Ron Paul sponsored it and it has a number of co-sponsors and it is bi-partisan. I havent read anywhere about it being "gutted" as it hasnt been put to a vote yet. Mel Watt a Senate Democrat in Charlotte who likely owes favors to The Bank Of America has purportedly removed or is trying to remove important parts of the legislation.

Auditing the Fed is fine, but you need to do much more, especially when it comes to derivatives.

And from the left media, this prediction..

http://www.huffingtonpost.com/2009/08/28/frank-bill-mandating-comp_n_271384.html