Friday, August 28, 2009

Frank House likely to pass Audit Fed bill in October!

Misinformation Alert: Barney Frank Never Said That HR 1207 Will Pass In October I apologize to my readers I trusted the Washington Times source below. Please Read This from R. Ron Paul! Like I said in my original post below it is hard to understand Frank he always talks like his mouth is full of something.

Missing Sentence in Transcript Causes Premature HR 1207 Victory Celebration

Several blogs and forums reported during the past 24 hours that Chairman of the House Financial Services Committee, Barney Frank, said that Ron Paul’s bill to audit theFederal Reserve, HR 1207, will pass in October.

Incorrect Reports about Barney Frank’s Statement on HR 1207

Barney Frank says they will Audit The Federal Reserve the House will "likely" pass the bill in October. With the Bailed out banks threatening a
Systemic Collapse and others predicting a Market Collapse things could be very ugly. I think we should END THE FED! (video)

Here is the Transcript from the
Washington Times (Thanks Barney is very hard to understand it always sounds like he has mouth full of something when he is speaking) I will believe it when I see it Barney is after all somewhat of a Banking Queen. Odd crash predicted for October same month Barney claims they will pass an audit the fed bill! Keep in mind we are US in the U.S. Government.

House Financial Services Chairman Rep. Barney Frank, Massachusetts Democrat, said he expects former GOP presidential candidate Ron Paul's legislation to audit the Fed to pass out of his committee in October as part of a larger regulatory package.

Rep. Paul's, Texas Republican, bill if added to Mr. Frank's other proposed reforms could give a boost to a financial regulation package the Obama Administration wanted to pass last spring. The Fed bill has 282 co-sponsors, including every Republican member of the House and a considerable number of Democrats. The Senate's lead sponsor of the bill is Sen. Bernard Sanders, a Vermont independent and self-described socialist.

Today, the Government Accountability Office has no power to audit the Federal Reserve. Mr. Paul's bill would empower the government watchdog to do so and make their findings available to the public.

Mr. Frank was asked at a town hall meeting when he would put the bill up for a vote in committee and after giving a lengthy explanation of current problems with the Federal Reserve Mr. Frank said he was working with Mr. Paul and that, "This will probably pass in October."

Below is a complete transcript of Mr. Frank's remarks concerning the bill:

"I have been pushing for more openness from the Fed. I want to restrict the powers of the Federal Reserve. First of all, the Fed will be the major losers of power if we are successful, as I believe we will be, setting up a financial product protection commission. The Federal Reserve is now charged with protecting consumers. They were supposed to do subprime mortgage restrictions. Congress in 1994 gave the Fed powers to ban subprime mortgages.

Alan Greenspan refused to do it. They had the power to ban credit card abuses. Under Greenspan they did nothing. Under Bernanke they started but only after Congress acted.That's one of the reasons why in the new consumer protection agency, we will take away from the Federal reserve the power to go consumer protection. Secondly, they have has since 1932 a right under Herbert Hoover to intervene in the economy whenever they could. Last September, the Federal Reserve they were going to advance $82 billion to AIG. I was kind of surprised and said, 'Mr Bernanke do you have $82 billion?' Mr. Bernanke replied, 'I have $800 billion and under section 13.3 of the Federal Reserve Act they can lend anything they want.' We are going to curtail that lending power. We are going to put some restrictions on it.

Finally we will subject them to a complete audit. I have been working with Ron Paul, who is the main sponsor of that bill. He agrees that we don't want to have the audit appear as if influences monetary policy as that would be inflationary. One of the things the audit will show you is what the Federal Reserve buys itself. And that will be made public, but not instantly because if it was made instantly people would be trading off it, so the data would be released after a time period of several months, enough time so it will not be market sensitive. This will probably pass in October."

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