house financial services committee all of them -- co sponsors of HR 1207.
And thirteen Democrats are co sponsors as well and if we can hold those folks in line.
We should be able to restore the bill to its original intent.
-- -- let let me make sure I understand and those watching and listening to us understand what happened congressman Paul propose this bill -- proposed to for many years.
Nobody really paid any attention to it.
It requires a full above the board open audit of everything that the federal -- -- reserve has done and is doing domestically.
And foreign policy was suddenly people start jumping on his bandwagon at this point in time.
All the Republicans.
And more than half the Democrats in the congress are in favor of the bill.
In its original full blown edit the Fed form.
It gets to this subcommittee in the hands of this congressman who represents the district where the Bank of America its headquarters headquartered and he cuts it.
What are we have to do to get it back into its original form.
And how can this one guy got a bill that more than half of his colleagues in both parties are in favor of.
I think -- on the second point congressman Paul said it best the other night when he said you know if the bill were to be voted on in its current form on the house floor.
It might pass unanimously because nobody wants to go on record.
Especially heading into another election year as having voted against a complete audit of the Fed so what they're trying to do.
-- change it and stop it and water it down until it's meaningless prior to it coming up for a vote.
What we have to do very simply congressman Paul will be offering in full committee.
An amendment to the bill.
Which will restore the original language.
And we are calling on our members and supporters in the American people by the way 75%.
Of whom support a full audit of the Fed.
Were calling on them.
To contact members of the house financial services committee and urge them to stick with their original promise to support Ron Paul's bill.
For a complete and full audit of the Fed that's step number one.
Have people are.
Come to realize John.
That this Central Bank.
Has destroyed 95%.
Of the value of the dollar since it came into existence in 1913.
And that in the 130 years of our existence prior to that the dollar actually went up -- -- and value by thirteen or 15%.
To the -- does the American public.
That this is really just a cartel to enrich the people who own it.
I think I'll probably a year ago maybe even six months ago they didn't I think now more and more of them are understanding that in Iran has been for years talking about this issue along with other people.
As you mentioned earlier sort of to a death fear.
But now you know I I think the the poll numbers I think Rasmussen did a poll.
Few months ago on this issue when.
Whereas you know five years ago if you did a poll on the Fed 75% of the American people would have said what's the Fed.
Now 75% of the American people say yes we need to audit the Fed.
And find out where our money is going and what they're doing so I think the tide is turning I think that is why.
It to -- this is good news that they're trying this.
To water this bill down because it's a sign that we are succeeding.
It's a sign that the American people are outraged.
And it's a sign that we can win this battle if we keep the pressure on.
Last night here in New York City in lower Manhattan.
The chairman of the New York Federal Reserve called into his offices.
The heads of many banks.
Which either did not receive TARP funds or receive TARP funds and paid them back.
And he basically said cut -- executive compensation.
-- the government will do it for you.
This is the Federal Reserve.
Threatening private banks would we know about such a threat or would we know about what.
What course to what what back up such a threat if the audit came about.
Oh absolutely and we know so much more.
You -- how they decide their monetary policy the one minute that I think is is a very big issue is.
They're making in secret with foreign banks and foreign governments -- -- we know very little about what they do they've operated that way forever.
And -- I think that a full scale audit of the Fed would would open up all of those issues and would let the American people say I mean.
Don't just have a small start where all of our money go for the -- -- -- I mean they've.
You know when chairman Bernanke came before the house and they asked him you know.
-- Bernanke where where can you please tell us where the money went in his response was no I'm not required to and I'm not going -- So while I think this this audit of the Fed is is sorely needed in in something we've got to get through and that's why -- keeping the pressure on.
John Tate thanks very much for joining us some freedom watch.
Thank you judge.
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