Fed being brought under control
Started by Riversider
over 16 years ago
Posts: 13572
Member since: Apr 2009
Discussion about
http://online.wsj.com/article/SB125167261849670795.html Rep. Ron Paul said he has a commitment from the chairman of the House Financial Services Committee, Barney Frank, to advance the Texas Republican's legislation opening the Federal Reserve to broader federal audits. In an interview Friday, Mr. Paul said Mr. Frank agreed to allow a vote on the bill and to work on language that would allow the Government Accountability Office, the investigative arm of Congress, to audit the Fed's monetary-policy operations. While details are unresolved, the discussions increase the likelihood that some version of Mr. Paul's bill will pass the House.
that will save us now.
It will never pass the Senate. Most radical legislation like this passes the House but dies in the Senate. A great example is that AIG bonus tax they tried to enact. It passed the House but died in the Senate without ever being voted on.
If I'm correct, I believe Ron Paul originally sponsored a bill recently to abolish the bill. I guess he knew that it would never pass so he changed it to merely audit the fed.
One thing I can't stand about Paul is that whenever he questions Bernanke, his questions are so long and are more of a speech than a question. So after he asks his 5 minute question, you forget what the question was. If I was Bernanke, I would answer all of Paul's questions with "I'm sorry, but what was the qestion?
Ron Paul seems to capture the Zeitgeist of the times..