Bill To Audit Federal Reserve Now Has 207 Co-Sponsors

New names being added every day, momentum building for Ron Paul

Steve Watson
Wednesday, June 10, 2009



At time of writing, a bill that would see the Federal Reserve bank audited for the first time in 59 years has 207 cosponsers in the House and is gaining traction with every single day.

According to Ron Paul’s Campaign For Liberty, the latest to become cosponsors are, Rep. Ed Perlmutter (D-CO) and Rep. Chris Lee (R-NY), both House Financial Services Committee members, as well as Rep. John Boehner (R-OH), Minority Leader of the House.

This means just 11 more cosponsors are needed for a majority to be reached in the House.

If enacted, HR 1207 will amend title 31 of the United States Code and reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States.

In other words, for the first time since 1950, the the independent financial powerhouse that creates and regulates all money in the US will be forced by law to open its books.

HR 1207 was sponsored and introduced by Rep. Ron Paul. On February 26, 2009, it was referred to the House Committee on Financial Services, where it remains under consideration.

HR 1207 also has a companion bill, S 604: F R Sunshine Act of 2009, in the Senate.

This news also dovetails with reports detailing how the House Oversight and Government Reform Committee, the panel responsible for investigating the use of bailout money, has issued a subpoena to the Federal Reserve, asking them to hand over all documents relating to the takeover of Merrill Lynch by the Bank of America.

Claims by New York Attorney-General Andrew Cuomo that former Treasury Secretary Hank Paulson and Federal Reserve Chairman Ben Bernanke strong-armed BofA into buying Merrill, could see the two exposed to prosecution.

There is no doubt that the privately owned Federal Reserve is in hot water, and it knows it.

As we reported last week, the Fed is hiring a veteran lobbyist to “manage its relations with Congressâ€