Congressman Watt tried to de-rail the bill to audit the Federal Reserve (H.R. 1207) with a fake alternate bill. See this, this, this and this.
Fortunately, the House Financial Services Committee approved H.R. 1207 by 43-26, and rejected Watt’s bill.
In addition, Congressmen Grayson and Paul’s bill requiring written concurrence by the Treasury Secretary prior to the Federal Reserve engaging in a foreign currency swap passed the House Financial Services Committee by a voice vote today.
If you haven’t already seen it, watch Congressman Grayson grill Bernanke about foreign swaps:
If you don’t know what foreign currency swaps are, or why the Fed has been running amok with them, watch Congressman Grayson discuss the amendment:
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