H.R.1207, Federal Reserve Transparency Act Gains Tractions

Ron Paul's (R-TX) viral bill, introduced before the House as H.R.1207 in February 2009, today enjoys front page mention in this WSJ article. Having gained the support of a full two thirds (2/3) of the US House of Representatives, it is no longer feasible for major news outlets to ignore Rep.Paul's crusade to bring transparency (albeit limited) to what is perhaps the most powerful organization in the world. We expect Rep.Paul to be criticized further as this situation progresses; even the WSJ chose to reference his role in the movie "Bruno" as if it proved some point about the Texas Republican.

We're torn, in a way similar to many, between the prospect of a Fed allowed to proceed in secrecy, and a vote-yearning political class; eager to assert it's oversight power by "slaying" the Fed with hearings, investigations, studies, committees, and any other process-formalities favored by Congress. At present though, Rep. Paul's bill appears benign and measured enough - it orders that the Fed be audited, not placed under direct Congressional supervision - that support for it would seem the wise option.

Rep. Paul's official website can be found at www.CampaignForLiberty.com

You can sign the petition to Congress in support of HR1207 by clicking here

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