House Financial Services Committee HR1207 Audit the FED Hearing

Hearing Begins at 8:00 a.m. Central Time

RAYBURN HOUSE OFFICE BUILDING, DISTRICT of COLUMBIA – The House Financial Services Committee, Chairman Barney Frank presiding is hearing testimony regarding Representative Ron Paul of Texas’ bill, House Resolution 1207, “The FEDERAL RESERVE Transparency Act of 2009″

H.R. 1207 seeks to remove a key prohibition preventing the Government Accountability Office (GAO) from conducting a full comprehensive audit regarding the FEDERAL RESERVE’s international transactions with other central banks and foreign governments.

The FEDERAL RESERVE is a private central bank created in 1913 to oversee and manage the nation’s monetary policy. The American Republic has witnessed two previous central banking institutions in its history, both of which were abolished after wrecking havoc on the economy due to the inherent flaws of central economic planning.

H.R. 1207 currently enjoys a majority in the House of Representatives via co-sponsorship by 293 other House members. The companion bill in the Senate is S. 604