In an exclusive interview with the Washington News Observer, Rep. Ron Paul (R-TX) has said he will not attempt to get a much-anticipated discharge petition to force a House vote on his bill (H.R. 1207) to audit the Federal Reserve System.
In the bill Paul calls for the first-ever audit of the Federal Reserve. The bill would require the Comptroller General to issue an audit of both the Board of Governors and Reserve Bank operations, which are run by member banks of the Fed., and the audit would have to be issued to Congressional leadership by the close of 2010.
Securing the co-sponsorship of a majority of Congress has been the first specific political goal of Paul’s national grassroots organization, the “Campaign for Liberty” (C4L). As of this morning 232 Congressional Representatives (53% of the entire body), 167 House Republicans and 65 House Democrats are cosponsoring the legislation. The C4L is gearing up for a similar campaign for the companion Senate Bill, S604. Though bills to audit the Fed have been previously introduced, this is the first time such a bill has gained a majority of bi-partisan support.
Currently, the privately-owned Federal Reserve operates independently of Congress, creates money from nothing, collects the interest, and no congressional committee is allowed to oversee the Fed’s internal workings.