Washington, D.C. – Congressman Ron Paul’s Federal Reserve Transparency Act, HR 1207, has reached and surpassed the level of 218 cosponsors in the House of Representatives, which means it is now cosponsored by a majority of the members.
The 218th cosponsor was Dennis Kucinich (OH-10), and the bill has since received its 222nd cosponsor.
“The tremendous grass-roots and bipartisan support in Congress for HR 1207 is an indicator of how mainstream America is fed up with Fed secrecy,” said Congressman Paul. “I look forward to this issue receiving greater public exposure.”
Read their press release here.
Hearings on Federal Reserve transparency are expected within the next month, as part of the Financial Services Committee’s series of hearings on regulatory reform.
Thank you for all you do for the cause of liberty!
Catherine, thanks for everything you do-
I have heard several rumors about coming Dollar collapse for this summer. Strangely, one of these predictions came from Congressman Ron Paul. The way I see it, though, is that auditing the Fed will do more to destroy the Dollar than illustrate fraud or bring its perpetrators to justice. The real danger to the value in the Dollar, as I see it in the pursuit of HR 1207, is that when the markets learn how many U.S. Dollars there are in circulation (which is one thing an auditor would surely learn from an audit). Perhaps this could bring about the Dollar collapse that people have predicted, as well as this new currency that we have waited on for the last decade.
In related news, financial advisors employed by UBS are now instructed to recommend that their clients now keep 25% of their portfolios in gold.
It seems very doubtful that this resolution is likely to succeed in any way, shape, or form unless it works for the elite. With that being said, if this bill makes it past the HOR, then think about preserving your purchasing power…
Passenger Pidgin
@Bert and Catherine: Though I have the highest admiration for Dr.Ron Paul…In this regard, I have to take a step back and realize he doesn’t control the process and most likely any amendments in the Senate will water the core princibles down to such a degree to potentially make this valiant effort practically meaningless. The FED chairmen ( and the member banks ) have been so arrogant for so long that they will resist any attempt to enter their inner sanctum..regardless of that, on other blogs it is discussed that even if successful the auditors may not go along and be honest and truthful. After all look at all the statistics that have become adjusted over time to be almost meaningless to formulate a proper financial investment opinion ( see Peter Schiff’s blog on 321gold.com ). The M3 data has virtually been unavailable for some time now. The vaults at Fort Knox haven’t been audited since 1954…The elements of the global cabal incorporating the Swiss numbered accounts, the offshore island and principality kingdom banking tax havens, the clearinghouses and the BIS, are all culprits in this swindle…without all those elements contrbuting transparency..IMHO nothing will come to light whether it’s a workable Bill or one that has been watered down…Again IMHO too much K Street money to go around…sorry about the cynicism…but…really Catherine think about it??? Richard(theoldwiseman)
Bert:
You make an excellent point. I do think it is possible for many congress members to support this. Remember, they are not proposing a structural change. Just transparency. Easy to be for when so many of your constituents are so angry.
Catherine
Not only is the Fed having to buy their own debt, now there’s this: http://www.bloomberg.com/apps/news?pid=20601101&sid=ayy1QKcwcGN0
There is no way in the World that 222 congress members are supporting this proposed legislation if they weren’t authorized to do so. What’s the end goal? Seems too convenient, as the cabal wants to end the FED so they can replace it with it’s international equivalent.
They will never ever allow Sound Money in this country without a real fight, just refer to Norman Dodd’s work under the Reece Committee to unveil that fact.
Catherine, what am I missing?