Congressman Ron Paul is preparing legislation that will compel the Fed to continue publishing M3, and plans to introduce the bill in the Financial Services committee later this month.
And why not? The Federal Reserve is a private institution. There's nothing "Federal" about it as it is owned by major financial institutions in this country as well as in foreign countries. And they have no "Reserves" to speak of. The U.S. Treasury controls Fort Knox.
The Federal Reserve should be transparent in terms of its actions and anything less is not acceptable. Apparently Ron Paul agrees.
You can read about it here.
It will be interesting to see how this effort turns out.
