On February 26, 2009, Representative Ron Paul (R-TX) introduced H.R. 1207, The Federal Reserve Transparency Act, into legislation. Currently the bill has been referred to the Financial Services Committee whose chairman is Representative Barney Frank (D-Mass.). This particular committee is comparable to a mini-congress to see if the bill should reach the House floor for a vote.
 
A groundswell of support has both Republicans and Democrats cosponsoring this bill. As of this posting there are 137 republican cosponsors, and 25 democrat cosponsors. Many organizations including Campaign for Liberty, Freedom Works, Center for Fiscal Accountability, of course The John Birch Society, and even Democrats.com have been rallying grassroots support for this bill.
   
House Resolution 1207 states the following:

To amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported, and for other purposes.

This, in layman's terms, enables the veil over the Federal Reserve to be lifted so that the public can see how their money is being utilized. One would assume that a bill such as this would have gained support on an unprecedented scale. The Obama Administration has been all about transparency in its verbiage since taking office. However, President Obama has not encouraged Democratic lawmakers to stand behind a bill that would allow for that much needed transparency.
 
Ron Paul explains this circumstance in an interview held on April 22 with Judge Andrew Napolitano on Freedom Watch: “Once we get the audit bill passed and we can reveal what they are doing, I think the next step is to end the Fed. That’s why they don’t want that.”

Many supporters of the bill believe an audit will lead to a public outcry against he Federal Reserve and call for its immediate closure. Ron Paul believes that is why more law makers have not jumped on board this bill, because it would do just that, end he Federal Reserve.

Recent additions to the cosponsor list include both Representatives Leonard Lance (R-NJ), former Sate Senator and first term congressman from New Jersey's 7th district and 10-year veteran of the House Jay Inslee (D-WA) from Washington's 1st district.

There is a Senate version of the bill, S. 604, introduced by Bernard Sanders (I-Vt.) which has received no cosponsors as of yet, and currently sits in the Committee on Banking, Housing, and Urban Affairs.

For a full list of cosponsors and to see if your representative has decided to stand for transparency visit this website.

Ian D. Erickson is a political activist from New Jersey where he resides with his wife and two sons. He is author of the book Broken Volume 1, and is currently studying organizational leadership at Somerset Christian College.

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PoetsPain said:

... Now at 165 cosponsors Welcome aboard: Rep. Solomon Ortiz (D-TX) 27th district Rep. Ed Whitfield (R-KY) 1st District Rep. Paul Ryan (R-WI) 1st District Great job to all who called their congressman. If yours is still not on the list email them, and call all their offices today and urge them to support this bill. It will take 2 minutes! This is the website to find out your congressman and their contact information http://www.house.gov/ Great job and keep it up! Ian

report abuse vote down vote up

May 15, 2009 | url
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holidayzbeauty said:

	... WOW, I guess we really can make a difference.
	report abuse vote down vote up

May 19, 2009
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