This February, Congressman Ron Paul (R-TX) introduced HR 1207, the Federal Reserve Transparency Act of 2009 to audit the FED. When I first reported on it in March, privately I was quite ecstatic that there were 11 co-sponsors, and three were Democrats. Why?

Well, Dr. Paul has tried for some time to audit and limit, even abolish, the Federal Reserve. The hallmarks of Dr. Paul's twenty years in Congress are common sense bills that have been mostly ignored as our past Congresses and the Federal Reserve led us down the path to economic ruin. However, what happened next in the House is amazing – HR 1207 now has 207 co-sponsors, close to a majority!

The big picture is that it only takes half a brain and a pulse to get angry about the fact that the central bankers gave the American people the equivalent of a middle finger on Bloomberg's Freedom of Information Act request. The FED denied to disclose how they used $2 trillion dollars in open market operations that they executed outside of Congressional authority. Congress has no clue or control over how the FED used the money since that is not how the FED works. Without an audit, Congress does not even know how much gold our nation owns. Who wants to be on the “No” side with all of the popular sentiment against it? (photo)

The legislative process in Washington is usually as slow as molasses, and most bills die in committee with the obvious exceptions of very long lobbyist bills like the USA PATRIOT Act and urgent banker bailout-stimulus plans that no one in Congress even has time to read before voting on them and are passed in a blind panic. In fact, I personally am insulted by this video of the infamous speedreader incident of this 900-page “Cap and Trade” lobbyist amendment from May. Ron Paul is a veteran legislator, and most of his bills this decade are quite short – HR 1207 is only 446 words.

As a candidate for Congress, I thought I would answer a few questions I have received which also outline the next steps that need to occur. The bill is currently in committee.

Q: “What does it take to get this bill out of committee and on the floor of the House for a vote?”

A: It is possible (but not likely at this point) that the bill will be tabled, or die, while in committee. Committees were formed originally to have focus groups, but their modern usage merely serves to endow the committee chairs from the majority parties with a lot of power, and to stifle the minority party's bills from ever reaching the House floor. To pass, the committee must have quorum – the necessary amount of representatives present to vote on it – and passing requires a majority of those in attendance at committee before moving to a House vote where only a simple majority of 218 is needed. This process is described here, see page 21/67. Currently, 34 co-sponsors are on the Financial Services Committee of 71 members, so just two more co-sponsors would give the bill a majority! Please check the roster to the right. Attached here is a spreadsheet with all current co-signers on pages 1-5, and the Financial Services committee members all on page 6. In the file, just click on their name to visit their website and contact them.

Q: “How many co-sponsors does it need to force that? Or does that even matter?”

A: The number of co-sponsors technically does not matter, and co-sponsors are not obligated to vote for the bill. However, it serve as an indicator of the minimum support a bill expected on the House floor, so is a key indicator while in committee. While bills are in committee, they can be marked up and amended, which is why the simplicity of Paul's bill is key – there is simply not much to mark up.

Q: “What if the Chairman Barney Frank (D-MA) continues to postpone a vote on HR 1207?”

A: Representative Barney Frank, D-MA, is the chair of the Financial Services committee. He has not co-signed the bill, and traditionally is allied closely with the banking special interests and the FED, so no cooperation can be expected from him. Frank has spoken about Paul, HR 1207, and committee politics – and boldly proclaiming that there is no inflation while inflation remains high at 7%. However, page 20/67 states that “three or more members of a standing committee may file with the committee a written request that the chairman call a special meeting” to force a vote. Furthermore, the rules also state that the committee may be “discharged” or circumvented if a majority of Representatives (218) have signed a motion to discharge the bill from committee. (pages 31-32/67) Obviously, to help secure the bill's passage, a majority of co-signers – just 11 more would be helpful. The most prudent path still appears to move the bill through committee, and secure a couple more committee members as co-signers. Writing a quick note to the Financial Services committee would also help.

Q: “What is the gravest threat to the bill?”

A: I happen to believe that if this bill can be approved by Congress and delivered to the President, he would sign it per all of his rhetoric about an open government and transparency. A win in the House now appears likely, so I would say the gravest threat is that the bill will die in the Senate. Senator Bernard Sanders (I-VT) has sponsored S 604, the “Federal Reserve Sunshine Act of 2009.” The text of the bill is currently identical to HR 1207, but Sanders has zero co-sponsors. Therefore, activists should target their U.S. Senator's offices. I recommend using DownsizeDC's “Audit the FED” Campaign to thank or urge your representative and Senators to co-sign this bill. However, writing directly to your Senator's office and placing a phone call are also recommended.

An action item summary:

Contact your Representative or target a few from the list above. If two (2) more members of the Financial Services Committee co-sign, HR 1207 will be assured of passing committee unchanged. If eleven (11) more members of the House co-sign, HR 1207 will be assured of passing the House. Write a note to the Financial Services Committee, urging them to vote on HR 1207 and pass it unamended. Urge your Senators to co-sign S 604 by DownsizeDC, but also by email and phone. Spread the word to friends and family about the impact of this bill. Education is key!

Rely on sites like Campaign for Liberty and Liberty Maven to keep up with the current status. Shelly Roche and the gang at www.BreakTheMatrix.com are doing a nice job as well! (emblem)

Remember HR 1207 is not just an audit of the FED, it is an audit of your local Representative!

Jake Towne is running for U.S. Congress in Pennsylvania's 15th District in the 2010 election as a citizen unaffiliated with any political parties. Jake also writes at www.LibertyMaven.com and www.CampaignForLiberty.com. A master campaign presentation for internet viewing is available. [Reach the Author Here!]

PostScript – You can listen me talk about HR 1207 in Part 2 of this interview with the anonymous author of the pamphlet “Common Sense Revisited” from Wednesday. Topics covered in the interview include the FED, governomics, and gold.

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We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America. As always, unlike the NFL, the author grants full permission to allow any accounts of, rebroadcasts, retransmissions, repostings of this article to your blog or anywhere else in order to promote the Restoration of our Republic. Veritas numquam perit. Veritas odit moras. Veritas vincit. Truth never perishes. Truth hates delay. Truth conquers. Tu ne cede malis sed contra audentior ito. Do not give in to evil but proceed ever more boldly against it.

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