Saturday, October 31, 2009

Mel Watt Eviscerates HR1207 ~ Ron Paul's Bill to Audit the Federal Reserve

News has broken that Mel Watt, Democratic Congressman from North Carolina, member of the House Financial Services Committee, and chairman of the panel’s domestic monetary policy and technology subcommittee, has eviscerated the bill to audit the Federal Reserve, HR1207. The grass roots who has largely been responsible for the widespread support of this bill feels as though they have been dealt a heavy blow. Clearly, this is part of the process, however based on the stream of comments on beneath the Bloomberg article posting, the measure seems to have caught many off guard. This is a temporary set back.

There is an expectation for this type of political maneuvering to occur, I think we were hoping it would happen a little later in the process. The good news is that it has brought about the scrutiny of Congressman Watt's record, and his campaign donor list:

American Assn for Justice $77,500 $0 $77,500
Bank of America $69,100 $16,600 $52,500
Wachovia Corp $69,050 $14,050 $55,000
American Bankers Assn $67,000 $0 $67,000

Ron Paul, also a member of the House Financial Services Committee, said Mel Watt, has eliminated “just about everything” while preparing the legislation for formal consideration. Since this story broke, Congressman Paul who remains hopeful, has released the following video to his supporters:.