Move Along... These Aren't the (Droids) You're Looking For

Despite 308 co-sponsors, H.R. 1207 - the Federal Reserve Transparency Act of 2009 - is functionally on life support. Arguably the single greatest measurable impact from the Ron Paul Revolution, the bill, which has garnered strong bipartisan support due in large part to grassroots efforts from Paul's Campaign for Liberty, has apparently been "gutted" by Mel Watt (D-NC).

Barney Frank (D-MA) who chairs the House Financial Services Committee promised his constituents at a health care town hall on August 27 that the bill would not die in committee and would be brought to the floor (see the Huffington Post article here and a YouTube clip here). Frank has not co-sponsored the bill. Frank held hearings on the bill in a move to begin the process of moving it towards the floor on September 25. Author and Austrian economist Thomas Woods had the opportunity to testify. Watt was downright hostile.

Watt's district includes Charlotte, the home of Bank of America. Since 1989, Watt's largest base of contributors have been from commercial banking. He is the subcommittee chairman for domestic monetary policy and his official House website states:

My service on the Financial Services Committee has been especially important because the 12th Congressional District is home to more banking and financial interests than any congressional district in the United States except the New York district in which Wall Street is located. I use my position on the Committee to listen to and study the interests of financial institutions and the interests of my constituents (their customers and consumers) and to help craft the important legislative balance that must exist between these interests.

As most readers know, Ron Paul (R-TX) mounted an unsuccessful Presidential bid in 2008 where he was largely dismissed by the media and establishment. The momentum which H.R. 1207 has received has been a validation that Paul's message of an out-of-control central bank has reached the mainstream. Unfortunately, the powers-that-be and their minions in Congress (and the Obama administration) want nothing to do with increasing transparency. Despite trillions of guarantees, secret transactions, and money-printing; the Stormtroopers, under the influence of the banking Jedi, are telling the taxpayers to move along. Clearly, there is nothing to see when it comes to the actions of the Federal Reserve.