Tuesday, April 28, 2009

OpenCongress Blog - Audit the Fed

OpenCongress - OpenCongress Blog - Audit the Fed: "Year after year in Congress, Rep. Ron Paul [R, TX-14] has introduced a bill to abolish the Fed (H.R. 833). Though the bill has a dedicated network of citizen supporters – see the End the Fed network – it has never made any legislative progress or gained a single co-sponsor.

This year, however, Paul has introduced a toned-down version, along with the original, that is gaining co-sponsors quickly and could actually get a vote this session — the Federal Reserve Transparency Act of 2009. The co-sponsor list, currently at 58, is strongly bipartisan. It includes progressive Democrats like Rep. Alan Grayson [D, FL-8] and Rep. Henry Waxman [D, CA-30], Blue Dogs like Rep. Gene Taylor [D, MS-4] and Rep. Collin Peterson [D, MN-7], and conservatives like Rep. Michele Bachmann [R, MN-6] and Rep. Scott Garrett [R, NJ-5].

Far from ending the Fed, the bill calls for a full Government Accountability Office (GAO) audit of the central bank to be completed before the end of 2010 and submitted to Congress for review."

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