For the first time in history, the Federal Reserve Bank may be facing an audit. On Thursday, the House Finance Committee passed a bill (HR 1207) that authorizes the Government Accountability Office (GAO) to conduct a wide-ranging audit of the Fed’s secretive deals with foreign central banks and major U.S. financial institutions.

HR 1207, sponsored by Rep. Ron Paul (R-TX), currently has 313 co-sponsors in the House from both sides of the aisle, which is a veto-proof majority. A companion bill in the Senate (S 604) has 30 co-sponsors.

Glenn Greenwald, an investigative reporter writing for Salon.com, points out what may be the most significant aspect of the passage of HR 1207: Read the full story

SCENARIOS-US Senate now in healthcare spotlight

WASHINGTON, Nov 7 (Reuters) – After a narrow win in the U.S. House of Representatives, President Barack Obama’s fight for a sweeping healthcare overhaul moves to the U.S. Senate where it faces a difficult path to approval. Read the full story

WRAPUP 1-U.S. Senate healthcare bill includes public option

The White House Readies a Stealth Stimulus

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White House senior adviser Valerie Jarrett was adamant on Sunday, when asked if President Obama was considering a so-called second stimulus to deal with the rising unemployment rate. “I think it’s too soon. It’s premature to say, ‘Is a second stimulus needed?’ ” she told David Gregory, the host of NBC’s Meet the Press.

But a moment later she said the White House was already looking at tax credits and other measures to further stimulate the economy. “There are a range of suggestions that are being considered right now by his economic team, and we’ll see what we come forward with,” she added. Read the full story

Read the full story

Obama lashes out at U.S. banks over student loans

TROY, New York (Reuters) – President Barack Obama criticized the largest U.S. banks on Monday for trying to thwart legislation that would overhaul federal student loan programs. Read the full story

Pelosi warns right of inciting “violence” — invoking Harvey Milk murder

An uncharacteristically emotional Nancy Pelosi is warning Republicans — and other groups getting whipped up over the health care debate — not to incite unstable supporters who might repeat acts of violence that struck San Francisco in the 1970s. Read the full story

House near vote to admonish Wilson over ‘You lie’

WASHINGTON — Bitterly divided over an accusatory outburst — “You lie” — lawmakers on Tuesday prepared to admonish one of their own for his jarring interruption of President Barack Obama. Read the full story

Excellent journalism. Howard Dean claiming the other party is “undermining the country” and “undermining President Obama.” Really Mr. Dean, and your argument for this is….

Blair Holt Bill
Claim:   A bill before Congress would prohibit ownership of handguns by those who have not obtained firearm licenses.

TRUE

It has started.

Very Important for you to be aware of a new bill HR 45 introduced into the House. This is the Blair Holt Firearm Licensing & Record of Sale Act of 2009.

We just learned yesterday about this on the Peter Boyles radio program.

Even gun shop owners didn’t know about this because it is flying under the radar. Read the full story

The tensions and passions flaring on both sides of the health care reform battle are starting to overshadow the substance of the debate itself.

It’s a tinderbox that threatens the health of the reform package being pushed by Democrats. Read the full story

Senate confirms Sotomayor for Supreme Court

WASHINGTON — The Senate confirmed Sonia Sotomayor Thursday as the first Hispanic justice on the Supreme Court.

The vote was 68-31 for Sotomayor, President Barack Obama’s first high court nominee. She becomes the 111th justice and just the third woman to serve.

Democrats praised the 55-year-old Sotomayor as a mainstream moderate. But most Republicans voted against her, saying she’d bring personal bias and a liberal agenda to the bench. Read the full story