Representative Grayson (D-FL) Announces Committee Schedule for HR 1207, Bill to Audit the FEDERAL RESERVE
September 16, 2009 at 11:07 am
by: Allison Bricker
WASHINGTON D.C. – Representative Alan Grayson of Florida’s 8th Congressional District took to the House floor this morning to announce to his colleagues that H.R. 1207 would receive a hearing in the House Committee on Financial Services towards the end of September. Referring to the bill’s chief motivation, he said:
“This will be the first independent audit, in the FEDERAL RESERVE’s ninety-six year history, and it is long overdue.”
Representative Grayson (D-FL)
House of Representatives
September 16th, 2009
The tentative schedule published by the House Committee on Financial Services, of which Representative Grayson and Paul are members, indicates the hearing on H.R. 1207 The FEDERAL RESERVE Transparency Act of 2009 is to take place on Friday, September 25th, 2009 at 9:30 a.m. Eastern Standard Time.
| Video Courtesy: RepAlanGrayson |
Since being introduced by Representative Ron Paul of Texas earlier in the session, H.R. 1207 has steadily gathered bi-partisan support with all one-hundred and seventy nine Republican members and one-hundred and eleven Democrat members signing onto the bill as co-sponsors.
Unlike the majority of bills introduced within the halls of Congress, H.R. 1207 spans just over two pages and seeks to strike protection granted to the FEDERAL RESERVE under 31 USC 714. While 31 USC 714 does allow the Government Accountability Office (GAO) to audit FED activities related to check-processing, currency storage and shipments, etcetera, the code simultaneously places restrictions on audits related to the Federal Open Market Committee (FOMC), international transactions with other Central Banks, and all transactions with foreign governments.
H.R. 1207’s companion in the Senate is S. 604 introduced by Senator Bernie Sanders of Vermont. Thus far, S. 604 has twenty-five Senators signed on as co-sponsors to the bill.
Source(s): House Committee on Financial Services, Committee Schedule for September • Cornell University Law School, U.S. Code Collection “TITLE 31 > SUBTITLE I > CHAPTER 7 > SUBCHAPTER II > § 714″ • Representative Alan Grayson (D-FL) YouTube Channel
September 30th, 2009 at 6:00 pm
Thank you for standing up to the Republicans. I have been waiting for the Democrats to take the Republicans on. Until now Democrats looked weak. Do more of what you just did. Perhaps you email will encourage other Democrats to stand up.
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September 30th, 2009 at 6:44 pm
Good for you! I am a 48 year old whose first husband died of cancer at the age of 38, 11 years ago. My current husband has no health insurance – we can’t afford the premiums and he isn’t included in mine through my employer. We need help now! I’ve already lost my home, and I live in fear of the next disaster. Please keep up your hard work – it is very appreciated!
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