Thursday, June 18, 2009

Fed Transparency

Texas Congressman Ron Paul's Federal Reserve Transparency Act (HR 1207) now has 234 cosponsors including Dean Heller (of course), and Shelley Berkley, along with 64 other House Democrats. From the summary:

Directs the Comptroller General to complete, before the end of 2010, an audit of the Board of Governors of the Federal Reserve System and of the federal reserve banks, followed by a detailed report to Congress.

The cozy relationship and cronyism between Wall St. and Washington would surly make for some interesting headlines in the future.

Meanwhile, over in the Senate, the companion bill, S.604 has only 2 cosponsors and is currently in the Committee on Banking, Housing, and Urban Affairs. Neither Nevada Senator has spoken about it. Senator Ensign has been a little preoccupied with a zipper malfunction lately, and Senator Reid presumably wants no part of it; the Senate Bill I mean.

3 comments:

Tom said...

It will never pass - there are way too many hands that have been dirtied in the bailout.

Local So-and-so said...

The conventional wisdom is it is headed for oblivion in the Senate. That could explain why so many congressmen feel safe voting for it. Still, there is reason for hope.

Btw, did you get my email? I can't get into the comments section on your new format.

Tom said...

Got the message and fix. Hate it when stuff misbehaves...