Thursday, November 19, 2009

Highlights of Ron Paul’s big day: Full Federal Reserve audit passes committee

Hooray! Ron Paul's original language of a full audit of the Federal Reserve, as written in H.R.1207, was inserted in a bill as a replacement amendment [PDF] during a markup of the House Financial Services Committee and passed a roll call vote! [PDF]

Marc over at the Liberty Maven was nice enough to provide a nice writeup of events and also recorded and edited several key sections of today's hearing, which he has posted here and is embedded below:

UPDATE: Here is Ron Paul's official press release on today's victory:

Paul-Grayson Amendment Passes Committee

Washington, D.C. - Congressman Ron Paul (TX-14) is pleased to announce that his and Congressman Grayson’s amendment based on HR 1207 has passed in the Financial Services Committee by a vote of 43-26 and will be included in major banking reform legislation.

The Paul/Grayson amendment:
  • Removes the blanket restrictions on GAO audits of the Fed
  • Allows audit of every item on the Fed's balance sheet, all credit facilities, all securities purchase programs, etc.
  • Retains limited audit exemption on unreleased transcripts and minutes
  • Sets 180-day time lag before details of Fed's market actions may be released
  • States that nothing in the amendment shall be construed as interference in or dictation of monetary policy by Congress or the GAO

“While HR 3996, if passed, will grant sweeping new powers to the Federal Reserve, at least with this amendment attached, it won’t be acting in secret anymore. This is a major victory for Federal Reserve transparency and government accountability. I am very grateful to Congressman Bachus and all the other Members who were so supportive and helpful in this effort," stated Congressman Paul.

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