Ron Paul (R, Texas) is gaining sudden popularity in Congress. Why?
The libertarian/constitutionalist who was for the longest time disregarded as a crackpot by fellow party members not has "the GOP House leadership on his side -- backing a measure that generated paltry support when he first introduced it 26 years ago. Paul, as of Tuesday, has won 245 co-sponsors to a bill that would require a full-fledged audit of the Federal Reserve by the end of 2010" (FOXNews.com) due to fears of overspending, the exercise of poor monetary policy, and Obama's federalization of the financial industry.
Simply put, Obama and Capitol Hill democrats in the last 5 months spent trillions of dollars, increased regulation, and gave more authority to federal agencies which would make Lennin and Marx smile in their graves. Republicans are seeking transparency - an ideal stressed by Obama while running for office but has thus far become a false campaign promise. "If they give them a lot more power and there's no more transparency, that'll be a disaster," Paul said.
The bill (The Federal Reserve Transparency Act) would call for the comptroller general in the Government Accountability Office to audit the Fed and report those findings to Congress. The GAO's ability to conduct such audits now is severely restricted.
The current status of the bill is that it is sitting, collecting dust on the desk of the House Financial Services Committee. If you need to ask why it's just collecting dust, take a look at the two most powerful members of this committee who are stalling this bill from moving it forward: Osama Bin Kanjorski (Paul Kajorski, D, PA-11) and Barney (Barney Frank, D, Mass). Both are responsible for destroying the economy.
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