Friday, November 20, 2009

Paul Wins Key Vote on Auditing the Fed

If there is any bill more important than the health care bill, its HR 1207, auditing the fed.

Ron Paul's bill to audit the Federal Reserve won a key committee vote recently, 42-36. I am so used to the special interests winning that I am surprised when the good guys win one. In this case, Paul had to amend his own bill because of the corrupt rules that allow sub-committee chairmen (like Mel Watt)to re-write bills against the wishes of the sponsor before they are voted on. The changes gutted the bill. Paul's amendment basically restored the bill to its previous form.

There is still a long way to go. The process by which a bill becomes a law has become so corrupted that even after a bill passes both houses it can be altered by a small group of insiders on "reconcilliation". In other words, we are fussing at our congressmen for not reading the bills they vote on, but why should they when the meaning of the bill can be altered after they vote on it anyway?


Blogger Mark Moore (Moderator) said...

from Glenn Greenwald...

Grim details how key Committee Democrats such as Frank -- who spent the year claiming to support an audit of the Fed in the face of rising anger over its secret and bank-subservient policies -- suddenly introduced their own amendment (sponsored by Democratic Rep. Melvin Watt) that would have essentially gutted the Paul/Grayson provisions. Banking industry and Fed officials, as well as the Democratic leadership, then got behind that alternative provision as a means of pretending to support transparency while protecting the Fed from any genuine examination. Notwithstanding the pressure exerted on Committee Democrats to support that watered-down "audit" bill, Grayson convinced 15 of his colleagues to join with Republicans to provide overwhelming support for the Paul/Grayson amendment. As Grim notes:

[Frank] urged a no vote, yet 15 Democrats bucked him, voting with Paul. Key to winning Democratic support was a letter posted early Thursday from labor leaders and progressive economists. The letter, organized by the liberal blog, called for a rejection of the Watt substitute and support for Paul.

Grayson was able to show Democratic colleagues that the liberal base was behind them.

"Today was Waterloo for Fed secrecy," a victorious Grayson said afterwards.

8:29 PM, November 20, 2009  
Blogger Mark Moore (Moderator) said...

8:36 PM, November 20, 2009  

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