Irony: House Passes Bill To Audit The FED And Ron Paul Votes 'No'
Video: Congressman Ron Paul -- Aired December 14, 2009
Talk about sticking to your principles. Congressman Ron Paul fights for 30 years to gain momentum in his fight against the Federal Reserve. HR 1207 has 317 co-sponsors in the House (S 604 has 31 in the Senate), and it was INCLUDED in Friday's House vote on (mostly useless) financial reform that passed along party lines, with every single Republican voting 'nay', including HR 1207's lead sponsor, Dr. Paul.
His 'no' vote was not unexpected as he explained HERE to the Washington Post >>
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WASHINGTON -- The House of Representatives, in a display of anti-Wall Street sentiment, passed sweeping legislation Friday that rewrites the rules governing financial markets, aiming to restrict the operations of big banks and the powers of the Federal Reserve.
Under the House version, large financial companies including Goldman Sachs Group Inc. and J.P. Morgan Chase & Co. would be hit with billions of dollars in fees and would see new restrictions on their operations.
The bill would strip nearly all of the Federal Reserve's powers to write consumer-protection laws and would allow -- for the first time -- an arm of Congress to audit the Fed's monetary policy decisions, supposedly a politics-free zone. The Fed has fiercely resisted the idea.
For consumers and individual investors, the bill gives shareholders an advisory vote on executive compensation and creates a new Consumer Financial Protection Agency.
The new federal agency would write rules and examine banks for compliance with consumer protection policies on mortgages, credit cards and other products.
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Final Vote: Roll Call list of 'how they voted' >>
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Reader Comments (12)
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