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« Ron Paul Slams The Watt Amendment: "The American People Are Sick And Tired Of Secret Government" | Main | Daily Bail Exclusive With David Walker: "Young People Wake Up, Ignorance And Apathy Make For A Toxic Mix" »
Friday
Nov202009

HR 1207 Audit The Fed Update: Transparency Wins Another Round

Though a substantial victory, it's still just another step in a battle that will not end until Banks Obama signs the legislation, which he likely will not do unless its cleverly attached to another bill whose passage he deems crucial.

A quick explainer: the Watt amendment was defeated; Paul and Grayson attached the language of HR 1207 to the comprehensive bill on financial regulation and it was approved 43-26.

From the WSJ

WASHINGTON -- A key House panel on Thursday approved an amendment offered by Rep. Ron Paul (R., Texas) to give federal watchdogs massive new authority to audit the Federal Reserve.

The approval came as the House Financial Services Committee concluded weeks of debate on a sweeping financial-overhaul bill to create a new council of regulators to wind down large institutions that pose a risk to the economy. A final committee vote on the bill will be postponed until after Thanksgiving.

Mr. Paul's amendment removes restrictions on the Government Accountability Office's auditing authority, giving auditors access to every item on the Fed's balance sheet. He for more than 20 years has championed significantly neutering the Fed.

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From a second WSJ article

The vote was the latest blow to the central bank, which has been become a lightning rod for politicians responding to popular anger that Wall Street was bailed out while the public wasn't. The Fed faces a stinging backlash from legislators from both parties who argue that has too much power and too little oversight. On Thursday, the Senate Banking Committee began debating legislation that would largely remove the Fed from bank supervision over the objections of the Fed and the Obama administration.

The Fed audit provision was added to pending legislation on financial regulation that the committee's chairman, Barney Frank, a Massachusetts Democrat, had planned to put to a vote Thursday. But he abruptly announced late in the afternoon that the bill wouldn't move ahead until after Thanksgiving. The reason: Ten members of the Congressional Black Caucus on the committee said they would oppose the bill to protest a lack of action to address the economic pain borne by their constituents. Although the economy appears to be growing again, lawmakers face increasing pressure in their districts to do more to boost growth and address an unemployment rate now at 10.2% and expected to rise.

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No squabbles with victory in these quarters.  We'll take the win and prepare for the next bit of Melvin Wattian subterfuge they throw our way.  Momentum favors truth and transparency.

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Wonder why B-52 seems so sad.

 

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Reader Comments (10)

Nov 20, 2009 at 9:47 AM | Registered CommenterDailyBail
http://www.thrfeed.com/2009/11/sarah-palin-oprah-ratings-.html
Sarah Palin on Oprah...ratings bonanza...

Don't be fooled Republicans...Palin is not the candidate you want...

Nov 20, 2009 at 9:48 AM | Registered CommenterDailyBail
Nov 20, 2009 at 9:50 AM | Registered CommenterDailyBail
http://online.wsj.com/public/resources/documents/20091119Volcker-GreenspanLetter.pdf
Greenspan-Volcker letter to House committee AGAINST HR 1207
Nov 20, 2009 at 9:51 AM | Registered CommenterDailyBail
http://online.wsj.com/article/SB125868323743356765.html
Black Caucus Stalls Finance Overhaul

In one of the clearest examples of how the weak economy is overtaking Obama administration priorities, the Congressional Black Caucus forced the House to shelve its revamp of financial-sector regulation for two weeks.

According to House Financial Services Committee Chairman Barney Frank (D., Mass.), members of the caucus revolted on the grounds that their constituencies weren't allowed sufficient participation in Treasury and Federal Deposit Insurance Corp. programs, such as the Troubled Asset Relief Program or FDIC oversight of failed bank assets.
Nov 20, 2009 at 9:56 AM | Registered CommenterDailyBail
Nov 20, 2009 at 9:57 AM | Registered CommenterDailyBail
NFN, but Lou Dobbs told Matt Lauer the other day that, No, he wouldn't vote for Sarah Palin -- based on what he's seen and heard. (By which I'm sure he meant, Are you fucking kidding me, Matt?! Why, she's a bailout socialist and a national embarrassment! I'd sooner vote for Vicente Fox.) Good call, Lou.
Nov 20, 2009 at 10:45 AM | Unregistered CommenterJames H
Not only that, but Dobbs -- like any good conservative -- wants to bring the troops home. Now. Anti-bailout and anti-war -- if he runs (for anything) he wins. It won't even be close.

http://www.loudobbs.com/petitions/viewpetition;jsessionid=541558B663C65A94978656CF8498E940?petitionID=-707412079780467944
Nov 20, 2009 at 11:05 AM | Unregistered CommenterJames H
Absolutely agree...Schiff, Dobbs, And Rand Paul as newcomers to the Senate in 2010....and i bet they will all win...
Nov 20, 2009 at 11:28 AM | Registered CommenterDailyBail
This is AWESOME! Best thing I've heard all week!
Nov 20, 2009 at 4:01 PM | Unregistered CommenterSonic Ninja Kitty

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