10:40a HKT Thursday, June 28, 2012

Dear Friend of GATA and Gold:

Reason magazine reports that U.S. Rep. Ron Paul's unadulterated legislation to audit the Federal Reserve in full, including its dealings with foreign banks, was approved yesterday in a unanimous vote by the House Oversight and Government Reform Committee:

http://reason.com/blog/2012/06/27/ron-pauls-latest-audit-the-fed-bill-pass [1]

Commenting on the bipartisan nature of the committee's vote, the New York Sun says: "It is absurd, after all, to think that the Fed ought to be independent from the branch of government that created it and before whom its chairman is required to testify. Or from the American people. And, more substantively, that it should be immune from an audit on the eve of its centenary. In the first century of the Fed's existence, the dollar has lost nearly all of its value. It is not much more than half of what it was when President Obama acceded, and little more than a sixth of what it was worth when President George W. Bush took office. No wonder that when this vote finally cleared the House Oversight Committee, it was without vocal opposition."

The Sun's editorial is here:

http://www.nysun.com/editorials/unanimous/87882/ [2]

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.