Washington’s Blog 
Monday, Sept 28th, 2009
The House Committee on Financial Services has just posted the video of Barney Frank’s opening statement on the bill to audit the fed (HR 1207).
Frank provided some very interesting history in his opening statement.
Specifically, Frank says that Ron Paul originally introduced the bill for the first time in 1983. But for 12 years after that, the Republicans used their control of the Finance Committee to insure that there was “no time” to give Paul’s bill a hearing.
In 2003, when Paul was in line to become chair of the domestic monetary subcommittee, that subcommittee – coincidentally enough – immediately disappeared, and was merged into another subcommittee in order to shield the Federal Reserve from the imminent oversight which a monetary subcommittee under Paul would presumably create.
Frank makes clear that it is not one party or the other responsible for suppressing Paul’s audit-the-fed bill for 25 plus years. As Frank put it, there was “bipartisan ignoring of the issue”.
Watch  the video.