Federal Reserve Transparency Act
The Federal Reserve Transparency Act of 2009 (H.R. 1207) was a bill introduced in the U.S. House of Representatives of the 111th United States Congress by Congressman Ron Paul (TX-14). It proposed a reformed audit of the Federal Reserve System (the "Fed") before the end of 2010. The bill had 319 cosponsors, and was referred to the Committee on Financial Services. Its Senate version, introduced by Senator Bernie Sanders (Ind.-VT), was called the Federal Reserve Sunshine Act of 2009 (S. 604), and it had 32 cosponsors. A related bill used the same two names in reverse order. An amendment with similar provisions was added to the Federal Stability Improvement Act (H.R. 3996) by the House Committee on Financial Services in November 2009.
The bill was reintroduced in the House by Ron Paul, and in the Senate by his son Rand Paul (R-KY), during the 112th United States Congress as H.R. 459 and S. 202. On July 25, 2012 the House bill was passed 327 to 98. The Senate version of the bill, S. 202 is currently stuck in the United States Senate Committee on Banking, Housing, and Urban Affairs, as Chairman Tim Johnson (D-SD) is under orders from Senate majority leader Harry Reid (D-NV) not to let it out of Committee.
Read more about Federal Reserve Transparency Act: Purpose, House, Senate, Related Legislation, Reception, Advocacy, See Also
Famous quotes containing the words federal, reserve, transparency and/or act:
“The proposed Constitution ... is, in strictness, neither a national nor a federal constitution; but a composition of both.”
—James Madison (1751–1836)
“Mutual repect implies discretion and reserve even in love itself; it means preserving as much liberty as possible to those whose life we share. We must distrust our instinct of intervention, for the desire to make one’s own will prevail is often disguised under the mask of solicitude.”
—Henri-Frédéric Amiel (1821–1881)
“Life is filigree work.... What is written clearly is not worth much, it’s the transparency that counts.”
—Louis-Ferdinand Céline (1894–1961)
“It is only in the act of nursing that a woman realizes her motherhood in visible and tangible fashion; it is a joy of every moment.”
—Honoré De Balzac (1799–1850)