Ron Paul Wants Scrutiny of the Federal Reserve

One of the most spoken about bill being proposed on the House floor these days is co-sponsored by Texas Republican Ron Paul and opposed by Democratic chairman of the Financial Services Committee, Barney Frank.  Both men are considered strong allies for the online gambling industry.  Ironically, both men co-sponsored a bill that looked to overturn current prohibition for online gambling.

"He's a libertarian," Frank said of Ron Paul in an interview with Gambling911.com. "And he's actually one of the honest one's who really want to help low income people and when it comes to interfering with people's freedoms."

Paul's bill, co-sponsored by Rep. Alan Grayson (D-Fla.), would add new audits of the Federal Reserve, which has come under increased criticism and scrutiny from lawmakers since the financial crisis.

According to TheHill.com, Paul has been a fervent critic of the Federal Reserve for decades, but his effort to increase audits of the Fed gained more than 300 co-sponsors in the House this year as public opinion soured on government bailouts for financial firms.

Ron Paul was a former US Presidential candidate who shocked many by winning double digits in caucuses held both in Iowa and Nevada during the primaries.  In some states he beat the eventual GOP candidate John McCain.   He was also one of the few politicians to state there was a recession long before the previous administration admitted to one.

"I think the numbers are all fudged and I think the government's deceived us.," Paul told Gambling911.com's own Jenny Woo.  "If they talk about inflation, they always say that inflation is much less then it really is; they deny us certain numbers, like how fast the money supply is growing.  So there's a lot of deception going on."

Frank does not anticipate any changes to the current measure being passed through the House floor.

Christopher Costigan, Gambling911.com Publisher 

Submitted by C Costigan on Thu, 12/03/2009 - 11:27
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Comments

There is a difference

Thu, 12/03/2009 - 14:53 — Guest
There is a big difference in the kinds of bills that Ron Paul and Barney Frank support to make online gambling "legal." Ron Paul thought that was what he was he was supporting when he supported Frank's bill. He though he was freeing us all. Ron Paul doesn't quite understand all the complexities of the internet nor of internet gaming. When explained all the horrors of Frank's bill, Ron Paul changed direction. Ron Paul authored a bill that was then altered and Ron Paul's bill simply said "this bill repeals the Unlawful Internet Gaming Enforcement Act." Simple, clear, to the point. The Barney Frank bill on the other hand is a backhanded (or shall I say typical?) way of making people think he is doing one thing while doing the complete opposite. You need to understand that the UIGEA is a pretty weak bill. And weak bills are good - they make it very hard to prosecute any under. Moreover, the ones in danger from enforcement of the UIGEA are the banks. Frank supports the banks - NOT YOU. This is a big distinction. His bill would give the UIGEA teeth. This is because his bill is an addendum to the UIGEA. All addendums (addendae?) simply add on to the previous bill. His addendum clears up the ambiguity of the UIGEA and then deflects the full power of that bill onto the players. Frank's bill basically says that you are free to play online if you...(pay taxes on each payout, play only at a licensed site, etc.). Frank's bill says that you are only allowed to operate a site if you jump through the proper regulatory hoops (including being the highest bidder in the bribery game). Ron Paul's bill said that the UIGEA was a terrible act and never should have been passed. It needs to go, not be clarified. Long way of saying therefore it is consistent that Ron Paul would sponsor a bill that hurts the banking industries ability to rob from us, and Frank wants to keep protecting those thugs.

Ron Paul Rules

Thu, 12/03/2009 - 14:31 — Guest
Ron Paul inspired a political movement that will last for decades (and hopefully longer). His fervent support for the Constitution, personal liberty, and freedom sets a new standard for conservatism. On the other hand, the only movement Barny Frank inspires goes through your bowels while sitting on a toilet.