Wednesday, July 25, 2012

Audit the Fed musters vote in House but appears dead in the Senate

The long standing legacy of Congressman Ron Paul has reached its climax just months before his inteded retirement from the House.  On July 25, Congress voted 327-98 to demand an audit of the U.S. central bank and private Federal Reserve.

However, Senate leaders, many of whom are bought and paid for by the banking industry, immediately condemned the vote, and do not even plan on allowing a floor vote.



Never mind that the Fed audit is dead in the Senate — Majority Leader Harry Reid’s office has said he won’t bring it up.
And Hoyer said no matter how many Democrats are co-sponsors, he still thinks the bill is bad policy — and he’s urging Democrats not to support it.
“Whatever the motivation is, and however broad the sponsorship is, my own view is that it’s bad policy,” Hoyer told reporters on Wednesday. “It will undermine the independence of the Federal Reserve and will, therefore, undermine the competence in the Federal Reserve, which plays a significant role in stabilizing the economy and addressing the creation of jobs.” - Zerohedge

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