Barney Frank Says The House Will Pass HR 1207 In October

Tyler Durden's picture

"Under Section 13 (3) the Federal Reserve Act, [the Fed] can lend money to anybody they want. We are going to curtail that lending power. We are going to put some restraints on it. Finally we will subject [the Fed] to a complete order. I have been working with Ron Paul, the main sponsor of that bill. He agrees that we don't want to have the audit appear as if it is influencing monetary policy cause that would be inflationary and Ron and I agree on that. One of the things the audit will show is what the Federal Reserve buys and sells and that will be made public but not instantly, because if that was made instantly you would have a lot of people trading off of that, and you would have too much impact on the market. Again Ron agrees with that, so we will probably have that data released after a time period of several months, enough time so it wouldn't be market sensitive. That will be part of the overall Fed regulation that we are inducting... The House will pass [HR 1207] in October."  - Barney Frank