Wednesday, June 27, 2012

Ron Paul Introduces Audit the Fed Bill to the House



IT IS ABOUT TIME!!!

(Washington Times) The House oversight committee voted Wednesday to demand a broad audit of the Federal Reserve system by congressional investigators - a major move lawmakers said is designed to bring accountability to the murky workings of the independent board.

The bill was sponsored by Rep. Ron Paul, the Texas Republican who turned the push for an audit into a powerful campaign slogan and whose criticism of the Fed’s monetary policy drew hundreds of thousands of voters into the political process.

It passed by voice vote, signaling the growing sense among lawmakers that the time has come for a full review. Committee members said they hope for a vote in the full House next month, and the legislation has been sponsored by 263 members, virtually assuring its passage.

Federal law right now specifically prohibits such a broad audit, and opponents fear undermining the independence of the Federal Reserve.

If the bill clears the House it will still need a vote in the Senate - but Senate Majority Leader Harry Reid, Nevada Democrat, has spoken approvingly of an audit in the past.