Nov. 20, 2009
Ron Paul’s Federal Reserve Audit Clears Financial Services Committee
By Tony Rutherford
Huntingtonnews.net Reporter
Washington, DC (HNN) – Grassroots supported and with a libertarian independence, Rep. Ron Paul (R-TX) prevailed 43-26 on a House Financial Services Committee vote Thursday evening, Nov. 19, 2009 that would expand Congressional audits of the Federal Reserve. The bill has more than 309 co-sponsors -- of whom 130 are Democrats.
The measure was added as an amendment to a financial reform bill.
Paul’s measure prevailed despite weeks of wailing that the measure would threaten the Fed’s monetary policy.
As recently as Nov. 17 Treasury Secretary Timothy Geithner stated he wants the Federal Reserve Bank to have more power. Dr. Paul, a physician whose book “End the Fed” remains extremely popular, warns not simply of the bailouts but that the dollar (which has been plunging drastically) is not backed by any physical commodities.
The measure would give the Government Accountability Office access to every item on the Fed’s balance sheet.
However, backdoor maneuvering is underway that will attempt to derail Paul’s bill, plunging it into a D.C. bureaucratic nightmare.
WV Representative Shelly Moore-Capito, a member of the committee, voted in favor of the amendment.
Editor's Note: For David M. Kinchen's Sept. 16, 2009 review of Dr. Paul's "End the Fed" see http://archives.huntingtonnews.net/columns/090916-kinchen-columnsbookreview.html
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Ron Paul’s Federal Reserve Audit Clears Financial Services Committee
By Tony Rutherford
Huntingtonnews.net Reporter
Washington, DC (HNN) – Grassroots supported and with a libertarian independence, Rep. Ron Paul (R-TX) prevailed 43-26 on a House Financial Services Committee vote Thursday evening, Nov. 19, 2009 that would expand Congressional audits of the Federal Reserve. The bill has more than 309 co-sponsors -- of whom 130 are Democrats.
The measure was added as an amendment to a financial reform bill.
Paul’s measure prevailed despite weeks of wailing that the measure would threaten the Fed’s monetary policy.
As recently as Nov. 17 Treasury Secretary Timothy Geithner stated he wants the Federal Reserve Bank to have more power. Dr. Paul, a physician whose book “End the Fed” remains extremely popular, warns not simply of the bailouts but that the dollar (which has been plunging drastically) is not backed by any physical commodities.
The measure would give the Government Accountability Office access to every item on the Fed’s balance sheet.
However, backdoor maneuvering is underway that will attempt to derail Paul’s bill, plunging it into a D.C. bureaucratic nightmare.
WV Representative Shelly Moore-Capito, a member of the committee, voted in favor of the amendment.
Editor's Note: For David M. Kinchen's Sept. 16, 2009 review of Dr. Paul's "End the Fed" see http://archives.huntingtonnews.net/columns/090916-kinchen-columnsbookreview.html
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