Barney Frank answers a question about HR 1207 and the Federal Reserve.
According to Frank, the timeline for passage of the bill is ‘probably in October’, but scheduling in the House is notoriously difficult to pin down. Frank discusses working with Ron Paul to get this done.
There are a lot of reasons the Fed will be audited, but at the end of the day, Chairman Frank recognizes that there is a lot of skepticism around the recent activities of the Federal Reserve, and that 281 cosponsors of HR 1207 is meaningful democratic input. There is still the Senate and the White House, of course, and Wall Street has begun to mobilize through its opposition to Bloomberg’s FOIA lawsuit. But those of you who worked to increase co-sponsorships and exposed the problems of this institution deserve a lot of credit. Rep. Grayson was consistently going to the floor every few days and bringing back lists of members he had persuaded or talked to, and the work done by many of you on this inspired him to do that.