HR1207 another step closer to making financial transparency a reality
Thursday, Sept 10, 2009
Texas Congressman Ron Paul’s bill HR 1207, legislation that would see an audit of the Federal Reserve, is to be subject to an official hearing before the House Financial Services Committee later this month.
The announcement marks another significant step in the progression of The Federal Reserve Transparency Act. 
The news was announced last night by John Tate , President of Ron Paul’s Campaign For Liberty, with the following statement::
Thanks to the thousands of Campaign for Liberty members who have tirelessly dedicated themselves to spreading the word, gathering petitions, and putting continuous pressure on Congress by calling, writing, and faxing, Congressman Ron Paul informed C4L today that House Financial Services Committee Chairman Barney Frank has officially agreed to hold hearings on HR 1207! The hearings are tentatively scheduled for Friday, September 25 at 9:00 am.
HR1207 now has 285 co-sponsors in the House and 24 in the Senate, meaning that around 65% of the House of Representatives is already co-sponsoring the legislation.
“Less than a year ago, a thorough audit of the Federal Reserve wasn’t on anyone’s radar. Now, we have the support of seventy five percent of the American people, almost two thirds of the House of Representatives, nearly a quarter of the Senate, and an official hearing before the House Financial Services Committee!” Tate Commented, urging campaigners to continue to seek cosponsers for the bill.
(Article continues below)
Though the news that the bill will get a hearing is cause for celebration, more support is needed for the companion legislation in the Senate. Without support for S 604, the Federal Reserve Sunshine Act of 2009 , the Senate may be able to block HR 1207 and other legislation seeking to audit the Fed.
The Campaign For Liberty is planning a Mass Action Day on September 15 . State and local C4L groups will personally deliver over 100,000 petitions to Capitol Hill, urging more senators to cosponsor the bill.
The key Senators to pressure on S 604 are:
Kay Hutchison (R – TX) 202-224-5922 (on the Senate Banking Committee)
Robert Bennett (R – UT) (202) 224-5444 (on the Senate Banking Committee)
Other Senators on the Banking Committee can be found here:
Use this site to contact your reps:
List of all senators & contact information:
If passed, HR1207 will ensure that the Fed make public the destination of the trillions in taxpayer “loans” that have been simply handed over to private banks without oversight.
Bernanke will be seated before Congress and forced to answer these questions instead of worming his way out of them, citing “extraordinary circumstances” and the like, as we have seen him do over and over for the past eight months.
The bill, if it becomes law, will expose how the Fed has consistently engaged the inflation of the currency for the gain of a few elite international bankers, further exposing how this kind of criminal action has directly led to financial crises and recessions for decades.
An audit would set the stage for the end of fraudulent fractional reserve banking and a return of honest money and fiscal policies.