On September 17, 2014, the House of Representatives passed Rep. Paul Broun's bill to Audit..., H.R. 24, by an overwhelming bipartisan vote of 333-92, easily surpassing the two-thirds margin required for passage under the suspension of the rules and for overriding Obama's expected veto. There were 106 Democrats joining with 227 Republicans to pass the bill.
Now we need to put pressure on our Senators to pass Sen. Rand Paul's S. 209 Audit the Fed bill during the lame-duck session following the elections on November 4. Otherwise, when the new Congress meets in January, the process of passing Audit the Fed bills in the House and Senate must start all over again. Although there are already 31 cosponsors for Sen. Rand Paul's bill, it will take another 36 votes to provide the two-thirds margin in the Senate to override Obama's expected veto.
A few years ago a partial audit of the Fed by the GAO revealed that over $16 trillion were loaned to various institutions during the period December 1, 2007 through July 21, 2010. Keep in mind that our entire national debt is about $17 trillion, and our annual Gross Domestic Product is about $16 trillion. So, the Fed arranged loans of over $16 trillion to scores of financial institutions, both domestic and foreign, over a period of two and a half years. And, all of these mega loans were arranged for entirely without congressional oversight or public knowledge!
Congress needs the information that would result from a complete audit of the Fed in order to provide informed oversight of the Federal Reserve.
Contact your senators in support of S. 209 to Audit the Fed.