Audit the Fed Blocked by Senate Procedural Move

Courtesy of Mish

In the House, Mr. Sunshine, Ron Paul Wins Support to Audit Fed Reserve.

The feisty congressman from Texas, whose insurgent “Ron Paul Revolution” presidential campaign rankled Republican leaders last year, now has the GOP House leadership on his side — backing a measure that generated paltry support when he first introduced it 26 years ago.

Paul, as of Tuesday, has won 245 co-sponsors to a bill that would require a full-fledged audit of the Federal Reserve by the end of 2010.

The bill would call for the comptroller general in the Government Accountability Office to audit the Fed and report those findings to Congress. The GAO’s ability to conduct such audits now is severely restricted.

A slew of top Republicans are backing the bill, as are many Democrats.

“Ron Paul has the right idea on this,” said Sen. Jim DeMint, R-S.C., who supports similar legislation in the Senate. “I’m just hoping we can get a clear audit. … We need to know what they’re up to.”

Unfortunately for Paul, the bill appears to be idling in the House Financial Services Committee, which is chaired by Barney Frank, D-Mass. The bill has been sitting there, gathering co-sponsors, since Paul introduced it in late February.

Calls to Frank’s office were not returned.

Paul acknowledged that his bill hasn’t advanced but said Frank has “promised” him he will deal with his bill and is willing to give it a hearing. Paul said it’s easily got the “momentum” to pass the full House.

A representative with the Federal Reserve could not be reached for comment. DeMint told FOX News last week that the measure would have a good chance of passing the Senate if supporters can push Paul’s to a vote, which he said would be successful, in the House.

“The whole process is unconstitutional. There is no legal authority to operate such a monetary system,” Paul said in February, in a statement calling for Washington to “end the Fed.”

Senator Jim DeMint (R-SC) is blocked by Senate Democrat Leadership from having a vote on his amendment to audit the Federal Reserve, based on a bill authored by Congressman Ron Paul (R-Texas) in the House, H.R. 1207, and Senator Bernie Sanders (D-Vermont) in the Senate, S. 604.

Speak Out – Audit the Fed, Then End It!

If you have not done so yet, please contact your legislative representatives and tell them you support a Fed audit. If you have already done so, then please do so again. Details how in Speak Out – Audit the Fed, Then End It!

Mike “Mish” Shedlock

Comment on this post below.