Bailout Barney Frank Sees 'No Change' To Fed Audit Legislation

This is good news though Ron Paul said recently he expects a 12-24 month battle for passage of HR 1207.

From Reuters

WASHINGTON, Dec 2 (Reuters) - U.S. Representative Barney Frank told reporters on Wednesday he does not expect changes during House floor debate, possibly next week, to a proposal that would subject Federal Reserve monetary policy for the first time to audits by a congressional watchdog.

"At this point, my guess is that it will not be changed," Frank said after closing a meeting of the House Financial Services Committee where the panel voted to approve a sweeping systemic risk bill that included the Fed audit provision.

"Absent some change in the way the public is reacting, I don't see any changes," said Frank, the committee's chairman.

Frank had earlier said the controversial provision, added to the bill last month as an amendment from Republican Representative Ron Paul, might be altered on the floor.

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And from The Hill

Rep. Barney Frank (D-Mass.) on Wednesday indicated he doesn’t expect changes on the House floor to a measure that would increase scrutiny of the Federal Reserve.

Frank, the chairman of the Financial Services Committee, opposes the measure sponsored by Rep. Ron Paul (R-Texas), but told reporters that he does not see language being changed on the House floor.

“Absent some change in the way the public is reacting, I don’t see any changes,” Frank said.
Paul’s bill, co-sponsored by Rep. Alan Grayson (D-Fla.), would add new audits of the Federal Reserve, which has come under increased criticism and scrutiny from lawmakers since the financial crisis.

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