House of Representatives to Hold Audit the Fed Hearings

Wed Sep 9, 2009 7:31pm EDT

* Reuters is not responsible for the content in this press release.

Rep. Barney Frank Agrees to Hold Hearing on Federal Reserve Transparency
September 25
ALEXANDRIA, Va.--(Business Wire)--
Congressman Ron Paul informed Campaign for Liberty today that House Financial
Services Committee Chairman Barney Frank will hold hearings on H.R. 1207,
Congressman Paul`s bill to audit the Federal Reserve. The hearings are
tentatively set to take place Friday, September 25th at 9:00 am. 

"The Federal Reserve wields tremendous power and is at the center of our current
economic storm of deficits, debt and bailouts.Congressman Barney Frank should be
commended for his willingness to hold hearings on Fed transparency," said
Campaign for Liberty President John Tate. 

"A full and thorough Audit of the Federal Reserve is now supported by over 75
percent of the American people, and nearly the same percent of U.S. Congressmen,
and these hearing are a major step toward that critical goal. Campaign for
Liberty will continue to push for a clean vote and ultimate passage of H.R.
1207," continued Tate. 

"However it is important that Audit the Fed not be attached to any other bill
that seeks to "reform" the Fed by increasing its power; that would be a betrayal
to the intent and spirit of H.R. 1207, and would be vigorously opposed by
Campaign for Liberty," Tate cautioned. 

H.R 1207`s 282 cosponsors includes every House Republican, as well as 104
Democrats and encompasses Representatives from a wide variety of ideological
backgrounds, including conservatives, liberals, libertarians, moderates, and
Blue Dogs. 

Campaign for Liberty has made H.R. 1207 its number one legislative priority this
session. Working though its 200,000 strong national grassroots activist network,
Campaign for Liberty has generated countless phone calls, petitions and letters
to leaders on Capitol Hill. 

H.R. 1207 would open up the Fed`s funding facilities, such as the Primary Dealer
Credit Facility, Term Securities Lending Facility, and Term Asset-Backed
Securities Lending Facility to Congressional oversight and an audit by the
non-partisan Government Accountability Office. Additionally, audits could
include discount window operations, open market operations, and agreements with
foreign central banks, such as ongoing dollar swap operations with European
central banks. 

Campaign for Liberty
Jesse Benton, 703-347-6886

Copyright Business Wire 2009