HR 1207 Calls For Full Accounting Of Federal Government's Irresponsible Activities

HR 1207, sponsored by Congressman Ron Paul (TX-14), demands that the federal government's spending receive full accounting. Obama promised transparency - this bill is one way to achieve that. Unfortunately, the Federal Government is spending trillions of dollars that don't exist, committing taxpayers to bailouts totaling $7.76 trillion in less than two years. When this kind of money is being spent, and nobody knows where all of it is going, it is important to demand that the fiat money being spent is audited. However, the federal government has been stonewalling any attempts at oversight of their suicide spending.

Nobody has publicly accounted for where nearly $2 trillion of loans made by the Federal Government is going. Recipients are not being disclosed, partly because law exempts the Federal Reserve from being audited by the Government Accounting Office.

H.R. 1207, the "Federal Reserve Transparency Act of 2009," will change that. So far, the Act has 190 cosponsors, including 39 Democrats and 151 Republicans. If passed, The Act will demand that every member of Congress account for the taxpayer's money being spent, and for oversight to be conducted.

-- Political Pistachio Conservative News and Commentary

By Douglas V. Gibbs

U.S. Taxpayers Risk $9.7 Trillion on Bailout Programs - Bloomberg, Mark Pittman and Bob Ivry

Fed Refuses to Disclose Recipients of $2 Trillion - Bloomberg, Mark Pittman

HR 1207, Federal Reserve Transparency Act of 2009 - THOMAS (Library of Congress)