The tentative schedule published by the House Committee on Financial Services, of which Representative Grayson and Paul are members, indicates the hearing on H.R. 1207 The FEDERAL RESERVE Transparency Act of 2009 is to take place on Friday, September 25th, 2009 at 9:30 a.m. Eastern Standard Time.

Since being introduced by Representative Ron Paul of Texas earlier in the session, H.R. 1207 has steadily gathered bi-partisan support with all one-hundred and seventy nine Republican members and one-hundred and eleven Democrat members signing onto the bill as co-sponsors.

Unlike the majority of bills introduced within the halls of Congress, H.R. 1207 spans just over two pages and seeks to strike protection granted to the FEDERAL RESERVE under 31 USC 714. While 31 USC 714 does allow the Government Accountability Office (GAO) to audit FED activities related to check-processing, currency storage and shipments, etcetera, the code simultaneously places restrictions on audits related to the Federal Open Market Committee (FOMC), international transactions with other Central Banks, and all transactions with foreign governments.

H.R. 1207’s companion in the Senate is S. 604 introduced by Senator Bernie Sanders of Vermont. Thus far, S. 604 has twenty-five Senators signed on as co-sponsors to the bill.