Sept. 23, 2009
Rahall: Federal Reserve Should Not Fear Accountability Bill
Legislation May Pass House in October
By Tony Rutherford
Huntingtonnews.net Reporter
Washington, DC (HNN) – WV Rep. Nick J. Rahall on Tuesday, Sept. 22, 2009 re-affirmed his support for H.R. 1207, also known as the Federal Reserve Transparency Act.
Responding to a request by HNN publisher, Matt Pinson, Rahall, D-WV, through a spokeswoman, stated, “The The American people deserve to know where, when, and how taxpayer money is spent. The recovery plan is working and accountability is an important part of regaining confidence in our system. If there is nothing to hide then the Federal Reserve should have nothing to fear from this bill.”
Having at least 290 bi-partisan co-sponsors, the full House Financial Services Committee takes up the grassroots bill which calls for auditing the federal reserve and its various banks. The reserve has threatened to retaliate if the bill is passed --- by increasing interest rates.
Rep. Barney Frank predicts passage of the bill by the House of Representatives in October.
In an internet column by Tyler Durden, Rep. Frank said , “the Fed can lend money to anybody they want. We are going to curtail that lending power. I have been working with Rep. Ron Paul, R-TX, the main sponsor. He agrees that we don’t want to have the audit appear as if it is influencing monetary policy cause that would be inflationary.”
Frank continued that the audit will make public what the Reserve buys and sells, but the list will not be made public immediately as that could have an impact on the stock market.
Paul has been quoted as saying the report will be made public after several months when it is less time sensitive.
Rep. Rahall first spoke on the Federal Reserve at a Town Meeting on the Marshall University campus: “I’m not for granting the Federal Reserve Board additional powers and certainly not hidden powers that would not be transparent,” adding that based on the constituents statement he would favor HR 1207, The Federal Reserve Transparency Act.”
Rahall becomes the second member of WV’s Congressional delegation to support the bill. Rep. Shelly Capito (R-WV) earlier indicated support for the proposed legislation.
HNN stated in a May 29, 2009 Editorial, “The Federal Reserve, sometimes seen as autocratic, even shadowy in their lack of accountability, is a ripe target for many who are looking for answers out of our economic doldrums.”
The text of the proposed bill H.R. 1207 can be found at: http://www.govtrack.us/congress/bill.xpd?bill=h111-1207.
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Rahall: Federal Reserve Should Not Fear Accountability Bill
Legislation May Pass House in October
By Tony Rutherford
Huntingtonnews.net Reporter
Washington, DC (HNN) – WV Rep. Nick J. Rahall on Tuesday, Sept. 22, 2009 re-affirmed his support for H.R. 1207, also known as the Federal Reserve Transparency Act.
Responding to a request by HNN publisher, Matt Pinson, Rahall, D-WV, through a spokeswoman, stated, “The The American people deserve to know where, when, and how taxpayer money is spent. The recovery plan is working and accountability is an important part of regaining confidence in our system. If there is nothing to hide then the Federal Reserve should have nothing to fear from this bill.”
Having at least 290 bi-partisan co-sponsors, the full House Financial Services Committee takes up the grassroots bill which calls for auditing the federal reserve and its various banks. The reserve has threatened to retaliate if the bill is passed --- by increasing interest rates.
Rep. Barney Frank predicts passage of the bill by the House of Representatives in October.
In an internet column by Tyler Durden, Rep. Frank said , “the Fed can lend money to anybody they want. We are going to curtail that lending power. I have been working with Rep. Ron Paul, R-TX, the main sponsor. He agrees that we don’t want to have the audit appear as if it is influencing monetary policy cause that would be inflationary.”
Frank continued that the audit will make public what the Reserve buys and sells, but the list will not be made public immediately as that could have an impact on the stock market.
Paul has been quoted as saying the report will be made public after several months when it is less time sensitive.
Rep. Rahall first spoke on the Federal Reserve at a Town Meeting on the Marshall University campus: “I’m not for granting the Federal Reserve Board additional powers and certainly not hidden powers that would not be transparent,” adding that based on the constituents statement he would favor HR 1207, The Federal Reserve Transparency Act.”
Rahall becomes the second member of WV’s Congressional delegation to support the bill. Rep. Shelly Capito (R-WV) earlier indicated support for the proposed legislation.
HNN stated in a May 29, 2009 Editorial, “The Federal Reserve, sometimes seen as autocratic, even shadowy in their lack of accountability, is a ripe target for many who are looking for answers out of our economic doldrums.”
The text of the proposed bill H.R. 1207 can be found at: http://www.govtrack.us/congress/bill.xpd?bill=h111-1207.
Share This Story:
Make HNN Your Homepage (IE Users Only)
