Reposted from http://www.americanfreepress.net

TWO MONTHS AFTER REP. RON PAUL (R-Texas) introduced the Federal Reserve Transparency Act of 2009 (H.R. 1207), the bill, which mandates an official audit of the privately owned and controlled Federal Reserve System has already garnered 112 cosponsors. It is currently making the rounds in the House Committee on Financial Services.

Advocates are optimistic that the landmark measure will see the light of day in this Congress and could even come to the floor for a House vote soon.

“This piece of legislation is perhaps the most important of my career,” said Paul upon introducing the measure. “Americans from all over the political spectrum are demanding an audit of the Federal Reserve. And with good reason.”

The extent of the bipartisan support for the measure has even surprised some of its most ardent supporters, who are finding more and more people receptive to calls for transparency and accountability of the Fed.

The bill requires a full audit of the board of governors of the Federal Reserve System and the Federal Reserve banks be completed before the end of 2010. Furthermore, a report on the audit results will have to be submitted by the head of the Government Accountability Office (GAO) to Congress within 90 days of finishing the investigation of the bank. It would then be made available to public.
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