brandon
03-25-2009, 08:00 PM
Okay, the title is somewhat misleading. Frank did not cosponsor Paul's bill that's currently in committee. Keep reading though....
In 1993 the Chairman of the House Banking Committee was not Barney Frank. It was a democrat named Henry Gonzalez.
Mr. Gonzales was worried about the level of secrecy the Fed enjoyed. He was so worried in fact, that he proposed legislation to audit the fed. The legislation would have required full independent audits of the Fed's operations; videotaping the meetings of the Fed's policy-making committee; and releasing detailed minutes of the policy meetings within a week.
Barney Frank Cosponsored this bill, and said "if you take the principles that people are talking about nowadays," such as "reforming government and opening up government—the Fed violates it more than any other branch of government."
Why then has Mr. Frank not cosponsored Dr. Paul's bill? Has he changed his opinion about the fed?
(Side note: Ultimately President Clinton rejected this bill saying "The fed needs complete secrecy in order to assure investors have confidence in the system" (I paraphrased this))
In 1993 the Chairman of the House Banking Committee was not Barney Frank. It was a democrat named Henry Gonzalez.
Mr. Gonzales was worried about the level of secrecy the Fed enjoyed. He was so worried in fact, that he proposed legislation to audit the fed. The legislation would have required full independent audits of the Fed's operations; videotaping the meetings of the Fed's policy-making committee; and releasing detailed minutes of the policy meetings within a week.
Barney Frank Cosponsored this bill, and said "if you take the principles that people are talking about nowadays," such as "reforming government and opening up government—the Fed violates it more than any other branch of government."
Why then has Mr. Frank not cosponsored Dr. Paul's bill? Has he changed his opinion about the fed?
(Side note: Ultimately President Clinton rejected this bill saying "The fed needs complete secrecy in order to assure investors have confidence in the system" (I paraphrased this))