Update on Audit the Fed , Legislation Stripped of Substance
Posted by Gary Howard on 11/05/09 12:45 PM
Washington D.C. November 4, 2009 - Late last week, it was learned that H.R. 1207, the Federal Reserve Transparency Act, a bill intended to bring greater transparency to the Federal Reserve, has been stripped of many of its most substantial reforms by House Financial Services Monetary Policy Subcommittee Chairman Congressman Mel Watt of North Carolina.
"This move by Watt is just part of the usual strategy used by politicians to stop people from affecting change," said John Tate, President of Campaign for Liberty. "We're not giving up on this; we are still calling for a standalone vote on the bill as it was originally introduced."
Congressman Ron Paul, who has championed the bill on Capitol Hill, has pledged to introduce an amendment in the full Committee to restore the bill's thorough audit provisions. Many are questioning the move by Watt to remove the critical language from a measure that has garnered overwhelming support in Congress and from the American people. To date, the bill has 306 cosponsors in the House, and 30 in the Senate, with a poll boasting 75% of Americans in favor of a Federal Reserve audit.
There has been speculation that Watt, who serves a district in North Carolina that happens to include the headquarters of Bank of America, is being influenced by the powerful banking lobby. The final legislation could be included in a larger financial regulation package to be offered by House Democrats later in the session.
SOURCE AND COMMENTS: http://www.campaignforliberty.com/blog.php?view=27728