Saturday, October 03, 2009

HR 1207 has 300 members, S 604 has 30 Senators!

From the Campaign for Liberty:

Washington D.C., October 3, 2009 -The number of cosponsors in the U.S. House of Representatives for HR 1207, the Federal Reserve Transparency Act, climbed to 299. Including Congressman Ron Paul, the bill's author, 300 members of the House of Representatives now support an audit of the Federal Reserve. S 604, the Senate companion bill, currently has 30 cosponsors.

HR 1207 would open up the Fed's funding facilities, such as the Primary Dealer Credit Facility, Term Securities Lending Facility, and Term Asset-Backed Securities Lending Facility to Congressional oversight and an audit by the non-partisan Government Accountability Office. Additionally, audits would include discount window operations, open market operations, and agreements with foreign central banks, such as ongoing dollar swap operations with European central banks.

I'm gonna go out on a limb here and speculate that the Senate Banking Chairman, Chris Dodd, still does not support S 604... nor does Joe Lieberman. Thankfully one of my representatives, Congressman Chris Murphy, supports an audit of the Fed.

Tim White

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