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Ron Paul - HR 1207 Gutted

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With most Americans outraged over the behavior of the Federal Reserve and the part it has played in the bailouts of huge institutions in the financial and automotive industries, Ron Paul introduced H.R. 1207, which would have required a full audit of the Federal Reserve and its activities, which crosses international lines.
According to Rep. Ron Paul, R-Texas, the House Financial Service Committee’s panel on domestic monetary policy, Rep. Mel Watt, D-N.C., essentially stripped the bill of just about everything that would have required transparency, and pretty much is now worthless as to its original purpose of letting the American people and Congress see what their secretive dealings have entailed.

After Watt got hold of the bill, it no longer includes the communications reports between the reserve banks and its various workers, and also the Board. What was especially wanted to be seen was what types of deals were made with foreign central banks and how recent bailout money was spent and what banks received it and how much. Paul asserts those loopholes, which had been closed in the original language of the bill, are now reopened.

Citing a telephone interview with Paul, Bloomberg reported Paul said about the revised bill: “There’s nothing left; it’s been gutted. This is not a partisan issue. People all over the country want to know what the Fed is up to, and this legislation was supposed to help them do that.

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