Below is just a sampling of the coverage that the adoption of the Audit the Fed amendment has received in the last 24 hours. Included are some links and excerpts:
House Panel Approves Broad Auditing of Federal Reserve Wall Street Journal
A key House panel on Thursday approved an amendment offered by Rep. Ron Paul (R., Texas) to give federal watchdogs massive new authority to audit the Federal Reserve.
The measure, based on a Paul proposal that has attracted more than 300 co-sponsors, passed, 43-26, as an amendment to a financial reform bill. Florida Democrat and fellow Fed critic Alan Grayson co-sponsored the amendment with Paul and played a leading role drumming up support for it among committee members. The adoption of this amendment is an extraordinary victory for Paul, whose libertarian, anti-Fed leanings have often been dismissed by the political establishment.
“If you care about transparency of the Fed, you would allow a look at monetary policy,” Paul said. “We’re dealing with trillions of dollars that doesn’t get audited. There is no reason why the world can’t know, eventually, what the Fed is doing.”
Ron Paul wins a key battle in war to open Fed’s books Los Angeles Times
“If we get the audit and get the books open, make them answer the questions, I am convinced that the American people will be so outraged that then we will have reform of the monetary system,” Paul has said.
Panel Votes to Broaden Oversight of the Fed New York Times
Mr. Paul’s bill would abolish a longstanding exemption that shielded the Fed from Congressional audits of its monetary policy. Supporters of the Fed’s independence have argued the shield provided crucial insulation from political pressure, which would make it much harder for Fed officials to take unpopular action aimed at heading off inflation.
Greenspan, Volcker Opposed Ron Paul Audit Provision Wall Street Journal
Greenspan and Volcker, in a letter sent to the committee’s chairman and ranking Republicans, warned that the provision threatened the ability of the Fed to foster price stability independent of political interference.
Threatening the Fed’s independence Washington Post
Alan S. Blinder is a former vice chairman of the Federal Reserve Board, is a professor of economics and public affairs at Princeton University.
There are a few more hits on this story all over today, these are just a few. Great work so far everyone, but the fight isn’t over. We are still pushing for an up or down vote on Audit the Fed on the House and Senate floors.
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