Federal Reserve Policy Audit Legislation ‘Gutted,’ Paul Says
The secrets of the Federal Reserve shall remain secret. The Fed got to Barney Frank (Probably not hard to do) The heart out of the legislation has been ripped out. Very curious is the continued emphasis on not letting us see what transactions the Fed has been conducting with foreign central banks. The Fed is really hiding something here, and the US citizens will now have no insight into what it is. Get the word out on this. The people need to know everything the Fed is doing, but especially what transactions the Fed is conducting with foreign banks.

Here are the gory details.

According to Ron Paul, the Federal Reserve 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 the following provisions:

audits of transactions with foreign central banks
audits of monetary policy deliberations
audits of transactions made under the direction of the Federal Open Market Committee
audits of communications between the Board, the reserve banks and staff

“There’s nothing left, it’s been gutted,” he said in a telephone interview with Bloomberg. “This is not a partisan issue. People all over the country want to know what the Fed is up to, and this legislation was supposed to help them do that.”


More:
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.
What's up with Watt?
I explained that here, when trying to get to the bottom of Watt's absurd and very aggressive questioning of Tom Woods during the hearing on the bill.

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