If passed, how HR1207 will play out...

[Matt Collins]

I've been pondering how HR 1207 will play out if passed.

First off, assuming it passes the House, doesn't the Senate need to introduce a bill? Do we have any anti-Fed Senators out there?
If it does make it in the Senate, will a neutered version be passed?


And if it becomes law (Obama isn't likely to sign it if I had to guess) what method of enforcement does the federal gov't have to ensure compliance by the Fed?

And can't the Fed simply sue Congress saying it's a private entity thus not subject to a Congressional audit? This could be tied up in court for years.

In fact it could take so long, that by the time this finally gets to where the rubber meets the road, the Republicans are back in office and the economy may have "stabilized" a bit and then no one but the fringe cares about the Fed any longer.

Sorry to pee on the parade, (I tend to be a bit pessimistic by nature ha ha), but I just don't actually see this ending in a a real bona fide audit of the Fed. :(:(:mad::mad:


Feel free to critique my line of thought, or to agree with me or whatever. But this should be discussed.


Thoughts? :confused::confused::confused:

[No1ButPaul08]

I've been pondering how HR 1207 will play out if passed.

First off, assuming it passes the House, doesn't the Senate need to introduce a bill? Do we have any anti-Fed Senators out there?
If it does make it in the Senate, will a neutered version be passed?

Bernie Sanders has already introduced a companion bill in the Senate, http://www.govtrack.us/congress/billtext.xpd?bill=s111-604S. 604. The bill proposes the exact same thing as 1207.



And if it becomes law (Obama isn't likely to sign it if I had to guess) what method of enforcement does the federal gov't have to ensure compliance by the Fed?

And can't the Fed simply sue Congress saying it's a private entity thus not subject to a Congressional audit? This could be tied up in court for years.

I dont think Obama will sign it either, so there's a long way to go. Theoretically, Congress could force the Fed to comply or strip it of it's monopoly power.