Audit of Federal Reserve moving forward

There is a bill calling for the audit of the Federal Reserve. Representative Barney Frank who is the chairman of the House Financial Services Committee has finally endorsed a bill HR 1207. The Federal Reserve Transparency Act of 2009, was introduced on February 26, 2009 by Representative Ron Paul, has 282 of co-sponsors on both sides of the aisle. This bill has been idling in House Financial Services Committee for months. The bill is expected to pass as part of a broader financial regulatory overhaul in October. The audit would make public a list of what the Federal Reserve buys and sells but that information would be released several months later so it does not affect the markets. The comptroller general in the Government Accountability Office will audit the Federal Reserve and report those findings to Congress. The first audit would be ordered by the end of 2010. The high number of co-sponsors to the bill suggests congressional lawmakers are dissatisfied with the Federal Reserve performance during the financial crisis. This is odd, as President Barack Hussein Obama has repeatedly endorsed and praised the job Chairman Ben Bernanke has done. He has just renewed the Republican for another term. The Senate has taken the bill as S 604. Sponsored by Senator Bernard Sanders, this has 23 cosponsors. It called the Federal Reserve Sunshine Act of 2009 in the senate.

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