HR 1207, also known as The Federal Reserve Transparency Act of 2009, now has 39 co-sponsors in the House of Representatives and an identical companion bill, S604, has been introduced in the Senate.

HR 1207 was introduced by congressman Paul on February 26th, 2009, and represents the first attempt at a true audit of The Federal Reserve since its inception in 1913.

In regards to The Federal Reserve Transparency Act of 2009, Congressman Paul announced, “The first step is to pass legislation I will soon introduce requiring an audit of the Federal Reserve so we can at least get an accurate picture of what is happening with our money.  If this audit reveals what I suspect, and Congress has finally had enough, they can also pass my legislation to abolish the Federal Reserve and put control of the economy’s lifeblood, the currency, back where it Constitutionally belongs.  If Congress refuses to do these two things, the very least they could do is repeal legal tender laws and allow people to choose a different currency in which to operate.  If the Fed refuses to open its books to an audit, and Congress refuses to demand this, the people should not be subject to the whims of this secretive and incompetent organization.”

photo credit: MyTwistedLens