If this is true, then it is very bad news, but seeing as how Ron Paul’s goal is to destroy the Fed, I’ll wait until I see a statement from someone who is less whack-a-doodle wingnuttish.

Here is what Paul said:

Paul, a member of the House Financial Services Committee, said Mel Watt, a Democrat from North Carolina, has eliminated “just about everything” while preparing the legislation for formal consideration. Watt is chairman of the panel’s domestic monetary policy and technology subcommittee.

I just put a call into Representative Alan Grayson’s office, he is a co-sponsor of the bill, but there is no statement from him about this yet.