Tuesday, June 23, 2009

Audit the Fed!


On June 12, I became a cosponsor of H.R. 1207, the “Federal Reserve Transparency Act of 2009”, introduce last February by Rep. Ron Paul. With the Federal Reserve active in the recent bailouts, stronger measures are needed by the Government Accountability Office to audit the Federal Reserve System. It will make the Fed far more open and accountable to Congress and the American people.

I talked to Dr. Paul in May and offered my support to get him the 218 supporters needed for a majority in the House of Representative. I even told Dr. Paul I would be the 218
th sponsor.

But the hard part now begins in the Congress. The Democratic leadership in the House will never allow H.R. 1207 to come to the floor for a vote. They will keep it bottled up in the Financial Services Committee. 218 supporters of the bill must also sign a Discharge Petition. A Discharge Petition starts the process of the “discharge rule,” which forces a bill out of committee and to the House floor for a vote. This is the only way H.R. 1207 will ever see the light of day.