Posted on 08/28/2009 10:23:34 AM PDT by rabscuttle385
House Financial Services Chairman Rep. Barney Frank, Massachusetts Democrat, said he expects former GOP presidential candidate Ron Paul's legislation to audit the Fed to pass out of his committee in October as part of a larger regulatory package.
(Excerpt) Read more at washtimes.com ...
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Bills always pass out of committees. The more important votes are the floor votes, which I think this bill will fail.
But who would do the auditing?
Is there anybody in government trustworthy enough?
We should end the FED rather then auditing it.
http://www.economicpolicyjournal.com/2009/08/on-ron-pauls-ahem-audit-fed-supporters.html
They will investigate themselves and once again find nothing out of the ordinary or unlawful. Transparency and all that.
It stands a good shot of passing the House, but I think it is DoA in the Senate.
It may pass for one reason: congressmen (and senators) have egos the size of Texas. The idea that they aren’t allowed to oversee the Fed probably grates on their nerves.
The real question will be whether Obama vetos the bill.
ACORN
I read the title and assumed it was the Onion.
Good for Ron Paul, after a couple decades in the House he may finally manage to get a bill passed.
Ping
I wish we had more representative who spent the last 20 years not passing new laws.
“...Barney Frank...said he expects former GOP presidential candidate Ron Paul’s legislation to audit the Fed to pass out of his committee in October as part of a larger regulatory package.”
This troubles me. I certainly don’t want Congress passing more unnecessary regulation especially attached to something that may do good.
That’s a good question. I for one don’t want Congress directing monetary policy, but then again, I don’t really want anyone directing monetary policy.
“We should end the FED rather then auditing it.”
And replace it with what?
Exactly. A free market has worked for our economy - which is precisely why the Democrats have worked so hard to screw it up.
Great idea!
Got any suggestions as to how we can ocomplish it?
i believe that the text of the bill calls for the GAO to do the auditing.
Can't think of anyone else with sufficient resources to do that big of a job.
The key is that Frank is going to attach it to another bill. There will be enough undesirable elements to the larger bill to get it and Paul's attached bill voted down.
It's an old tactic for getting rid of popular ideas that will open a great big can of worms.
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