With a populace steadily losing faith in the so-called “stimulus package” actually improving the economy, HR 1207, known as the Federal Reserve Transparency Act, continues to gain momentum. The bill has now secured 279 co-sponsors, including all 178 Republican members of the House. Authored by Republican Congressman Ron Paul (TX-14), the bill has easily surpassed the 220 co-sponsors needed to survive on the House floor. Congressman Lloyd Doggett, Democrat (TX-25), whose district includes Austin, is among 101 Democrat members of the House who have all signed on as co-sponsors.
Paul, who has long been a critic of the Fed's unfettered power and lack of public accountability, says Congress and the American people have minimal, if any, oversight over the trillions of dollars that the Fed controls.
"Now more than ever, we need to know what the Fed has been doing in secret. I am pleased that all of my Republican colleagues in the House, as well as many Democrats, understand the need for this kind of transparency,” he said.
Federal reserve Chairman, Ben Bernanke, has spoken out strongly against legislative efforts to force an audit. Testifying before the House Financial Services Committee, Bernanke claimed such a review would "compromise independence." He added that if the General Accounting Office was to make judgments about the Fed's policy decisions, it would effectively amount to a "takeover of policy" by the Congress and such scrutiny would be "highly destructive to the stability of the financial system."
The bill is now with the 71-member House Committee on Financial Services, which Paul describes as the "most important step" in the bill's evolution. "If it doesn't make it out of committee, it will never come to a vote," he said, urging supporters to contact their representatives to make their voices heard.
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