Ron Paul introduces HR.1207 as a substitute amendment for Mel Watt's amendment. Watt's amendment would gut the intent of the audit of the Federal Reserve. In the end Paul's substitute passed by committee vote.
Ron Paul introduces HR1207 as a substitute to the Watt amendment during debate 11/19/2009
Ron Paul HR1207 Committee Debate on Watt Amendment: Alan Grayson 11/19/2009
Ron Paul rebuts criticisms of Federal Reserve audit during markup hearing 11/19/2009
VOTING TIME!
Ron Paul HR1207 substitute amendment ROLL CALL vote 11/19/2009
Mel Watt's amendment was defeated and Paul/Grayson's amendment was passed with 43 Aye(Yes)-26 Nay(No) votes and adopted. Hooray, partial victory on the gutted Watt's Amendment to HR1207.
The Paul/Grayson amendment:
* Removes the blanket restrictions on GAO audits of the Fed
* Allows audit of every item on the Fed’s balance sheet, all credit facilities, all securities purchase programs, etc.
* Retains limited audit exemption on unreleased transcripts and minutes
* Sets 180-day time lag before details of Fed’s market actions may be released
* States that nothing in the amendment shall be construed as interference in or dictation of monetary policy by Congress or the GAO
Reuters - House panel OKs plan to open Fed policy to audits
Bloomberg - House Panel Votes to Advance Paul Plan on Fed Audits
No comments:
Post a Comment