Ron Paul’s bill to audit the Federal Reserve, HR.1207, was the topic of a hearing of the full House Financial Services Committee chaired by Barney Frank today on capitol hill. The hearing was quite revealing.
However, the devil is in the details.
It was quite obvious that Chairman Frank and Congressman Watt are not in total agreement with HR.1207 as it is written. Also, both attacked Tom Woods quite ferociously during the hearing. You can watch Frank’s attack in clip #4 in the embedded playlist below (it is right after Ron Paul questions Woods). Their attacks didn’t have much to do with the actual scope of auditing the Fed, but rather some disagreement with Woods rhetoric.
It is pretty clear that the leading Democrats on the committee would like an audit, but want it to be part of a larger regulatory reform bill. No one, except for perhaps Tom Woods argued that the bill not be part of a larger bill, not even Dr. Paul. It is fairly clear to me from this hearing that HR1207 will not be passed as a stand alone bill.
The big question is whether or not the bill will be modified so much so that it fails in its original intent. We’ll find out fairly soon I suppose.
I selected a few highlights from todays hearing and made them available on Youtube. I’ve included all of the times Dr. Paul spoke and added a few others. You can watch these clips below. Also, not included below, but posted earlier, don’t miss Alan Grayson grilling the Fed lawyer like an overdone salmon.