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.
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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