House Financial Services Committee APPROVES Bill to Audit the Fed (Rejecting Watt’s Fake Alternate) and Votes to Rein In Foreign Currency Swaps

Congressman Watt tried to de-rail the bill to audit the Federal Reserve (H.R. 1207) with a fake alternate bill. See this, this, this and this.

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:

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  • So … is that good?

  • I have been looking for a broadcast of the hearing yesterday when the Paul-Grason and Watt ammendments were discussed Is there a location where that hearing is rebroadcast?

  • Even someone on the Examiner picked this story up: it finally get mainstream media attention?

  • Unfortunately all these so called lawmakers, such as Grayson, pick and chose the parts of the Constitution which they pull out and get indignant about. Grayson's support for a Health Care bill that has no basis in the Constitution is certainly equally egregious. Of course an additional comment is the negligence by Congress in originally creating the Federal Reserve. That certainly in itself was unconstitional. One rat calling another rat a rat. Another day at the office for Congress.

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