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HR 1207 is growing w/out the media help

G

Gainster

Free Member
UPDATE - HR 1207 Now Up To 143 co-sponsors!
Posted May 8th, 2009 by sunny
On record so far on www.thomas.gov.

Title: 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.

Sponsor: Rep Paul, Ron [TX-14] (introduced 2/26/2009) Cosponsors (143)
Related Bills: S.604
Latest Major Action: 2/26/2009 Referred to House committee. Status: Referred to the House Committee on Financial Services.

143 CO-SPONSORS BY DATE:

HR 1207 Co-Sponsors (as of 5/11/2009)

Rep Kagen, Steve [WI-8] - 2/26/2009
Rep Bachmann, Michele [MN-6] - 2/26/2009
Rep Bartlett, Roscoe G. [MD-6] - 2/26/2009
Rep Jones, Walter B., Jr. [NC-3] - 2/26/2009
Rep Rehberg, Denny [MT] - 2/26/2009
Rep Posey, Bill [FL-15] - 2/26/2009
Rep Broun, Paul C. [GA-10] - 2/26/2009
Rep Poe, Ted [TX-2] - 2/26/2009
Rep Burton, Dan [IN-5] - 2/26/2009
Rep Abercrombie, Neil [HI-1] - 2/26/2009
Rep Woolsey, Lynn C. [CA-6] - 2/26/2009
Rep Garrett, Scott [NJ-5] - 3/5/2009
Rep Chaffetz, Jason [UT-3] - 3/6/2009
Rep Kingston, Jack [GA-1] - 3/6/2009
Rep Young, Don [AK] - 3/6/2009
Rep Rohrabacher, Dana [CA-46] - 3/6/2009
Rep Stearns, Cliff [FL-6] - 3/6/2009
Rep McClintock, Tom [CA-4] - 3/6/2009
Rep Heller, Dean [NV-2] - 3/6/2009
Rep Duncan, John J., Jr. [TN-2] - 3/6/2009
Rep Taylor, Gene [MS-4] - 3/6/2009
Rep DeFazio, Peter A. [OR-4] - 3/9/2009
Rep Alexander, Rodney [LA-5] - 3/10/2009
Rep Price, Tom [GA-6] - 3/10/2009
Rep Petri, Thomas E. [WI-6] - 3/10/2009
Rep Foxx, Virginia [NC-5] - 3/10/2009
Rep Grayson, Alan [FL-8] - 3/11/2009
Rep Marchant, Kenny [TX-24] - 3/11/2009
Rep Wamp, Zach [TN-3] - 3/16/2009
Rep Blackburn, Marsha [TN-7] - 3/16/2009
Rep Buchanan, Vern [FL-13] - 3/17/2009
Rep Castle, Michael N. [DE] - 3/17/2009
Rep Fleming, John [LA-4] - 3/18/2009
Rep Akin, W. Todd [MO-2] - 3/19/2009
Rep Platts, Todd Russell [PA-19] - 3/19/2009
Rep Peterson, Collin C. [MN-7] - 3/19/2009
Rep McCotter, Thaddeus G. [MI-11] - 3/19/2009
Rep Lummis, Cynthia M. [WY] - 3/19/2009
Rep Burgess, Michael C. [TX-26] - 3/19/2009
Rep Sessions, Pete [TX-32] - 3/23/2009
Rep Deal, Nathan [GA-9] - 3/23/2009
Rep Franks, Trent [AZ-2] - 3/23/2009
Rep Miller, Jeff [FL-1] - 3/24/2009
Rep Blunt, Roy [MO-7] - 3/24/2009
Rep Stark, Fortney Pete [CA-13] - 3/26/2009
Rep Culberson, John Abney [TX-7] - 3/26/2009
Rep Paulsen, Erik [MN-3] - 3/30/2009
Rep Gingrey, Phil [GA-11] - 3/30/2009
Rep Terry, Lee [NE-2] - 3/30/2009
Rep Carter, John R. [TX-31] - 3/31/2009
Rep Capito, Shelley Moore [WV-2] - 4/1/2009
Rep Wittman, Robert J. [VA-1] - 4/1/2009
Rep Fallin, Mary [OK-5] - 4/2/2009
Rep Smith, Lamar [TX-21] - 4/2/2009
Rep Westmoreland, Lynn A. [GA-3] - 4/2/2009
Rep Lucas, Frank D. [OK-3] - 4/21/2009
Rep Lamborn, Doug [CO-5] - 4/21/2009
Rep Ehlers, Vernon J. [MI-3] - 4/21/2009
Rep Bilbray, Brian P. [CA-50] - 4/21/2009
Rep Pence, Mike [IN-6] - 4/21/2009
Rep Manzullo, Donald A. [IL-16] - 4/21/2009
Rep McCaul, Michael T. [TX-10] - 4/21/2009
Rep Cole, Tom [OK-4] - 4/21/2009
Rep Roe, David P. [TN-1] - 4/21/2009
Rep Herger, Wally [CA-2] - 4/21/2009
Rep Bishop, Rob [UT-1] - 4/21/2009
Rep Baldwin, Tammy [WI-2] - 4/21/2009
Rep Olson, Pete [TX-22] - 4/21/2009
Rep Latham, Tom [IA-4] - 4/21/2009
Rep Luetkemeyer, Blaine [MO-9] - 4/21/2009
Rep Doggett, Lloyd [TX-25] - 4/21/2009
Rep Rooney, Thomas J. [FL-16] - 4/22/2009
Rep Massa, Eric J. J. [NY-29] - 4/22/2009
Rep Johnson, Sam [TX-3] - 4/22/2009
Rep Thompson, Glenn [PA-5] - 4/22/2009
Rep Brady, Kevin [TX-8] - 4/22/2009
Rep Smith, Adam [WA-9] - 4/22/2009
Rep Shimkus, John [IL-19] - 4/22/2009
Rep Graves, Sam [MO-6] - 4/22/2009
Rep Jenkins, Lynn [KS-2] - 4/23/2009
Rep Gohmert, Louie [TX-1] - 4/23/2009
Rep Inglis, Bob [SC-4] - 4/23/2009
Rep Kaptur, Marcy [OH-9] - 4/23/2009
Rep Johnson, Timothy V. [IL-15] - 4/23/2009
Rep Brown, Henry E., Jr. [SC-1] - 4/28/2009
Rep Biggert, Judy [IL-13] - 4/28/2009
Rep Pitts, Joseph R. [PA-16] - 4/28/2009
Rep Tiahrt, Todd [KS-4] - 4/28/2009
Rep Myrick, Sue Wilkins [NC-9] - 4/28/2009
Rep Putnam, Adam H. [FL-12] - 4/28/2009
Rep LaTourette, Steven C. [OH-14] - 4/28/2009
Rep Tiberi, Patrick J. [OH-12] - 4/28/2009
Rep Ros-Lehtinen, Ileana [FL-18] - 4/28/2009
Rep Hoekstra, Peter [MI-2] - 4/28/2009
Rep Miller, Candice S. [MI-10] - 4/28/2009
Rep Granger, Kay [TX-12] - 4/28/2009
Rep Simpson, Michael K. [ID-2] - 4/28/2009
Rep Barrett, J. Gresham [SC-3] - 4/28/2009
Rep Goodlatte, Bob [VA-6] - 4/28/2009
Rep Smith, Adrian [NE-3] - 4/28/2009
Rep Wilson, Joe [SC-2] - 4/29/2009
Rep Hall, Ralph M. [TX-4] - 4/29/2009
Rep Kline, John [MN-2] - 4/29/2009
Rep Bono Mack, Mary [CA-45] - 4/29/2009
Rep Murphy, Tim [PA-18] - 4/29/2009
Rep Calvert, Ken [CA-44] - 4/29/2009
Rep McDermott, Jim [WA-7] - 4/29/2009
Rep Upton, Fred [MI-6] - 4/29/2009
Rep Bachus, Spencer [AL-6] - 4/29/2009
Rep Buyer, Steve [IN-4] - 4/30/2009
Rep Neugebauer, Randy [TX-19] - 4/30/2009
Rep McHenry, Patrick T. [NC-10] - 4/30/2009
Rep McCarthy, Kevin [CA-22] - 5/4/2009
Rep Barton, Joe [TX-6] - 5/4/2009
Rep Hensarling, Jeb [TX-5] - 5/4/2009
Rep McMorris Rodgers, Cathy [WA-5] - 5/4/2009
Rep Bilirakis, Gus M. [FL-9] - 5/4/2009
Rep Moran, Jerry [KS-1] - 5/4/2009
Rep Cassidy, Bill [LA-6] - 5/4/2009
Rep Walden, Greg [OR-2] - 5/4/2009
Rep Crenshaw, Ander [FL-4] - 5/4/2009
Rep Campbell, John [CA-48] - 5/4/2009
Rep LoBiondo, Frank A. [NJ-2] - 5/4/2009
Rep McHugh, John M. [NY-23] - 5/4/2009
Rep Schakowsky, Janice D. [IL-9] - 5/6/2009
Rep Linder, John [GA-7] - 5/6/2009
Rep Aderholt, Robert B. [AL-4] - 5/6/2009
Rep Davis, Geoff [KY-4] - 5/6/2009
Rep Dent, Charles W. [PA-15] - 5/6/2009
Rep Radanovich, George [CA-19] - 5/6/2009
Rep Schock, Aaron [IL-18] - 5/6/2009
Rep Herseth Sandlin, Stephanie [SD] - 5/6/2009
Rep Austria, Steve [OH-7] - 5/6/2009
Rep Adler, John H. [NJ-3] - 5/6/2009
Rep Sensenbrenner, F. James, Jr. [WI-5] - 5/7/2009
Rep Lungren, Daniel E. [CA-3] - 5/7/2009
Rep Walz, Timothy J. [MN-1] - 5/7/2009
Rep Shuster, Bill [PA-9] - 5/7/2009
Rep Michaud, Michael H. [ME-2] - 5/7/2009
Rep Conaway, K. Michael [TX-11] - 5/7/2009
Rep Shadegg, John B. [AZ-3] - 5/7/2009
Rep Boozman, John [AR-3] - 5/7/2009
Rep Guthrie, Brett [KY-2] - 5/7/2009

Rep. Ellison, Keith [D MN-5] -?
Rep. Slaughter, Louise [D NY-28] - ?
Rep. Waxman, Henry [D CA-30] - ?
Rep. Wilson, Charles [D OH] - ?
 
I bet there are a few leading politicians in both parties that hope it goes nowhere.

I would love to see the results.
 
I emailed Stephanie Herseth Sandlin about 3 times telling her to get on the list of co-sponsors. Glad to see that she is now.
 
WASHINGTON (AP) -- The Obama administration wants to overhaul the U.S. financial rule book by giving the Federal Reserve increased powers but, bowing to critics in Congress, is backing away from proposals to consolidate various regulatory agencies
The administration's overhaul plan would make the Fed a systemic risk regulator to oversee large institutions whose failure could threaten the stability of the entire system.

It also would create a council of regulators with broad coordination responsibility across the financial system, administration officials said.

And the administration plans a stronger framework for investor protection, including increased oversight of consumer products ranging from credit cards to annuities, officials said.

Speaking in New York on Monday, Treasury Secretary Timothy Geithner said the regulatory overhaul will eliminate "gaps" in the financial system that encouraged risky behavior leading up to the meltdown.

"We had a financial system that was fundamentally too unstable and fragile, and it did a bad job of basic protection of consumers and investors," Geithner said during an economic conference hosted by Time Warner Inc. "Those are things we have to change."

The White House said that Obama would unveil his regulatory overhaul plan on Wednesday.

The administration's regulatory proposals were outlined in an opinion piece by Geithner and Lawrence Summers, director of the president's National Economic Council, published Monday in The Washington Post.

The piece indicated that the administration has backed away from a more extensive overhaul that would have consolidated all banking regulation into one agency.

Supporters of this approach, including Sen. Chuck Schumer, a New York Democrat, have argued that the current system is inefficient.

"Retaining multiple regulatory entities preserves the regulatory arbitrage that allows institutions to pick the oversight scheme that benefits them the most, often at the expense of consumers and the health of the system overall," Schumer wrote in a letter to Geithner on Friday.

A proposal to merge the Securities and Exchange Commission and the Commodity Futures Trading Commission also has been abandoned.

Geithner and Summers wrote that the administration's overhaul will advocate increasing capital and liquidity requirements for all financial institutions and will impose more stringent requirements on the largest and most interconnected firms.

Scott Talbott, a senior vice president at the Financial Services Roundtable, said his association supports the administration's basic approach, but was disappointed that the opinion piece did not mention the need to revamp regulations covering insurance.

Insurance companies are now governed by state insurance commissions, and large insurance companies have argued they need the option of a federal overseer.

At his appearance in New York, Geithner declined to give specifics on the regulatory reform plan or say whether it will include eliminating certain agencies.

The administration was still expected to call for the functions of the Office of Thrift Supervision to be merged into the Office of the Comptroller of the Currency. But it would leave the Fed, the OCC and the Federal Deposit Insurance Corp. as major banking regulators.

The administration's plan will impose "robust reporting requirements" on issuers of asset-backed securities and require institutions that sell them to retain a financial interest in their performance, Summers and Geithner wrote.

The sale of securities backed by subprime mortgages was among the major causes of the financial crisis that struck with force last fall.

Summers and Geithner said the administration also will work to raise international standards for financial regulation.

Associated Press writers Stevenson Jacobs in New York, and Jim Kuhnhenn and Alan Zibel in Washington contributed to this report.
 
Ollie it's got a lot closer than we thought!

Every Single Republican Congress Member Has Now Co-Sponsored Bill to Audit the Fed… Democrats, Its Up To You

George Washington Blog
Thursday, July 16, 2009

Ron Paul announced today:

All 178 Republican members of the House have now signed on as cosponsors of [the] Federal Reserve Transparency Act, HR 1207.

With a total of 271 cosponsors, Democrats must put pressure on another 19 Democratic co-sponsors in order to bring it to the magic number of 290 … so that it will be veto-proof by Obama.

Please call your Democratic and Independent representatives and urge them to co-sponsor H.R. 1207!

And everyone, please call your senator and ask them to support S. 604, the Federal Reserve Sunshine Act of 2009.

There is a huge campaign to keep the Fed’s shenanigans hidden (and see this). It will take every single one of us calling congress to make it happen.

This is not a partisan issue – every single Democrat and Independent should support Fed transparency.
 
Now @ 275 co-sponsors

Federal Reserve Chairman Ben Bernanke ran into skepticism Tuesday from U.S. lawmakers wary of expanding the Fed's duties to police big financial companies. They argued that the Fed failed to spot problems that led to the financial crisis in the first place.

"The Fed has made some big mistakes," said the House panel's highest-ranking Republican, Spencer Bachus.

An Obama administration proposal to make the Fed the supercop of globally interconnected financial companies would be "just inviting a false sense of security that inevitably will be shattered at the expense of the taxpayer," Bachus warned.

Bernanke countered that the administration's proposal would be a "modest reorientation" of the Fed's powers, not a great expansion of them.

The Fed boss sought to assure investors and Congress that the central bank will be able to reel in its extraordinary economic stimulus and prevent a flare up of inflation once a recovery is firmly rooted. Still, any such steps will be far off in the future. The central bank's focus remains "fostering economic recovery," he said.

Bernanke also worked to beat back an administration proposal to create a new consumer protection regulator for financial services and strip some of those duties from the central bank. The House panel delayed a committee vote on that legislation until September.

Consumer groups and lawmakers have blamed the Fed for failing to crack down early on dubious mortgages practices that fed the housing boom and figured into its collapse. Later this week, the Fed will issue a proposal to boost disclosures on mortgages and home equity lines of credit. It also will include new rules governing the compensation of mortgage originators.

Bernanke also argued against congressional proposals to let the Government Accountability Office, Congress' investigative arm, audit the central bank. He feared that audits that delve into the Fed's interest-rate decisions could compromise its independence in setting interest-rate policies.

"A perceived loss of monetary policy independence could raise fears about future inflation," he warned.

Rep. Ron Paul, a Reopublican and a frequent Fed critic, rejected that argument and said the Fed already makes political calculations.

"Just the fact that (the Fed) can issue a lot of loans and special privileges to banks and corporations," Paul said. "That's political."

Rep. Bill Posey, a Republican, who wants the Fed to be more open, argued that some people rightly say "you can find out more about the operations of the CIA, than the Fed. The public has the right to know."

Bernanke's term expires early next year, and President Barack Obama will have to decide whether to reappoint him. The Fed chief's innovative policies have been credited with pulling the economy from the edge of the abyss last year.

But those actions also have touched off criticism about putting taxpayers at risk and whether the government should be cleaning up Wall Street messes.

Bernanke again pledged to keep its key bank lending rate at a record low near zero for an "extended period." Economists predict rates will stay at record lows through the rest of this year.

Laying out a plan now to unwind the Fed's stimulus could give Bernanke more leeway to hold rates at record lows to brace the economy. It could ease investors' fears that the Fed's aggressive steps to end the longest recession since World War II could spur inflation later on.

"It is important to assure the public and the markets that the extraordinary policy measures we have taken in response to the financial crisis and the recession can be withdrawn in a smooth and timely manner as needed, thereby avoiding the risk that policy stimulus could lead to a future rise in inflation," Bernanke said. "We are confident that we have the necessary tools to implement that strategy when appropriate."

But House Financial Services Committee Chairman Barney Frank, a Democrat, said it is important that the Fed not take those actions "prematurely" and snuff out a recovery.

Nigel Gault, economist at IHS Global Insight, said Bernanke wanted to send Congress a clear message: "Our monetary exit strategy is ready. Don't try to interfere with it."

On Wall Street, bond investors took comfort in Bernanke's remarks, pushing Treasury prices higher. The Dow Jones industrial average added about 35 points in late trading, while broader indices dipped.

To revive the economy, the Fed has plowed trillions into the financial system in an effort to drive down rates on mortgages and other consumer debt. It also has created programs to bust through credit clogs, a key ingredient in turning the economy around.

Eventually, the Fed will need to soak up that money
 
http://www.americanthinker.com/2009/07/bernankes_harmful_monetary_pol.html

The best investment plays are now overseas: all dollar-denominated assets are going to be punished as this stimulus spending kicks in. Obama's ignorance of this eventuality is why the huge spending plans will not only go awry, but could trigger a dollar and bond market collapse. Obama's economists arrogantly think that cannot happen due to the dollar's reserve currency status. But a better way to think about it is that the music will stop at some point, and there are not enough chairs for everyone to sit down (viz., a day will come when investors dump the dollar).
 
And that day is coming fast.
I am jumping out of the markets again mid sept.
The new federal fiscal year begins oct 1. I want to be a LONG way away from the stock markets when the spending starts.

This whole thing with the stimulus is just creating another bubble. This will blow up also, dropping us right back where we were back in jan.. THe fact our politicians can't see it and the rest of the country can is just pitiful.
 
Ollie said:
And that day is coming fast.
I am jumping out of the markets again mid sept.
The new federal fiscal year begins oct 1. I want to be a LONG way away from the stock markets when the spending starts.

This whole thing with the stimulus is just creating another bubble. This will blow up also, dropping us right back where we were back in jan.. THe fact our politicians can't see it and the rest of the country can is just pitiful.
Click to expand...

Run Run Run, 3-4 months ago I gave up on the SM when it was showing gains for no reason, Now they cant show where the Stimulus moneys have been spent. I feel this missing money has been pumped into the market to bleed the last of the money from the investors.


Update - HR 1207 - 281 Co-sponsors
Posted May 12th, 2009 by sunny
Updated on July 31.

On record so far on www.thomas.gov.

Title: 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.

Sponsor: Rep Paul, Ron [TX-14] (introduced 2/26/2009) Co-sponsors (281)
 
No Sh*t Dick Tracy are you finally figuring out what the american people want. Swampy:eek::beer;

Ultimately, the Treasury Secretary is left spewing the absurdity that “I think even the sponsor of that bill recognizes how important it is to us to have the Fed independent of politics,” which can only be said to be true insofar as Ron Paul—the sponsor of House Resolution (HR) 1207— wants to abolish the Federal Reserve system altogether.
 
swampwater said:
No Sh*t Dick Tracy are you finally figuring out what the american people want. Swampy:eek::beer;

Ultimately, the Treasury Secretary is left spewing the absurdity that “I think even the sponsor of that bill recognizes how important it is to us to have the Fed independent of politics,” which can only be said to be true insofar as Ron Paul—the sponsor of House Resolution (HR) 1207— wants to abolish the Federal Reserve system altogether.
Click to expand...

This is CRAZY & it's going to hurt bad!

http://www.chrismartenson.com/blog/shell-game-how-federal-reserve-monetizing-debt/25806

The Federal Reserve has effectively been monetizing far more US government debt than has openly been revealed, by cleverly enabling foreign central banks to swap their agency debt for Treasury debt. This is not a sign of strength and reveals a pattern of trading temporary relief for future difficulties.

This is very nearly the same path that Zimbabwe took, resulting in the complete abandonment of the Zimbabwe dollar as a unit of currency. The difference is in the complexity of the game being played, not the substance of the actions themselves.

When the full scope of this program is more widely recognized, ever more pressure will fall upon the dollar, as more and more private investors shun the dollar and all dollar-denominated instruments as stores of value and wealth. This will further burden the efforts of the various central banks around the world as they endeavor to meet the vast borrowing desires of the US government.

One possible result of the abandonment of these efforts is a wholesale flight out of the dollar and into other assets. To US residents, this will be experienced as rapidly rising import costs and increasing costs for all internationally-traded basic commodities, especially food items. For the rest of the world, the results will range from discomforting to disastrous, depending on their degree of dollar linkage.

Under these circumstances, "inflation vs. deflation" is not the right frame of reference for understanding the potential impacts. For example, it would be possible for most of the world to experience falling prices, even as the US experiences rapidly rising prices (and hikes in interest rates) as a consequence of a falling dollar. Is this inflation or deflation? Both, or neither? Instead, we might properly view it as a currency crisis, with prices along for the ride.

Further, all efforts to supplant private debt creation with public debts should be met with skepticism, because gigantic programs are no substitute for the collective decisions of tens of millions of individuals and cannot realistically meet millions of individual needs in a timely or appropriate manner.

The shell game that the Fed is currently playing does not change the basic equation: Money is being printed out of thin air so that it can be used to buy US government debt.

My advice is to keep these potential issues and insights in sharp focus, make what moves you can to diversify out of dollars, and be ready to move rapidly with the rest. This game is far from over
 
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