Monday, August 31, 2009

Paul: Yes, A Vote Is Coming

There have been some reports over the weekend that indications Barney Frank will allow a vote on Ron Paul's "Audit the Fed" Bill were inaccurate. Now comes word from Paul himself that Frank appears ready to allow such a vote. Here's Paul's view via WSJ:

Rep. Ron Paul said he has a commitment from the chairman of the House Financial Services Committee, Barney Frank, to advance the Texas Republican's legislation opening the Federal Reserve to broader federal audits.

In an interview Friday, Mr. Paul said Mr. Frank agreed to allow a vote on the bill and to work on language that would allow the Government Accountability Office, the investigative arm of Congress, to audit the Fed's monetary-policy operations. While details are unresolved, the discussions increase the likelihood that some version of Mr. Paul's bill will pass the House.
"Barney told me, 'It's going to come. You're going to get what you want,' " Mr. Paul said. "We're going to have some hearings and we'll get a vote."

A spokesman for Mr. Frank said the Massachusetts Democrat shares the goal of increasing transparency at the Fed. But he hasn't inked specific language and "wants to be sure that some parts of the Fed are adequately protected," the spokesman said...In the interview, Mr. Paul -- whose book, "End the Fed," will be published next month -- said he doesn't want the audits to interfere with monetary policy.

But he said he wants to know more about the Fed's dealings with foreign central banks, foreign governments and individual firms. "I want to know who they're loaning the money to," he said.

(Thanks to Lori for her link to those questioning the early reports)

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