House Financial Services Committee APPROVES Bill to Audit the Fed (Rejecting Watt’s Fake Alternate) and Votes to Rein In Foreign Currency Swaps

Washington’s Blog
Friday, Nov 20th, 2009

Congressman Watt tried to de-rail the bill to audit the Federal Reserve (H.R. 1207) with a fake alternate bill. See this, this, this and this.

Fortunately, the House Financial Services Committee approved H.R. 1207 by 43-26, and rejected Watt’s bill.

In addition, Congressmen Grayson and Paul’s bill requiring written concurrence by the Treasury Secretary prior to the Federal Reserve engaging in a foreign currency swap passed the House Financial Services Committee by a voice vote today.

If you haven’t already seen it, watch Congressman Grayson grill Bernanke about foreign swaps:

If you don’t know what foreign currency swaps are, or why the Fed has been running amok with them, watch Congressman Grayson discuss the amendment:

Thanks,  this is good news.

Does it still have to go thru the Senate before we can count on it ?

barbara, there are already 19 audit on the fed   you think we need more?

I guess I have been mislead by not doing the research and just going by the articles posted on this issue. 

I did not know there were already 19 audits.  

 I was under the impression from reading articles on this subject posted in the past that the Fed did not have to answer to anyone.

Just more government intrusion.  Always trying to pump up the size of the federal government and the power they have.

Who introduced this nonsense bill?

KB it was Ron Paul I believe. 

Barbara,

 The Federal Reserve has NEVER been audited by congress. It may get internal audits, but no one outside of the Fed ever sees the results.  The Fed is a privately owned bank that congress illegallly gave the power to regulate our money and interest rates.

Barbara Jones:

I guess I have been mislead by not doing the research and just going by the articles posted on this issue. 

I did not know there were already 19 audits.  

 I was under the impression from reading articles on this subject posted in the past that the Fed did not have to answer to anyone.