Fed Audit Bill Reaches 290 Cosponsors

The House bill that would shine a light on the Federal Reserve reached 290 cosponsors on Wednesday.

Authored by longtime crusader for Fed transparency Rep. Ron Paul (R-Texas), the audit bill gained the support of more than half the House back in June, and has continued quietly gathering steam. Now the legislative process is beginning to catch up.

House Financial Services Committee Chairman Barney Frank's office released a tentative schedule for regulatory reform hearings that includes "Oversight and Audit Issues at the Federal Reserve System," scheduled for Friday, Sept. 25. When this final round of financial-regulation hearings concludes two weeks later, according to Frank's office, the committee will begin making revisions to the respective bills.

"I'm happy to say that we're going to have a hearing on that very soon," Rep. Alan Grayson (D-Fla.), another Fed transparency champion, said on the House floor minutes after Frank's office made the announcement.

Reform of the nation's financial regulation slowed in July under heavy pressure from Wall Street. At the time, Frank said he wanted to take advantage of the August Congressional recess to argue the case for further regulation, but the debate over health care reform sidelined discussion of the financial system.

Comments

[TodaysEpistleReading]

Audit the Fed, then end it!

[vippy]

What a joke. I never believe we will find out the truth about it. Come on now, they know about it and
they worked with it. Why would they point the finger at themselves? It would really surprise me if something becomes of it.

[AndyWright68]

We must all call, write, email etc. and support HR 1207 and S604!

Good Bye Fed!

[Notrepublicrat]

It is key that this does not get watered down, as other commenters have mentioned.

HuffPost had an awesome article on how the Fed censors any academic criticism of central banking. I am shocked that it was not picked up more broadly. I've sent it around...d­o the same.

[dobberdoss]

Way overdue!, Cmon, audit these crooks already

[katooom]

Watch out for this crook. He plans to gut and water down Ron Paul's initiative.

HR1207 needs to go to the floor INTACT - as RP drafted it - without a bunch of loopholes and obfuscations.

Barney Frank has already demonstrated himself as a crooked, incompetent oversight/audit leader:

From 2003:
"these two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis." When the White House warned of "systemic risk for our financial system".

[spmcintyre]

No doubt that could be the only reason to hold on to it so long, if the thing is cosponsered by more then half of the House,. then why is it taking so long to vote on? There can be only the answer that they are pulling the teeth and adding a whole bunch of crap to it.

[worldb]

I guess we'll be seeing another t e r r or attack soon...

[spmcintyre]

Yeah, its kinda funny how the left screamed foul whenever Bush had a "terrorism scare" or increased the threat level. Seemingly right about the same time that something else was happening. Seems kinda funny how that seemed to get the news off all the other stories.

SHeesh, I am starting to wonder if Obama is not using part or all of Bushs play book on that one. Funny part about that is that the Fringe Media are not calling him on it.

[katooom]

No doubt BO is using Boooshes playbook. Control the minions with scare and terror - economy, swine flu, healthcare, patriot act, ...

[AmbientDiscord]

this needs to be done - we can not accomplish anything in this country because are economy is held hostage by the idiotic fractional reserve system consumerism.

[PhilipTaylor]

Why NOT SHUTTER CONGRESS?

They DO NOT act with 290 supporters!

CLOSE CONGRESS DOWN - SEND THEM HOME!

[JackRusselTerrier]

Fully Federalize The Fed
Strongly regulate Wall St

Fix Campaign finance so that all parties are equal. FCC should require all licensed Television stations to broadcast ads for candidates equally. Full disclosure for all candidates in print media. No selective debate topics during panel questions. No electronic voting without paper trail backup.

All other problems will not be easy to solve without doing these things first.

[spmcintyre]

I'll go one more on the paper backup thing, add signatory requirement to the roles. Some kind of biometric scan that would be stored in a country wide database to prevent people from voting more then once, or while dead, a system that would track only that you voted, and not how.

[Carolab]

HALLELUJAH!!! NOW DO IT!!!

[WhatDaBleep]

Good, Now investigate the Oil Industry too!

[vippy]

Yeah right, I wished that would be done. But our dear leaders are imvested in the oil industry, the only industry still making money. Gas dropped wholesale a week and a half ago 26 cents and the pumps dropped it by 2 cents! It happened just before Labor Day and they dug in their heels to get
more money out of us, not reducing it over the holidays. Then the next headline reads that
oil inventories are low and the price will rise. A day later, today, it says the economy is improving ergo the price of oil will rise. Which is it other than they are digging in their heels to get more money. Why is congress not helping us with the gas prices. We are swimming in oil and gas
and it should be much, much lower. Time to redo their Commodities Futures Modernization Act,
which seems to be all about fleecing the people!

[spinns17]

yes yes yes.and someone better be in jail soon.

[barack is prez]

This story should be the headline story. End the Federal Reserve now!

[research]

eliminate factional reserve.

grow the money supply by directly sending money to every citizen.

[porsche996]

fan'd

fractional reserve.

[research]

old eyes.