2009-11-18 21:42:03 -

Tomorrow, the House Financial Services Committee will hold a markup of the Financial Stability Improvement Act of 2009. During the proceeding parallel amendments will be introduced, one by Congressman Ron Paul (R-TX), the other by Congressman Mel Watt (D-NC).

Rep. Paul's amendment will insert language similar to that in his bill, H.R. 1207, which is co-sponsored by 309 members of the House of Representatives. The bill would allow for a full Government Accountability Office (GAO) audit of the Federal Reserve including emergency lending facilities, past decisions on setting interest rates and agreements with foreign central banks.

Rep. Watt claims that his amendment is intended as an alternative to the Paul measure, but seeks the same purpose, though does not go to the same

lengths to achieve the goal. Watt’s amendment would limit the audit to only a narrow examination of TARP funds and lending powers, and would actually allow the Fed to increase the secrecy under which they operate when it comes to setting monetary policy.

“Watt’s measure is essentially a move to block the audit legislation from being passed and ultimately makes the Fed less transparent,” said John Tate : , President of Campaign for Liberty. “It creates even greater barriers to transparency and further shields the Federal Reserve from necessary scrutiny.”


Campaign for Liberty has made Audit the Fed legislation its top legislative priority and is working with a diverse coalition from across the ideological spectrum to educate Congress about the Paul and Watt amendments.

To view Campaign for Liberty's letter to members of the House Financial Services Committee, click here : .

For more information, visit: www.CampaignForLiberty.com :

Campaign for LibertyGary Howard, (703) 865-7162 x109 Gary.Howard@CampaignForLiberty.com : mailto:Gary.Howard@CampaignForLiberty.com