Will Alabama's Shelby Kill Plan to Audit the Fed?

As mentioned in an earlier post, Congressman Ron Paul has introduced legislation (HR 1207) to demand an audit of the Federal Reserve System. No body or institution in the world has so much power over our economy as does the Federal Reserve System. Yet, this private institution has virtually no accountability to the general public.
As of latest reporting, HR 1207 has 190 co-sponsors. This includes a fair number of Democrats. Among Alabama Congressmen, HR 1207 is co-sponsored by Congressmen Mike Rogers (3rd district), Robert Aderholt (4th district, and Spencer Bachus (6th district). Pressure should be brought to bear on Congressman Bonner (1st District), Bright (2nd District), Griffith (5th District, and Davis (7th District).
However, the Senate version of this legislation was introduced by Senator Grassley of Iowa. Sad to say, already this legislation has been amended with exclusions written into the margins of the bill in pencil "with respect to a single and specific partnership or corporation." That means that the scope of the GAO’s audit has been severely limited. This modified version of the amendment does not give GAO authority to look at all of the additional taxpayer risk. According to Senator Grassley's website, this amendment was included by Alabama's Senior Senator Richard Shelby.
This news is troubling because Shelby has been a critic of the Fed, including his oft-quoted promise that the Fed can remain secret for awhile, but not forever. Shelby was a hero in the hearings on the TARP bailouts and the auto bailouts,making the case from a position of support for free markets.
Alabama voters need to express their concerns to Senator Shelby. In a time of economic concern, this legislation should shine the light on the actions that are moving and directing our economy. Please take five minutes and watch this video to see the importance of the issue of auditing the Federal Reserve System.