Senate Bill Watered Down by Neoconservatives

A Senate bill comparable to Ron Paul’s H.R. 1207, the bill to audit the Federal Reserve system, is in the process of being watered down by neoconservatives. Like H.R. 1207, this bill would provide transparency in to the dealings of the Federal Reserve and open them up to the public for the first time since the Fed was created in 1913.

Austin Petersen from the Libertarian Party revealed that the bill was under attack:

HR 1207, the bill to Audit the Fed, now has 179 co-sponsors…

A Senate audit bill that is unrelated to HR 1207 titled “HC-45” was introduced to audit the Fed and was promptly amended to limit the scope. It appears now that a so-called limited government Republican by the name of Richard Shelby did the watering down of the bill. Apparently he has written into the margins of the bill in pencil “with respect to a single and specific partnership or corporation.” That means that the scope of the GAO’s audit has been severely limited. This modified version of the amendment does not give GAO authority to look at all of the additional taxpayer risk. Why the secrecy congressmen? .

The Senate bill number is actually S.896, but Petersen is correct that it cancels out a big provision of auditing the Fed.

It is vital that this legislation go through Congress as written. It is time we start opening up the dealings of government agencies in an effort to expose abuse and negligence. Call these two Senators — Shelby and Charles Grassley — and demand that they remove this amendment from the bill and represent the taxpayers of this country. Call your own Senators as well!

Capitol Switchboard: (202) 224-3121

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