The House bill that would shine a light on the Federal Reserve reached 290 cosponsors on Wednesday.
Authored by longtime crusader for Fed transparency Rep. Ron Paul (R-Texas), the audit bill gained the support of more than half the House back in June, and has continued quietly gathering steam. Now the legislative process is beginning to catch up.
House Financial Services Committee Chairman Barney Frank's office released a tentative schedule for regulatory reform hearings that includes "Oversight and Audit Issues at the Federal Reserve System," scheduled for Friday, Sept. 25. When this final round of financial-regulation hearings concludes two weeks later, according to Frank's office, the committee will begin making revisions to the respective bills.
"I'm happy to say that we're going to have a hearing on that very soon," Rep. Alan Grayson (D-Fla.), another Fed transparency champion, said on the House floor minutes after Frank's office made the announcement.
Reform of the nation's financial regulation slowed in July under heavy pressure from Wall Street. At the time, Frank said he wanted to take advantage of the August Congressional recess to argue the case for further regulation, but the debate over health care reform sidelined discussion of the financial system.