House ‘Guts’ H.R. 1207, Bill to Audit the Fed
In a not-too-surprising move, House leaders have stripped House Bill 1207, the Federal Reserve Transparency Act, of all its most meaningful legislation. Rep. Mel Watt, of North Carolina was tasked with “preparing the legislation for formal consideration.” In his new, stripped version of the bill, there is no longer an audit of the Federal Reserve’s dealings with foreign central banks, no audit of their deliberations about monetary policy decisions, and no audit of Federal Open Market Committee and its communications with members, banks, and staff.
Congressman Ron Paul said that when the bill comes to the floor, he will introduce an amendment that would attempt to restore the bill to its former, unaltered state. As my congressman, Travis Childers, sits on the Financial Services Committee, I will be giving his office a call to let him know how disastrous this is to any attempt at transparency and truth with regard to the Federal Reserve, and urge him to support the original language and intent of H.R. 1207.
UPDATE: Congressman Paul Responds to these breaking events: