HR 1207- A bill you can read in 60 seconds - DFWstangs Forums
 
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post #1 of 12 (permalink) Old 10-05-2009, 01:17 AM Thread Starter
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HR 1207- A bill you can read in 60 seconds

Quote:
Originally Posted by www.govtrack.us

HR 1207 IH

111th CONGRESS

1st Session

H. R. 1207

To amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes.

IN THE HOUSE OF REPRESENTATIVES

February 26, 2009

Mr. PAUL (for himself, Mr. KAGEN, Mrs. BACHMANN, Mr. BARTLETT, Mr. JONES, Mr. REHBERG, Mr. POSEY, Mr. BROUN of Georgia, Mr. POE of Texas, Mr. BURTON of Indiana, Mr. ABERCROMBIE, and Ms. WOOLSEY) introduced the following bill; which was referred to the Committee on Financial Services

A BILL

To amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Federal Reserve Transparency Act of 2009’.

SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

(a) In General- Subsection (b) of section 714 of title 31, United States Code, is amended by striking all after ‘shall audit an agency’ and inserting a period.

(b) Audit- Section 714 of title 31, United States Code, is amended by adding at the end the following new subsection:

‘(e) Audit and Report of the Federal Reserve System-

‘(1) IN GENERAL- The audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) shall be completed before the end of 2010.

‘(2) REPORT-

‘(A) REQUIRED- A report on the audit referred to in paragraph (1) shall be submitted by the Comptroller General to the Congress before the end of the 90-day period beginning on the date on which such audit is completed and made available to the Speaker of the House, the majority and minority leaders of the House of Representatives, the majority and minority leaders of the Senate, the Chairman and Ranking Member of the committee and each subcommittee of jurisdiction in the House of Representatives and the Senate, and any other Member of Congress who requests it.

‘(B) CONTENTS- The report under subparagraph (A) shall include a detailed description of the findings and conclusion of the Comptroller General with respect to the audit that is the subject of the report, together with such recommendations for legislative or administrative action as the Comptroller General may determine to be appropriate.’.
http://www.govtrack.us/congress/bill...bill=h111-1207

This is a bill that I can actually get behind. It's simple, it's easy to understand and most importantly, it's long overdue.

For those of you on here who are of a challenged mindset, I'll give a quick breakdown of what the bill says:

The US Comptroller General is to perform an audit of the Federal Reserve Bank system and have a detailed report delivered to Congress within 90 days of the signing of the bill.

It's an extremely simple grouping of words that barely qualifies as a full bill, yet I feel that the simplicity HR 1207 offers is something that's been lacking from American politics for, at the very least, all of my lifetime and probably well before that as well. Too often we get engrossed with the big picture and try to solve all of the problems concerning any given situation at once as opposed to rooting out problems from the bottom up.

Take health care as an example. Instead of starting at the very basics and analyzing why costs are high and why 45 million (albeit a fudged number) Americans don't have health care, we went straight for a big picture solution. Instead of analyzing the many issues at hand that are part of the entire health care system and fixing them, our government decided to try and start from scratch. I think we can all see the progress that has made, which happens to be absolutely nothing.

The purpose of this bill is not to initiate massive governmental change but rather to gather a lot of the information necessary for our politicians to make a complete and accurate analysis of the current state of the Federal Reserve system. At a time when we're having trouble believing the balance sheets and income statements of the world's largest corporations, why should we trust the balance sheets and income statements of the world's least efficient organization?

We need an outside (ish) party to take a look into the system and see where improvements can be made and where future problems may lie. This audit will, at the very least, provide a point for some real, authoritative action to be taken towards cleaning up the manner in which our government operates.

I'll also mention that Ron Paul is sponsoring this bill. For most of the "conservatives" on here, that means you probably agreed with everything the bill said until you read his name. Hopefully you'll pull your heads out of your asses long enough to read into the substance and not your preconceived notions about him.

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post #2 of 12 (permalink) Old 10-05-2009, 07:37 AM
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As I've said many times, Ron Paul has many good idea's, and has signed some good bills. I don't think he would be a good POTUS, but it doesn't mean (to me) that the man has no value.

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post #3 of 12 (permalink) Old 10-05-2009, 07:39 AM
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Great bill, but I don't think it will pass. They don't want the US to know the full extent of how much trickery has been used over the years to keep the US afloat.
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post #4 of 12 (permalink) Old 10-05-2009, 08:53 AM
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Quote:
Originally Posted by mikeb View Post
Great bill, but I don't think it will pass. They don't want the US to know the full extent of how much trickery has been used over the years to keep the US afloat.
Yep. The all powerful Oz wants to stay behind the curtain.

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post #5 of 12 (permalink) Old 10-05-2009, 11:53 AM
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It would be a great bill if it passed, but then you have to wonder about them (the Fed) getting to the auditor. Exactly like in a mob case you have to worry about the jurors having "accidents" and ending up dead, or showing up next week to work in a ferrari. It could be a great thing, but the fed is so powerful that if it passed I don't believe we will get a true reliable audit.

Our government needs our help, they have an addiction. Our government is addicted to our money. Since they always have our best interest at heart it's time we return the favor. We need to have an intervention, for the governments own good of course. It's just irresponsible for us to let people with a known money addiction continue to handle our money. Lets have an intervention now so we can help these sick individuals.
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post #6 of 12 (permalink) Old 10-05-2009, 01:23 PM
Lifer
 
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Quote:
Originally Posted by MR TINFOIL HAT View Post
It would be a great bill if it passed, but then you have to wonder about them (the Fed) getting to the auditor. Exactly like in a mob case you have to worry about the jurors having "accidents" and ending up dead, or showing up next week to work in a ferrari. It could be a great thing, but the fed is so powerful that if it passed I don't believe we will get a true reliable audit.
um,your correct sir

RON PAUL '08
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post #7 of 12 (permalink) Old 10-05-2009, 03:17 PM
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I'm not sure it will be passed either but I've read that there are several key Democrats that are on board with it..

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post #8 of 12 (permalink) Old 10-05-2009, 04:45 PM
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I would give RP a shot at POTUS...I am sure he can do a better job than the current one.
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post #9 of 12 (permalink) Old 10-05-2009, 05:47 PM
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The bill has 260 co-sponsors. It's veto proof.

They will not let it on the floor to vote on it.



All men should know Honor first, above all else!

Honor is not holding your hand out for something you did not earn.
Honor is not forcing your ideas, or belief on others.
Honor is not something given to you by way of job, or title.

Honor is learned, earned, practiced and respected by all decent men and women.
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post #10 of 12 (permalink) Old 10-05-2009, 06:35 PM
Lifer
 
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Quote:
Originally Posted by davbrucas View Post
I would give RP a shot at POTUS...I am sure he can do a better job than the current one.
So can 3,798,531 other people, for that matter.

CHL holder and Conservative...AKA "Domestic Terrorist"
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post #11 of 12 (permalink) Old 10-05-2009, 07:26 PM
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Quote:
Originally Posted by davbrucas View Post
I would give RP a shot at POTUS...I am sure he can do a better job than the current one.
http://www.youtube.com/watch?v=-c84STUMLWw



All men should know Honor first, above all else!

Honor is not holding your hand out for something you did not earn.
Honor is not forcing your ideas, or belief on others.
Honor is not something given to you by way of job, or title.

Honor is learned, earned, practiced and respected by all decent men and women.
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post #12 of 12 (permalink) Old 10-06-2009, 01:35 PM
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Quote:
Originally Posted by Vertnut View Post
As I've said many times, Ron Paul has many good idea's, and has signed some good bills. I don't think he would be a good POTUS, but it doesn't mean (to me) that the man has no value.
I'm thinking he would make a good ticket as VP.
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