Audit the Fed Amendment Passes House Committee

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WallStWhizKid

WASHINGTON--(BUSINESS WIRE)--Today, during the House Financial Services Committee markup of the Financial Stability Improvement Act of 2009, Congressman Ron Paul’s (R-TX) amendment to increase Federal Reserve transparency was passed by a vote of 43 to 26.

During the proceeding parallel amendments were introduced, one by Paul, the other by Congressman Mel Watt (D-NC), which would have limited the audit to only a narrow examination of TARP funds and lending powers, and would have actually allowed the Fed to increase the secrecy under which they operate when it comes to setting monetary policy.

Rep. Paul's amendment inserted language that replaced Watt’s, and is similar to that in his bill, H.R. 1207, which is co-sponsored by 309 members of the House of Representatives. The bill would allow for a full Government Accountability Office (GAO) audit of the Federal Reserve including emergency lending facilities, past decisions on setting interest rates and agreements with foreign central banks.

“We are happy to see the Financial Services Committee preserve a measure to bring true Fed transparency,” said John Tate, President of Campaign for Liberty. “This amendment helps to ensure that real and complete audit legislation remains unaltered, and from here on out we will continue to push for a standalone floor vote of H.R. 1207.”

Congressman Paul’s amendment was greeted with a great deal of support, among those who strongly advocated for the amendment included Rep. Spencer Bachus (R-AL), who defended the measure throughout the proceeding and also voted for adoption of the amendment

http://finance.yahoo.com/news/Audit-the-Fed-Amendment-bw-3736812527.html?x=0&.v=1
 
More from Huffington Post:

In an unprecedented defeat for the Federal Reserve, an amendment to audit the multi-trillion dollar institution was approved by the House Finance Committee with an overwhelming and bipartisan 43-26 vote on Thursday afternoon despite harried last-minute lobbying from top Fed officials and the surprise opposition of Chairman Barney Frank (D-Mass.), who had previously been a supporter.

A desperate, last-minute attempt to thwart the move came in the form of an amendment championed by Rep. Mel Watt (D-N.C.) and described by its supporters as more reasonable. On Tuesday, however, the Huffington Post reported that, on a close reading, his amendment would in fact decrease transparency at the Fed by adding additional restrictions.

Backers of the Watt amendment pressed their case on Wednesday by sending a letter from a "political cross section of prominent economists" backing a measure like Watt's. HuffPost reported, however, that those economists might well have be prominent, but they certainly aren't a "political cross section." Seven of the eight economists in question have extensive connections to the Fed -- and half of them are currently on the Fed payroll. Those affiliations were not noted in the letter.
 
Quote from morganist:

i second that.
More...

i prefer to be left in the dark. we know they are printing trillions. if they are scared to show us what they are really doing ????? it must be baaaaaaaaaaaaaaaaaad.

im going to hide under the bed.
 
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