Congressman Watt Guts Bill to Audit the Fed


Ron Paul tells Bloomberg that Congressman Watt has just more or less killed the bill to audit the fed:

Representative Ron Paul, the Texas Republican who has called for an end to the Federal Reserve, said legislation he introduced to audit monetary policy has been “gutted” while moving toward a possible vote in the Democratic-controlled House.

The bill, with 308 co-sponsors, has been stripped of provisions that would remove Fed exemptions from audits of transactions with foreign central banks, monetary policy deliberations, transactions made under the direction of the Federal Open Market Committee and communications between the Board, the reserve banks and staff, Paul said today.

“There’s nothing left, it’s been gutted,” he said in a telephone interview. “This is not a partisan issue. People all over the country want to know what the Fed is up to, and this legislation was supposed to help them do that.”..

Paul, a member of the House Financial Services Committee, said Mel Watt, a Democrat from North Carolina, has eliminated “just about everything” while preparing the legislation for formal consideration. Watt is chairman of the panel’s domestic monetary policy and technology subcommittee.

Update: Ron Paul give perspective on Watt’s action, pointing out that – while we’ve lost a battle – we haven’t yet lost the war:

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  • Jim

    I would recommend that people from North Carolina's 12th District call or write (e-mail) etc. to Democratic Congressman Melvin L. Watt and read this guy the riot act.Who the hell is he to gut the Audit the Fed bill?Between people like him and "Independent" Senator Joe Lieberman (on the health care issue), what kind of representation do the PEOPLE of this country have anyway?How pitiful!

  • Karl

    He's my district's Representative, so you can bet I'll be making some noise, and pushing my friends and family to do the same.You do better than most blogs out there with your use of sources and quoting people who actually matter but would never otherwise be heard. Please keep up the good work!

  • Anonymous

    Bank of America's headquarters are in his district. According to opensecrets, his top 5 contributors for his 08 campaign were Bank of America, Wachovia, American Express, and the American Bankers Association.Nice, Mel. Way to deliver the bacon. Crook.

  • Anonymous

    How can ONE, hypocritical, taxpayer-hating, corrupted, without any soul individual, ruin an outstanding Bill to Audit the Fed that so many worked on and gave ordinary middle-class Americans hope that there might be a reason to spend money again? I certainly will not spend any unnecessary money until the government can be trusted! When is the Revolution going to start and we can bring out the Guillotines and line up all of the criminal politicians and their crony banker friend fiends and chop off all of their heads. I can't wait!!!

  • Karl

    Turns out he's NOT my Representative, although he would be if I lived literally down the street. My guy, Rep. Brad Miller, already is a cosigner for the bill. And because I'm not a constiuent of his, I can't use his website's form to email him.I recommend if you want to reach him, you do it via snail mail.

  • Anonymous

    Watt is a dirty rotten bast@rd!

  • Anonymous

    Oops, that's only four. I forgot KPMG International. What could be more fitting?

  • InspectorDan

    Thanks you Mr. Paul,I often disagree with your positions but I admire your integrity. I think that men and women like you could provide the American citizen with an option apart from the Democrats and Republicans. I think it may be time for a third party. If it was built on a platform of campaign finance reform I think I could support it.