I wanted to let you know about a couple of big wins for us all, as I continue my battle to weed out waste, fraud and abuse in government spending.
"AUDIT THE FED" PASSES
My effort to audit the Federal Reserve is a demonstration of true bipartisanship. I teamed with Rep. Ron Paul (R-Texas) to pass the Paul-Grayson Amendment in the House.
Recently, I made a speech on the floor of the House, exposing the fact that the American taxpayers now own the Red Roof Inn discount hotel chain, because of an unauthorized bailout conducted by the Federal Reserve. You can see video of that speech here. More than 100,000 people have viewed the clip already.
After my speech, the Senate unanimously adopted an amendment mandating an independent audit of the Federal Reserve, the first one in history. I expect that when we finally see what else the Federal Reserve has been up to, the public will be outraged.
The Fed is an institution that has the power to hand out hundreds of billions of dollars on a whim. Because of that power, the Fed must always be subject to independent audits -- completely, and without reservation. We must AUDIT THE FED.
"GOLD-PLATING" AMENDMENT PASSES
I am proud that my effort to rein in wasteful defense spending unanimously passed the House, as part of the IMPROVE Acquisition Act.
My amendment saves money by requiring that cost or price be given importance at least equal to all other criteria combined, when evaluating proposals for defense contracts. Surprisingly, current law allows for cost to account for only 1% of the evaluation.
You can watch video of my speech on the House floor here.
It was also a lesson in persistence. Last June, the same amendment passed as part of the National Defense Authorization Act (H.R. 2647). However, my amendment was removed during the conference between leaders from the House and the Senate.
I promise to keep working to make sure that common-sense, cost-saving ideas become law. If it takes two years or twenty, I will keep fighting.
My staff and I are working hard, paying attention, and getting things done for all of us and our families.
It is my true honor to serve you.