Bad news for the Federal Reserve audit bill. (H.R. 1207)

Some bad news from Bloomberg this morning, suggesting that the bill proposed by Ron Paul has been gutted.  It has been gutted notably by two specific people, one being the enabler and perpetrator of the housing crisis our own Barney Frank and the other being Mel Watts from North Carolina. 
Paul, a member of the House Financial Services Committee, said Mel Watt, a Democrat from North Carolina, has eliminated “just about everything” while preparing the legislation for formal consideration. Watt is chairman of the panel’s domestic monetary policy and technology subcommittee.
Fascinating.  EconomicPolicyJournal.com has a piece on this very subject and exposes Watt's plausible motivation for destroying and gutting one of the most important pieces of legislation in Congress right now. 
Most of the top industries donating to Watt are major beneficiaries of Fed money printing. His top industry donors are at #1 the commercial bankers industry, at #3 the building trade unions (All that Fed money printing benefited the building trade unions probably more so than anyone else), and at #5 the securities and investment industry. The current #1 corporate donor to Watt is Citigroup Inc.

During 2007-08 his top contributors were:

#1 Bank of America
#2 Wachovia Corp
#3 American Express
#4 American Bankers Assn

Overall in 2007-08, he received $187,359 from the Finance/Real Estate sector, more than double the amount of money he received from any other sector. Outside of North Carolina, his home state, Watt received the most contributions from Washington D.C. and New York City. Hmm, NYC donations for a North Carolina boy.
This is heartbreaking to read, where a clear case of corruption and bribery is postponing the one possible opportunity for us to escape the shackles of financial servitude.  Not to be outdone though, there is equally incriminating information on Frank.
Many of Frank's donors are clear beneficiaries of Fed money printing activities. The top donor to Frank, so far, in 2009/10 is FMR Corp (the parent name for Fidelity). Others in the top 20 donors for Frank include the American Bankers Association, the American Financial Services Assn, the Independent Community Bankers of America and, one of the greatest beneficiaries of past easy money policy, the National Assn of Home Builders. Did Frank have a guilty conscience and mistakenly think that Woods was referring to him?
Guess what, you do not have to sit by while these corrupted sleaze bags destroy our way of life!  First of all, come 2010 throw those two out of office.  I am looking at you Newton, MA and you 12th district of North Carolina.  The rest who care, can pick up the phone and give them a piece of your mind!

The thirteen Democrats on the House Financial Services Committee:

Rep. John Adler, NJ (202) 225-4765
Rep. Travis Childers, MS (202) 225-4306
Rep. Steve Driehaus, OH (202) 225-2216
Rep. Alan Grayson, FL (202) 225-2176
Rep. Rubén Hinojosa, TX (202) 225-2531
Rep. Suzanne Kosmas, FL Toll Free: 1-877-956-7627
Rep. Dan Maffei, NY (202) 225-3701
Rep. Brad Miller, NC (202) 225-3032
Rep. Walt Minnick, ID (202) 225-6611
Rep. Ed Perlmutter, CO (202)-225-2645
Rep. David Scott, GA (202) 225-2939
Rep. Brad Sherman, CA (202) 225-5911
Rep. Jackie Speier, CA (202) 225-3531
Mel Watt. DC: Tel. (202) 225-1510, Fax (202) 225-1512
Charlotte, NC: Tel. (704) 344-9950, Fax (704) 344-9971
Greensboro, NC: Tel. (336) 275-9950, Fax (336) 379-9951

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