Ron Paul’s Federal Reserve audit approved by House committee | The Raw Story

By Stephen C. Webster
Wednesday, June 27, 2012 15:51 EDT

In a nearly unanimous voice vote on Wednesday, the House Oversight Committee approved a bill that would require the U.S. Federal Reserve to conduct a first-ever complete audit of its books and divulge details about its monetary policy discussions. The bill is expected to be taken up by the full House of Representatives sometime next month.

Paul, a longtime critic of the Fed and fiat currencies in general, had previously supported an audit that became part of the Dodd-Frank Wall Street Reform and Consumer Protection Act. That audit required the Fed to disclose its lending practices during the 2008 financial crisis, revealing that the bank doled out more than $16 trillion in loans and assets swaps to financial institutions all over the world in an effort to stabilize global markets and keep credit flowing.

Paul, however, felt that the audit which ultimate cleared the U.S. Senate was a stripped down version of what he believes is needed, and most of his colleagues now agree. His bill has garnered an impressive bipartisan coalition of more than 257 co-sponsors — more than half the House — giving it enough votes to pass.

The Senate version, introduced by Paul’s son Rand (R-KY), faces a tougher road. All of its 20 co-sponsors are Republican, and it has been stuck in the Senate Committee on Banking, Housing, and Urban Affairs, which is chaired by Sen. Tim Johnson (D-SD). He has not said whether the bill will be marked-up for debate.
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Photo: Frontpage / Shutterstock.com, all rights reserved.

Stephen C. Webster

Stephen C. Webster is the senior editor of Raw Story, and is based out of Austin, Texas. He previously worked as the associate editor of The Lone Star Iconoclast in Crawford, Texas, where he covered state politics and the peace movement’s resurgence at the start of the Iraq war. Webster has also contributed to publications such as True/Slant, Austin Monthly, The Dallas Business Journal, The Dallas Morning News, Fort Worth Weekly, The News Connection and others. Follow him on Twitter at @StephenCWebster.

Ron Paul’s Federal Reserve audit approved by House committee | The Raw Story.

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About Laura

I am a starseed, possibly from the Pleiadies or Andromeda. I am on this journey since age 3, so.. for 35 years.. and i am doing spiritual group work for over 15 years also. I enjoy poetry, music, nature, animals, joking, having fun, listening to spirit. I have connected with many star beings, from various worlds, humanoid or not. Connections happen while awake or in dream like state. Shall we expand our consciousness together.

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2 Comments on “Ron Paul’s Federal Reserve audit approved by House committee | The Raw Story”

1. markskinney1

   June 28, 2012

   

   The truth will be exposed
2. universallightworker1973

   June 28, 2012

   

   Reblogged this on universallightworker1973.

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