Ron Paul’s “Audit the Fed” Bill to be Debated in the House
Monday, June 15, 2009
Ron Paul
A plan to open up the Federal Reserve to congressional audits received enough support in the House of Representatives this week to guarantee that it will receive a full hearing by lawmakers. Congressman Ron Paul (R-TX) has been the driving force behind H.R. 1207, the Federal Reserve Transparency Act, which would give the Government Accountability Office (GAO) authority to examine the Fed’s books and report to Congress on the performance of the national bank. The bill now has 222 co-sponsors, most of whom are Republicans, but 52 of whom are Democrats, and it was a Democrat, Ohio Congressman Dennis Kucinich, who provided the 218th co-sponsorship for H.R. 1207 that allowed it to move out of committee and be debated on the House floor.
Supporters of Paul’s bill are hoping it does not get watered down like a similar measure introduced in the Senate. That plan (S. 896) would have given Congress greater oversight of the Federal Reserve. A small but powerful amendment, however, has reduced the scope of GAO audits on Fed records in the current version of S. 896.
-Noel Brinkerhoff
US House to Debate Ron Paul’s ‘Audit the Fed’ Bill (by Stephen Webster, Raw Story)
H.R. 1207: Federal Reserve Transparency Act of 2009 (GovTrack.us)
Handwritten Notes Show Fed Oversight Bill Neutered On Senate Floor (by Ryan Grim, Huffington Post)
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