House passes Ron Paul’s audit-the-Fed bill

[Roland99]

Source: MarketWatch

A bill authored by Rep. Ron Paul that would open up previously secret Federal Reserve deliberations to scrutiny by members of Congress passed the House of Representatives on Wednesday, but the measure faces long odds in the Senate.

The bill from Texas Republican Paul, a persistent Fed critic, would remove all restrictions on the Government Accountability Office’s ability to examine the central bank’s deliberations. Fed Chairman Ben Bernanke opposes the bill, and argued last week that the Fed’s discussions about monetary policy should be protected.

The House vote was a moment of triumph for Paul, who announced earlier this year that he won’t seek another term. He has long sought to shed light on the Fed’s operations, and the full House vote put his once-obscure quest in the national spotlight. Read about bill on Paul's web site.

...

The measure passed overwhelmingly, garnering 327 yes votes, and 98 no votes. It had 274 co-sponsors, including 45 Democrats.

Read more: http://www.marketwatch.com/story/house-passes-ron-pauls-audit-the-fed-bill-2012-07-25-151032221?dist=countdown

[Canuckistanian]

1. K&R

Is no one interested in this?

[xocet]

3. +1 n/t

[JDPriestly]

7. Interesting idea. The FED was way out of control under Greenspan

and that is what led to this mess.

[xocet]

2. K&R

From the article:

July 25, 2012, 3:22 p.m. EDT
House passes Ron Paul’s audit-the-Fed bill
Retiring Fed critic savors triumph, but bill faces long odds in Senate


...

“The Fed should not be permitted to operate in the dark without oversight by Congress and accountability to the people. The American people deserve no less than a full and complete audit,” said Rep. Dennis Kucinich, an Ohio Democrat, in a statement on Tuesday, when the main debate on the bill was held.

...

http://www.marketwatch.com/story/house-passes-ron-pauls-audit-the-fed-bill-2012-07-25-151032221?dist=countdown

[Booster]

4. Why doesn't someone propose a bill that would audit the Pentagon? They "lost" close to 3 trillion

dollars; lost, as in "don't know where the Hell it went" and now are asking for billions more. Why aren't more people interested in this?

[Blue_Tires]

8. been asking that same thing for years...

[Roland99]

12. +brazilion

[Freddie Stubbs]

14. Because the Pentagon is already subject to audits

[Booster]

15. What kind of audit misses trillions?

[grantcart]

16. They could call it the Truman bill because he did it very successfully.

[Turbineguy]

5. Yeah

much better if we have crazed ignorant teabaggers doing Bernanke's job.

[Ter]

13. He shouldn't have a job

I'll take Paul over Bernanke on the issue of the Fed any day.

[freshwest]

6. I think Kucinich and Sanders have been in on this too. Only problem I can see, it whatever they get

From the Federal Reserve, which will probably consist of the largest paper trail there is, will be beyond their capacity to understand.

I'd like to see what Barney Frank says about this. The rest of them are not as knowledgeable, especially the baggers. But they couldn't stand to be in the same room with him.

[xocet]

9. Here is Rep. Frank's comment from the article....

...

But most Democrats disagree. Rep. Barney Frank, the Massachusetts Democrat who co-authored the bank reform bill, said the legislation could potentially destabilize markets.

“(Wall Street) will see it as political interference, not with the contracting procedures, not with the budget, not with how many cars they have, but with how they decide on interest rates. And the perception that the Congress is going to politicize the way in which interest rates are set will in itself have a destabilizing effect,” Frank said.

...

http://www.marketwatch.com/story/house-passes-ron-pauls-audit-the-fed-bill-2012-07-25-151032221?dist=countdown

[freshwest]

10. Yes, this HoR has destroyed everything it could get its hands on. Thanks for the link.

[lovuian]

11. I would love to see the Senate Vote

It should be interesting