Ron Paul's war on The Fed gains a key ally (Barney Frank); maybe Our Congressman isn't as kooky as some think?
Our Congressman, Ron Paul -- a hero to some, a certified kook to others -- continues to make serious waves.
His effort to audit the nation's central bank has gained an important ally, US Rep. Barney Frank, D-Mass., chair of the House Financial Services Committee.
The Wall Street Journal says:
"Barney told me, 'It's going to come. You're going to get what you want,' " Mr. Paul said. "We're going to have some hearings and we'll get a vote."
Frank said the details of a Fed audit would be released only after a delay so that markets wouldn't be roiled.
The WSJ noted:
In the interview, Mr. Paul -- whose book, "End the Fed," will be published next month -- said he doesn't want the audits to interfere with monetary policy.
But he said he wants to know more about the Fed's dealings with foreign central banks, foreign governments and individual firms. "I want to know who they're loaning the money to," he said.
Below is a 3 minute, 20 second video taped at recent town hall meeting convened by Barney Frank. He mentions the Paul bill at the 2:40 mark and predicts the Fed audit will be approved in October.