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Hearing planned this month on Paul's bill to audit Fed

Section: Daily Dispatches

Press Release via Business Wire
Campaign for Liberty
Springfield, Virginia
Thursday, September 10, 2009

U.S. Rep. Ron Paul informed Campaign for Liberty today that House Financial Services Committee Chairman Barney Frank will hold hearings on H.R. 1207, Paul's bill to audit the Federal Reserve. The hearings are tentatively set to take place Friday, September 25, 9 a.m.

"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," Campaign for Liberty President John Tate said.

"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 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.

"However, it is important that the bill to 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 of 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 variety of ideological backgrounds, including conservatives, liberals, libertarians, moderates, and "Blue Dogs."

Campaign for Liberty has made H.R. 1207 its No. 1 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.

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