Not linked on Ron Pauls Congressional Website.
Congressional Record [.PDF]
Mr. Speaker, I yield 2 minutes to the distinguished Member from Texas (Mr. PAUL). (Mr. PAUL asked and was given permission to revise and extend his remarks.)
2009 Ron Paul 34:1
Mr. PAUL. I thank the gentleman for yielding.
2009 Ron Paul 34:2
Mr. Speaker, I rise today in opposition to this rule as well as the bill because of the lack of need for this and the disgrace that this has brought upon us.
2009 Ron Paul 34:3
Yesterday, for instance, the Federal Reserve met and they came out and announced that they would create new money to the tune of $1.25 trillion. The dollar promptly went down 3 percent, and today it went down another 1.5 percent. And today on emergency legislation, were going to deal with $165 million worth of bonuses, which obviously should have never been given. But whos responsible for this? Its the Congress and the President, who signed this.
2009 Ron Paul 34:4
So this is a distraction. This is an outrage so everybody can go home that voted for this bill and say, look, I am clamping down on this $165 million but I dont care about the previous $5 trillion the Fed created and the $1.25 trillion they created yesterday.
2009 Ron Paul 34:5
Think of the loss in purchasing power in less than 24 hours. And we think that we can solve this problem. We first appropriate, unconstitutionally, $350 billion. We give it to the Treasury. We have no strings attached. And then you have an unintended consequence; so we express this outrage. And at the same time, what do we do? We come along and we now propose that we pass a bill of attainder. So we do things that are unconstitutional. They have an unintended consequence. So what is our solution? To further undermine the Constitution.
2009 Ron Paul 34:6
A line should be drawn in the sand. Lets quit appropriating funds in an unconstitutional manner. Lets quit bankrupting this country. Lets quit destroying our dollar.
2009 Ron Paul 34:7
If you really want to do something, you ought to consider H.R. 1207, which would monitor and make the Fed answer questions. I understand the Fed and the Treasury were involved in a lot of these antics, and yet the Fed is not even required to answer any questions.
2009 Ron Paul 34:8
So its about time we have an open book about the Federal Reserve and solve some of these problems.