Posted by John Tate on 06/12/09 12:53 PM [Newer: Turn Up the Heat on Congress to Stop Obamacare] [Older: New Titles for Precinct Leaders and District Coordinators]

As you've no doubt heard by now, Ron Paul's Audit the Fed Bill (H.R. 1207) has now passed 218 cosponsors, giving this vital reform the support of a majority on the U.S. House.

That's the good news. But here's the rest of the story.

I've seen a lot of well-intentioned news stories and posts over the last 24 hours incorrectly noting that this means it is out of Committee, on the House floor, or worse, assured of passage.

Please note that none of this is true - yet.

There is still MUCH work to be done, even in the House. You and I both know that the Fed and its allies will stop at nothing to hold onto their power. And there are a lot of tricks people can use even at this stage of the battle.

So please know - there's a long way to go, but thanks to you, we're getting closer every day to passing Audit the Fed!

The next step is hearings and a vote in the House Financial Services Committee. This has not been scheduled yet. After that the House can consider the bill.

We're optimistic with its bipartisan support in the House, that the Audit the Fed bill will proceed through Committee and to the House floor in the near future. And rest assured, Campaign for Liberty and Ron Paul are prepared to keep up the pressure - and use any available means - to pass Audit the Fed through the House.

More on this in the future, but for now, KEEP UP THE PRESSURE!

Posted 06/12/09 1:06 PM Heather D Port Byron, IL

Thanks for the update. I'm still determined to get the remaining 9 of our 19 Illinois Reps on board this legislation. We wouldn't want those poor souls to miss out on the accolades WHEN this passes.

Posted 06/12/09 1:15 PM MRoCkEd Cheshire, CT

Any word on when Barney Frank might hold the hearings?

Posted 06/12/09 1:15 PM Ted Kirkpatrick Manassas, VA

It's interesting how here in the DC area the main talk radio station continues to run an item talking about the pressure being put on Virginia Congressman Eric Cantor (R-7th CD) to sign on as a co-sponsor.

Posted 06/12/09 1:36 PM kitmaira San Fernando, CA

I am confused, I was reading that if the list of cosponsors exceeds 218 (half of the House) the bill bypasses committee and goes directly to the floor. Wikipedia describes this as a Discharge Petition. From Wikipedia: "A discharge petition is a means of bringing a bill out of committee and to the floor for consideration without a report from a Committee and usually without cooperation of the leadership. Discharge petitions are most often associated with the U.S. House of Representatives, though many state legislatures have similar procedures. They are used when the chair of a committee refuses to place a bill or resolution on the Committee's agenda; by never reporting a bill, the matter will never leave the committee and the full House will not be able to consider it. A successful petition "discharges" the committee from further consideration of a bill or resolution and brings it directly to the floor. The discharge petition, and the threat of one, gives more power to individual members of the House and usurps a small amount of power from the leadership and committee chairs. The modern discharge petition requires the signature of an absolute majority of House members (218 members)."

Posted 06/12/09 1:44 PM MRoCkEd Cheshire, CT

kitmaira, signing a discharge petition is not the same as co-sponsoring a bill. Ron Paul could circulate the petition to all the co-sponsors, and if they all signed, it would go to the floor.

Posted 06/12/09 1:45 PM AngelaTC Fenton, MI

kitmaira, It means that Ron Paul could now circulate a discharge petition. However, it is anything but clear that all the bill co-signers would sign the petition. Some would not want to cross Pelosi, and others would bargain with their signature.

Posted 06/12/09 1:48 PM kitmaira San Fernando, CA

Thanks for the clarification

Posted 06/12/09 1:50 PM truthbeknown2 Upland, CA

How does the vote work in the committee? Are they simply voting on whether it should be considered for a vote by the whole House, or are they voting on whether they would personally vote for the bill? How many members of the committee must vote for it in order for the bill to progress?

Posted 06/12/09 2:08 PM sunny belfast , ME

hi john, 218 is a milestone. but only the first. it's not enough at all. before the next step is taken we need many more co-sponsors. we need to be able to block the veto with 290 co-sponsors signing and hopefully following thru. please see my thread and the other related threads on www.dailypaul.com they are on the homepage. thanks, sunny

Posted 06/12/09 2:55 PM aldante carlsbad, CA

John, I understand there are many tricks and rules that the Fed could use to derail this bill. That this bill is still vunerable. After all isn;t it true that the fed was created with only 3 members of the senate present? But my question is: What can we do...the grassroots? I called about 40 congressmen's office. How can we apply pressure to those that may have co-sponsored that truly never intend to vote for 1207?

Posted 06/12/09 3:14 PM Fozz Cockeysville, MD

Ron Paul gives an update on 1207 http://www.youtube.com/watch?v=x797PnF06xY

Posted 06/12/09 3:16 PM paulie44544 milwaukee, WI

check out the cosponsor map i created! libertybrewcity.blogspot.com if you want the 50 by 30 inch version email me at libertybrewcity@gmail.com

Posted 06/12/09 3:26 PM truthbeknown2 Upland, CA

aldante, That's one reason it's so important to thank your congressman for co-sponsoring the bill. Get your neighbors, co-workers, and friends in your district to send your rep little thank you emails/calls, even if they never contacted the rep before he co-sponsored. If your rep is just flooded with a multitude of calls/emails from people expressing their gratitude that he co-sponsored the bill, then I think he's less likely to back down when it comes time for the actual vote. How many reps would be willing to lose their jobs in an effort to protect the veil of secrecy surrounding the Federal Reserve, when their voting constituents are against it?

Posted 06/12/09 3:57 PM Combat1856 Brick, NJ

Hi all.. First I just joined this site. I believe Ron Paul is a great American. I do not agree with him on everything, however, I agree with his principles. I live in Ocean County NJ, District 4. My representative is R Chris Smith. I, and my affiliated 912 group have been emailing and calling our Reps since March. I just had a conversation with Rep Chris Smiths office staff David Tosh who actually sat and talked with me for 15 minutes. When I went on to discuss HR1207 he stopped me. He said, " I have the bill on my desk and Chris has signed on to the bill." I questioned him, I said, "Why do I not see his name on the co sponsor list?" He replied, "He is number 221 or 225. He just signed on." Chalk up another Cosponsor. I want to thank Ron for all his hard work. You are a true American and although I am a registered Republican and die hard Lonegan supporter. Looking forward you have my unyielding support.

Posted 06/12/09 4:55 PM thefreeman Princeton, NJ

The outlook of the Paul bill is uncertain, but if support continues to grow it could force an up-or-down vote in the House. More broadly, the Fed's role in the U.S. regulatory system is in the process of being reviewed by the Obama administration and Congress as part of a larger revamp of the regulatory landscape. An up or down vote refers to a direct vote in the U.S. House of Representatives or the U.S. Senate on an amendment or bill; it is sometimes referred to as a "clean vote". Members simply vote yea or nay on it. Depending upon the rules of order for that particular type of amendment or bill, the vote required for passage might be a 2/3 majority, a 3/5 majority, or a simple majority.

Posted 06/13/09 05:39 AM DHAndrew Concord, TN

Progress must not build complacency. Maintain pressure through to completion. The established oligarchy will pull every trick they can to sidetrack this idea whose time has come.