Thursday, November 19, 2009

House Financial Services Committee APPROVES Bill to Audit the Fed (Rejecting Watt's Fake Alternate) and Votes to Rein In Foreign Currency Swaps


Congressman Watt tried to de-rail the bill to audit the Federal Reserve (H.R. 1207) with a fake alternate bill. See this, this, this and this.

Fortunately, the House Financial Services Committee approved H.R. 1207 by 43-26, and rejected Watt's bill.

In addition, Congressmen Grayson and Paul's bill requiring written concurrence by the Treasury Secretary prior to the Federal Reserve engaging in a foreign currency swap passed the House Financial Services Committee by a voice vote today.

If you haven't already seen it, watch Congressman Grayson grill Bernanke about foreign swaps:

If you don't know what foreign currency swaps are, or why the Fed has been running amok with them, watch Congressman Grayson discuss the amendmnet:




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5 comments:

  1. NotZedNovember 20, 2009 at 5:41 AM

    So ... is that good?

    ReplyDelete
  2. AnonymousNovember 20, 2009 at 6:00 AM

    I have been looking for a broadcast of the hearing yesterday when the Paul-Grason and Watt ammendments were discussed

    Is there a location where that hearing is rebroadcast?

    ReplyDelete
  3. AnonymousNovember 21, 2009 at 1:08 AM

    Even someone on the Examiner picked this story up: http://www.examiner.com/examiner/x-23316-Madison-Independent-Examiner~y2009m11d21-Bill-to-audit-Federal-Reserve-passed-in-Committee

    Will it finally get mainstream media attention?

    ReplyDelete
  4. rick gNovember 21, 2009 at 3:02 AM

    Unfortunately all these so called lawmakers, such as Grayson, pick and chose the parts of the Constitution which they pull out and get indignant about. Grayson's support for a Health Care bill that has no basis in the Constitution is certainly equally egregious.

    Of course an additional comment is the negligence by Congress in originally creating the Federal Reserve. That certainly in itself was unconstitional.

    One rat calling another rat a rat. Another day at the office for Congress.

    ReplyDelete
  5. UK Financial AdvisorsDecember 26, 2009 at 9:25 PM

    Independent Financial Advisers or IFAs are professionals who suggest independent advice on financial matters to their customers and recommend appropriate financial plans of the whole market.

    ReplyDelete

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