ALEXANDRIA, Va. -- Congressman Ron Paul informed Campaign for Liberty that House Financial Services Committee Chairman Barney Frank will hold hearings on H.R. 1207, Congressman Paul’s bill to audit the Federal Reserve. The hearings are tentatively set to take place Friday, September 25th at 9:00 am.

“The Federal Reserve wields tremendous power and is at the center of our current economic storm of deficits, debt and bailouts. Congressman Barney Frank should be commended for his willingness to hold hearings on Fed transparency,” said Campaign for Liberty President John Tate.

“A full and thorough Audit of the Federal Reserve is now supported by over 75 percent of the American people, and nearly the same percent of U.S. Congressmen, and these hearing are a major step toward that critical goal. Campaign for Liberty will continue to push for a clean vote and ultimate passage of H.R. 1207,” continued Tate.

“However it is important that Audit the Fed not be attached to any other bill that seeks to “reform” the Fed by increasing its power; that would be a betrayal to the intent and spirit of H.R. 1207, and would be vigorously opposed by Campaign for Liberty,” Tate cautioned.

H.R 1207’s 282 cosponsors includes every House Republican, as well as 104 Democrats and encompasses Representatives from a wide variety of ideological backgrounds, including conservatives, liberals, libertarians, moderates, and Blue Dogs.

Campaign for Liberty has made H.R. 1207 its number one legislative priority this session. Working though its 200,000 strong national grassroots activist network, Campaign for Liberty has generated countless phone calls, petitions and letters to leaders on Capitol Hill.

H.R. 1207 would open up the Fed’s funding facilities, such as the Primary Dealer Credit Facility, Term Securities Lending Facility, and Term Asset-Backed Securities Lending Facility to Congressional oversight and an audit by the non-partisan Government Accountability Office. Additionally, audits could include discount window operations, open market operations, and agreements with foreign central banks, such as ongoing dollar swap operations with European central banks.