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What would Ron Paul's bill do?
The Federal Reserve Transparency Act of 2009, H.R. 1207, simply directs the comptroller general (who heads the GAO) to complete an audit of the Fed system—the Board and regional banks—before the end of 2010 and report his findings to Congress.
Mr. Paul, in an interview, said he expects the audit to detail who the Fed lends to, how much it lends and what agreements it has with foreign central banks and financing organizations. His bill would not repeal the 1978 exclusions entirely; it only calls for a one-time audit, though it would set a precedent. Mr. Paul said he wants the Fed to be audited at least annually.
Anyone think this bill will become law?
If it does, will it make any difference?
What would Ron Paul's bill do?
The Federal Reserve Transparency Act of 2009, H.R. 1207, simply directs the comptroller general (who heads the GAO) to complete an audit of the Fed system—the Board and regional banks—before the end of 2010 and report his findings to Congress.
Mr. Paul, in an interview, said he expects the audit to detail who the Fed lends to, how much it lends and what agreements it has with foreign central banks and financing organizations. His bill would not repeal the 1978 exclusions entirely; it only calls for a one-time audit, though it would set a precedent. Mr. Paul said he wants the Fed to be audited at least annually.
Anyone think this bill will become law?
If it does, will it make any difference?
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