Thursday, June 11, 2009

Ron Paul's Audit the Fed Bill Passes 218 Cosponsors!!

Washington, D.C. - Congressman Ron Paul's Federal Reserve Transparency Act, HR 1207, has reached and surpassed the level of 218 cosponsors in the House of Representatives, which means it is now cosponsored by a majority of the members.

The 218th cosponsor was Dennis Kucinich (OH-10), and the bill has since received its 222nd cosponsor.

“The tremendous grass-roots and bipartisan support in Congress for HR 1207 is an indicator of how mainstream America is fed up with Fed secrecy,” said Congressman Paul. “I look forward to this issue receiving greater public exposure.”

Hearings on Federal Reserve transparency are expected within the next month, as part of the Financial Services Committee's series of hearings on regulatory reform.

BRIEF-Lawmaker criticizes Fed's 'secretive and unaccountable' behavior in BofA deal

Thomson Reuters
06.11.09, 11:42 AM EDT

WASHINGTON, June 11 (Reuters) - At a U.S. House Oversight and Government Reform Committee hearing to examine the government's role in Bank of America's acquisition of Merrill Lynch:

* U.S. Rep. Dennis Kucinich, an Ohio Democrat, says the 'secretive and unaccountable' behavior of the Fed means there are unanswwered questions about Bank of America Corp ( BAC - news - people )'s deal to buy Merrill Lynch.

* Kucinich asks if B of A improperly withheld material information from shareholders about the deterioration in Merrill's balance sheet at the behest of government officials.

* Kucinich says the U.S. House panel has sifted through 'tens of thousands' of documents related to the B of A acquisition of Merrill to try and determine what happened.

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