Rep. Ron Paul's Bill to Audit the Federal Reserve 'Gutted' in Committee

[Bill Mattocks]

The only surprise here is that WND had anything of merit to contribute. A clear attempt by NC Rep Watt to keep the Fed shrouded in mystery - obviously bought off, IMHO.

http://reason.org/blog/show/rep-ron-pauls-bill-to-audit-th

A WorldNetDaily story reports that the bill sponsored by Rep. Ron Paul (R-TX) that would call for an audit of the Federal Reserve has been "gutted" in a congressional committee. The legislation, H.R. 1207, would also close loopholes that prevent transparency of Fed actions. It currently has over 300 co-sponsors in the House.
In a telephone interview with a Bloomberg reporter, Paul said that the bill had been stripped of measures closing loopholes that protect the Fed and blamed Rep. Melvin "Mel" Watt (D-NC), chairman of the House Financial Services Committee's Subcommittee on Domestic Monetary Policy and Technology, for ripping the teeth out of the legislation. Watt has significant ties to the banking industry and received the largest share of his 2008 campaign contributions—over one-third of his total contributions for the cycle—from the finance, insurance, and real estate industry. Watt's four largest contributors were Bank of America, headquartered in Watt's district in Charlotte, Wachovia Corp., American Express, and the American Bankers Association.

 

[Bob Hubbard]

Doesn't surprise me.

 

[Omar B]

That stinks. Ron's got his heart and head in the right place. Such an audit would yield some interesting results that gets a lot of people fired.