Monday, June 15, 2009

Ron Paul's Fed Bill Gaining Momentum

Ron Paul's bill to bring transparency to the actions of the Federal Reserve once seemed an idealistic but unrealistic crusade. Or, at the very best, a remote possibility. Not so any more.

The Open Congress blog reports:

UPDATE 3: The bill has officially reached (and surpassed) majority co-sponsorship status, a just-issued press release from Ron Paul reports:

Audit the Fed Bill Reaches Crucial Benchmark

Washington, D.C. – Congressman Ron Paul’s Federal Reserve Transparency Act, HR 1207, has reached and surpassed the level of 218 cosponsors in the House of Representatives, which means it is now cosponsored by a majority of the members.

The 218th cosponsor was Dennis Kucinich (OH-10), and the bill has since received its 222nd cosponsor.

“The tremendous grass-roots and bipartisan support in Congress for HR 1207 is an indicator of how mainstream America is fed up with Fed secrecy,” said Congressman Paul. “I look forward to this issue receiving greater public exposure.”

Hearings on Federal Reserve transparency are expected within the next month, as part of the Financial Services Committee’s series of hearings on regulatory reform.
This is great news for those that believe the Fed is in need of greater oversight and accountability. If this doesn't include you, watch this video:

Still don't think the Fed needs more oversight?

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