Federal Reserve Policy Audit Legislation ‘Gutted,’ Paul Says
Oct. 30 (Bloomberg) –By Bob Ivry
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.
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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.
Phi Beta Iota: Following upon the impeachable misbehavior of both sides of the House and Senate with respect to the so-called Health Care legislation, once cannot conceive of a better demonstration for why the American citizens should not demand Electoral Reform Act as well as Smart Nation – Safe Nation Act, demand a roll-call vote on this idiocy of Mel Watt’s, and recall everyone voting against Ron Paul’s amendment to restore the original bill.
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