This is good news but there is a long way to go. Especially heartening is this
The New American
A 43-26 committee vote rejected a substitute proposal offered by North Carolina Democrat Mel Watt. Its provisions would have sanctioned
retention of the long-standing ban against congressional scrutiny of the Fed’s monetary policies.Please visit the link provided for the complete story.
The problem is in the senate! where the bill will likely die. Unfortunately.
Not only is it being re-written and amended we have to somehow overcome things like this
The New American
Former Fed research specialist Michael Feroli, now an economist with JPMorgan Chase, urged the Fed to “do whatever it takes to stop this
from going forward and eroding confidence in the Fed’s independence."Please visit the link provided for the complete story.
Nov. 20 (Bloomberg) -- A U.S. senator said he would seek to block any legislation containing a measure to remove the Federal Reserve’s shield
from congressional audits of the central bank’s interest-rate decisions.
The House Financial Services Committee yesterday advanced a proposal requiring audits of the Fed that was introduced by Representative Ron Paul, a
Republican from Texas. Senator Judd Gregg, a New Hampshire Republican and Banking Committee member, said in an interview today that the measure
“would do fundamental damage to the strength of our financial structure as a nation.”
“I would not vote for any bill and I would filibuster any bill that had this language in it,” Gregg said, referring to the legislative delaying
tactic that requires 60 Senate votes to break. Please visit the link provided for the complete story.
A hard uphill battle lies ahead for sure.
At this point the most important and most helpful thing we can do is GET INVOLVED!!
has a list of all House and senate
co-sponsors as well as contact info for them.
I feel one problem we face is time, people may be loosing steam to keep fighting, the politicians know it and continue to drag it on as long as
possible. We The People have to endure and stay on task to get this done, and done without amending the bill into a bill acceptable to the FED, which
of course would be such a watered down and restricted version that it will be unable to accomplish the task for which it was introduced.
Unfortunately I also have to agree with my old friend ProtoplasmicTraveler that Obama himself will almost certainly be the final obstacle.
On a positive note. Just the fact that this legislation has not only been introduced but has gotten further than any similar legislation before it is
good news. It has exposed the FED. Perhaps not the disclosure of the needed audit but it certainly has brought attention to the secrecy of the FED and
raised questions as to just what the FED and it's real purpose is to millions of people who would not otherwise have paid any attention.
Here's to fighting the good fight
[edit on 11/20/2009 by AlienChaser]