Fortunately, the House Financial Services Committee approved H.R. 1207 by 43-26, and rejected Watt’s bill.
In addition, Congressmen Grayson and Paul’s bill requiring written concurrence by the Treasury Secretary prior to the Federal Reserve engaging in a foreign currency swap passed the House Financial Services Committee by a voice vote today.
If you haven’t already seen it, watch Congressman Grayson grill Bernanke about foreign swaps:
If you don’t know what foreign currency swaps are, or why the Fed has been running amok with them, watch Congressman Grayson discuss the amendmnet: