Mel Watt, from NC's 12th district, is leading the charge this time. Coincidentally, I'm sure, Bank of America headquarters is also in his district.

If you disagree with this, I suggest you let Mr. Watt, and anyone who has not cosponsored this bill know.

Bloomberg:

Representative Ron Paul, the Texas Republican who has called for an end to the Federal Reserve, said legislation he introduced to audit monetary policy has been “gutted” while moving toward a possible vote in the Democratic-controlled House.

The bill, with 308 co-sponsors, has been stripped of provisions that would remove Fed exemptions from audits of transactions with foreign central banks, monetary policy deliberations, transactions made under the direction of the Federal Open Market Committee and communications between the Board, the reserve banks and staff, Paul said today. (My Lord. That's everything that's important in the bill.)

[...]The Fed, led by Chairman Ben S. Bernanke, has come under greater congressional scrutiny while attempting to end the financial crisis by bailing out financial firms and more than doubling its balance sheet to $2.16 trillion in the past year. The central bank is also buying $1.25 trillion of securities tied to home loans. (That's 80% of the mortgage-backed securities market)

Watt’s [Mel Watt, chair of the banking subcommittee] district includes Charlotte, headquarters of Bank of America Corp., the biggest U.S. lender.

Paul said he intends to introduce an amendment to the bill when it comes to the House floor for a vote restoring the legislation’s original language. (Thank goodness.)

Representative Barney Frank, a Democrat from Massachusetts and chairman of the committee, said in interview that he intends to ensure legislation would provide a time lag between FOMC actions and the reporting of them. (A time lag of how much? A year? ...I mean, how would you not have a time lag when auditing financial records?)

The legislation will probably be included in a broader Democratic package of financial-regulation changes in the House, Frank said. (That actually seems like a good thing. Maybe if they stick it in a larger bill, although the practice is repugnant, people will be less prone to go after it.)

Here is Ron Paul's Democratic list of shame for the 128 Democratic congressmen who haven't co-sponsored HR 1207. Every single Republican has signed on.

The Democrats on the banking subcommittee who haven't co-sponsored HR 1207 are:

NC - Watt
NY - Maloney
NY - Meeks
MO - Clay
TX - Green
MO - Cleaver II
MN - Ellison
FL - Kosmas

The only three who did are:

NJ - Adler
FL - Kosmas
CA - Sherman