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DIGG! Federal Reserve Policy Audit Legislation ‘Gutted,’ Paul Says

!! DIGG IT !!

By Bob Ivry | Bloomberg

Oct. 30 (Bloomberg) -- Representative Ron Paul, the Texas Republican who has called for an end to the Federal Reserve, said legislation he introduced to audit monetary policy has been “gutted” while moving toward a possible vote in the Democratic-controlled House.

The bill, with 308 co-sponsors, has been stripped of provisions that would remove Fed exemptions from audits of transactions with foreign central banks, monetary policy deliberations, transactions made under the direction of the Federal Open Market Committee and communications between the Board, the reserve banks and staff, Paul said today.

“There’s nothing left, it’s been gutted,” he said in a telephone interview. “This is not a partisan issue. People all over the country want to know what the Fed is up to, and this legislation was supposed to help them do that.”

The Fed, led by Chairman Ben S. Bernanke, has come under greater congressional scrutiny while attempting to end the financial crisis by bailing out financial firms and more than doubling its balance sheet to $2.16 trillion in the past year. The central bank is also buying $1.25 trillion of securities tied to home loans.

Paul, a member of the House Financial Services Committee, said Mel Watt, a Democrat from North Carolina, has eliminated “just about everything” while preparing the legislation for formal consideration. Watt is chairman of the panel’s domestic monetary policy and technology subcommittee.

Keith Kelly, a spokesman for Watt, declined to comment and said Watt wasn’t immediately available for an interview. Watt’s district includes Charlotte, headquarters of Bank of America Corp., the biggest U.S. lender.

Original Language

Paul said he intends to introduce an amendment to the bill when it comes to the House floor for a vote restoring the legislation’s original language.

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Start writing, calling, and

Start writing, calling, and leaving messages now for House Reps, demanding that they vote to re-instate the original language. Until instructed otherwise by Dr. Paul, we need to stay on their case 24/7.

Ĵīɣȩ Ɖåđşŏń

"Fully half the quotations found on the internet are either mis-attributed, or outright fabrications." - Abraham Lincoln

OMG!

It just makes you want to spew!

betty

I am just sick

but not surprised. This is a very POWERFUL machine we are up against. I believe only a miracle will get it through intact. If it is meant to happen, it will. Just showing how much power BofA has should get people to notice. This should really pressure anyone who is a Democrat to stand for the Bill. All of the Democrats out there far and wide, see who is a sell out.

Healthnut4freedom

"Trust in the Lord with all thine heart; and lean not unto thine own understanding. In all thy ways acknowledge Him, and He shall direct thy paths." Proverbs 3:5,6

Healthnut4freedom

The lip of truth shall be established forever: but a lying tongue is but for a moment...Lying lips are abomination to the LORD: but they that deal truly are His delight. Prov 12:19,22

Oh boy

This is a complete pile. I can believe it, but seriously, how when a bill is cosponsored are random people able to rewrite it?

What a bunch of garbage. Lets get on the phones Monday morning.

Eric Hoffer

BUMP BUMP BUMP

BUMP BUMP BUMP

This cannot stand!

Keep this bumped to the top. What can we do? Dr. Paul, help us help.

Ĵīɣȩ Ɖåđşŏń

"Fully half the quotations found on the internet are either mis-attributed, or outright fabrications." - Abraham Lincoln

phucking

typical