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"Audit the Fed" Bill Will Pass This Fall

August 28, 2009 - by Donny Shaw

..So says House Financial Services Committee Chairman Rep. Barney Frank [D, MA-4]:

FRANK: “We will subject [the Federal Reserve] to a complete audit. I’ve been working with Ron Paul, who is the main sponsor of that bill. He agrees that we don’t want to have the audit appear as if it is influencing monetary policy because that would be inflationary, and Ron and I agree on that. We also think, one of the things the audit will show you is what the Federal Reserve buys and sells. And that will be made public, but not instantly, because if that was made available instantly you would have a lot of people trading off of that and it would have too much impact on the market. Again, Ron agrees with that. So we will probably have that data released after a time period of several months – enough time so that it wouldn’t be market sensitive. That will be part of the overall federal regulation that we are adopting. The House will pass it probably in October.”

Here’s the bill:

H.R. 1207 – Federal Reserve Transparency Act of 2009

Anyone know when the last time Ron Paul got one of his bills approved by the House was?

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