Audit The Fed Effort Under Threat In House (due to Sleazy Corporate Dem)

[FLAprogressive]

A bipartisan effort to force transparency on the Federal Reserve is suddenly in jeopardy after a House Financial Services Committee member introduced an amendment that would let the multi-trillion dollar organization continue throwing tax dollars around in secret.

Rep. Mel Watt, a Democrat from North Carolina, has introduced an amendment intended as an alternative to the measure to audit the Federal Reserve introduced by Reps. Ron Paul (R-Texas) and Alan Grayson's (D-Fla.) . But instead of increasing transparency, as the amendment claims to do, Watt's measure would instead make the institution more opaque.

(Alan Grayson's take on this bullshit:) "The Watt Amendment, as written today, actually places new restrictions on the little authority that exists, such as it is, for independent auditing of the Fed," Grayson said. "It keeps in place all existing restrictions and adds four more. So I don't see why anybody would reasonably think that it creates unprecedented authority to audit the Fed."

http://www.huffingtonpost.com/2009/11/17/audit-the-fed-effort-unde_n_361389.html

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so how much money has Watt taken from banks?

http://www.opensecrets.org/politicians/industries.php?cycle=Career&type=I&cid=N00002328&newMem=N&recs=20

Over $300,000 in his career....his top donor base is banks.

This guy is sleazy and needs to be replaced by a real Dem.

[amandabeech]

1. Perhaps Watt could more accurately be characterized as D-Bank of America. n/t

[FLAprogressive]

2. yep

[Ruby the Liberal]

3. I thought Grayson said that he and Paul had over 200 co-sponsors

Why is this thing still sitting in committee subject to this BS?

[FLAprogressive]

4. because Mel Watt inserted his own BS into it.