A hearing is taking place on June 23rd by Domestic Monetary Policy and Technology Subcommittee Chairman Ron Paul on legislation that calls for a full audit of our Federal gold reserves. This legislation, known as H.R. 1495, the “Gold Reserve Transparency Act of 2011″, would require the Treasury Department to enact a full audit and assay of the US gold reserves currently housed in Fort Knox, and other depositories in the United States, and that the audit would be subject to review by the Government Accountability Office (GAO).
H.R. 1495, the “Gold Reserve Transparency Act of 2011,” calls for an audit by the Treasury that gives a full and thorough accounting of the U.S. government’s gold reserves, requiring an inventory and assay of the gold reserves. The Treasury’s audit is subject to independent review by the Government Accountability Office, allowing them access to any pertinent records or locations, including Fort Knox. “The Treasury Department has been less than transparent with the results of its gold audits,” Paul stated. “It is asking the American people to trust that all the gold is there, while not allowing site visits and not publishing all the data it holds on its audits and assays. Since most of this gold was originally seized from the American people in the 1930s, they deserve more transparency than a handful of financial statements.” – Zerohedge
Witnesses at the hearing will include The Honorable Eric M. Thorson, Inspector General, Department of the Treasury, and Mr. Gary T. Engel, Director, Financial Management and Assurance, Government Accountability Office.
The crux of the hearing will discuss recent audits made by the Treasury Department of the gold reserves, pros and cons for implementing a full audit, gold lease and swapping polices made by the Fed or Treasury, and any modifications suggested to the H.R. 1495 legislation.
Seeing that a full audit of both the Federal Reserve, and the US gold reserves has been a project for Congressman Paul for many years, by moving into the Chairmanship on Domestic Monetary Policy, Mr. Paul has finally achieved the platform and authority to seek resolution on these issues.
As Congressman Ron Paul holds a meeting in the House on legislation to audit the US gold reserves, the American people may have for the first chance in 50 years, the ability to find out not only how much gold remains in the depositories, but in what condition those gold reserves are in, and dispell the rumors that our gold bullion was at one time replaced with tungsten metal.