Audit of Federal Reserve nearing critical mass

Rep. Paul plan has 213 co-sponsors in 435-member U.S. House

By Bob Unruh
WorldNetDaily

U.S. Rep. Ron Paul, R-Texas

A plan by U.S. Rep. Ron Paul, R-Texas, to audit the Federal Reserve today lacks only a handful of signatures on a list of co-sponsors to hold a majority in the U.S. House.

Officials with Paul's office have confirmed to WND there now are 213 cosponsors signed onto H.R. 1207, the Federal Reserve Transparency Act of 2009 that demands an audit of the organization.

Paul long has opposed the power held by the Federal Reserve and its ability to manipulate the nation's economy and over the years has launched multiple proposals to get rid of the quasi-governmental agency, without significant support.

But in light of the economic collapse in the United States – the government takeover of the banking industry, the government's demands for various auto industry bankruptcies, the government's appointment of a "pay czar" – change apparently is coming.

When the bill has garnered the support of 218 members of the 435-member U.S. House, it technically has the support of the majority, even though the process of holding hearings and having committee review still provides for open doors for failure.

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