Hey Can Someone Clarify Something For Me?

[TortoiseDream]

What's the status on audit the fed? At first we were gaining momentum with HR1207 and we got a ton of co-sponsors. Having the support we were waiting for it to get through committee and to debate, correct? What happened? I've heard that this Mel Watt gutted the bill? How can another member of Congress change the bill? What became of the gutted bill? Is the original HR1207 still able to be passed, possibly? And then what is this amendment Dr. Paul got into some other bill? Did that have anything to do with HR1207? I guess I just got really confused as all of these things were happening. If someone could give me a summary of what happened, I'd appreciate it thanks.

[hugolp]

As far as I know this is the status (someone correct me if wrong):

- The stand-alone bill has a big majority in the congress but only 31 co-sponsors in the senate. So the problem for the bill to pass would be on the senate. Jim De Mint tried to force a vote on the senate but he was not allowed, because of some technicallity that is usually overlooked.

- Also, Barnie Frank has attached HR1207 to his banking reform regulations. That is what Melvin Watt tried to modify but failed (and Barnie Frank voted in favor of Watt). This reform (including HR1207) passed congress and it is now in the senate. Ron Paul voted agains it, because although it includes HR1207, it includes a bunch of regulations that he does not want aproved, including giving powers to the IMF (I think). I believe that this way HR1207 will never pass unchanged since its Barnie Frank's law and he will make sure that a watered version is what it is aproved at the end.