Posted by AdamCabrera on 11/06/09 10:12 AM [Older: Ron Paul and Bernie Sanders interviewed on KPCC]

The LA Times online has a recent short article regarding Ron Paul and his efforts to Audit the Federal Reserve, and how the bill (HR 1207) is being gutted:

Paul, who ran for president last year, wants the Fed to open the door on all of its secret transactions -- the talks with foreign banks, the deliberations on monetary policy, the activities of the Open Market Committee, and the communications with the regional reserve banks.

In the shadows of Wall Street's collapse last year, he has attracted more 300 co-sponsors, including 130 Democrats.

But this week, he charged, the provision was gutted from the landmark financial reform legislation being marked up by Barney Frank's Financial Services Committee. Paul blamed the chair of the subcommittee on monetary policy, North Carolina Democrat Mel Watt, whose Charlotte district is home to the headquarters of Bank of America, the nation's largest commercial bank.

Read the full article here:  http://latimesblogs.latimes.com/washington/2009/11/ron-paul-to-federal-reserve-open-your-books.html