The FED has already hired a former Enron lobbyist to combat HR 1207. Bernanke is now starting to use scare tactics as he explained recently,
My concern about the legislation is that if the GAO is auditing not only the operational aspects of the programs and the details of the programs but making judgments about our policy decisions would effectively be a takeover of policy by the Congress and a repudiation of the independence of the Federal Reserve would be highly destructive to the stability of the financial system, the Dollar and our national economic situation.
So if we actually knew what Bernanke and the FED were up to, then the dollar would collapse? What is it that might be revealed by a simple audit to make this happen? I think it's likely that when we find out about where the trillions of dollars have gone and when we find out about the corrupt deals they make with foreign banks, that the American people will demand an end to the FED. That's what they are really scared of - they want to maintain their domination of the currency and the fractional reserve banking system, which feeds money to the politically well-connected at the expense of the rest of us.






