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

The Real Reasons Behind Fed Secrecy

Last week I was very pleased that the Financial Services Committee held a hearing on the Federal Reserve Transparency Act, HR 1207. The bill has 295 cosponsors and there is also strong support for the companion bill in the Senate. This hearing was a major step forward in getting the bill passed. Read the full story

Click here to watch the live webcast of the hearing.

On Friday, September 25th the House Financial Services Committee has scheduled a full committee hearing on Ron Paul’s HR.1207 to audit the Federal Reserve. The hearing is slated to begin at 9am eastern time. For details and a link to the (eventual) live streaming video of the hearing check out the committee website. Read the full story

In a critical development for the future of the Federal Reserve, Ron Paul has confirmed that today HR 1207 has garnered the elusive one vote to bring it to a total of 290, or a two-thirds congressional majority. At this point passage of the bill is guaranteed, and hopefully some long, long overdue transparency into the Wall Street-pandering machinations that occur every day within the Fed’s four walls at the expense of the American middle class and unmitigated destruction of the US Dollar will finally become a fact.

http://www.zerohedge.com/

We need to push for this, I have to catch up on some sleep right now but I will elaborate more for the uninformed tomorrow.