Auditing the "Federal" Reserve....

HR 1207, introduced by Rep. Ron Paul (R-TX) has now got 224 sponsors, with Rep. Kucinich (D) OH being the 218th, thus taking HR 1207 out of Committee to a full debate in Congress. All indications are that this Bill is going to have a rough time, especially in the Senate, and will probably get defeated, and Federal Reserve is marshaling all the lobbying power at their disposal to keep this bill from becoming law.

This bill is seeking accountability and transparency re. the "Federal" Reserve. Why would such a standard concept in an official institution be seen as such a threat? What kind of practices might be threatened (or even stopped) by the legal requirement of such accountability?

My speculation on this, is that because of the (private, non-Federal) nature of the "Federal" Reserve Bank, it will be ruled that Congress has no jurisdiction over the rules and laws governing how the "Fed" works, and the Bill will be quietly dropped for such technical reasons. Of course, the national media will ignore the issue and accuse those who level any criticism of the "Fed" as being wacko conspiracy theorists. Such is the current state of play in the corporate media arena.