In a rare bipartisan consensus, and definitely without the expressed, written consent of The Bernank, the House today overwhelmingly approved Ron Paul's bill (H.R. 459) to provide for a complete audit of the Federal Reserve. All attention turns now to the Senate and the sister bill (S.202), where two years ago H.R. 1207 was weakened significantly.
Similar legislation, S. 202, was introduced in the Senate by Rand Paul, a Republican from Kentucky and Ron Paul’s son. The Senate bill, which has 21 Republican cosponsors, hasn’t been considered by the Senate Banking Committee.
“The Senate will give us trouble,” Ron Paul said yesterday in an interview on C-SPAN, referring to the odds his bill will gain support in the Senate. Paul in his book says eliminating the Fed “is the one sure way to restore sanity to economic and political life in this country.”
Paul’s bill passed with 274 cosponsors, including 45 Democrats and 229 Republicans. Supporters ranging from Jason Chaffetz, a Republican from Utah, and Peter DeFazio, a Democrat from Oregon, said during the House debate yesterday that the Fed needs to be transparent about the inner workings of its decision making over stimulus and financial stability.
Due to the central bank’s role in bailing out Wall Street banks during the financial crisis, “it’s past time to audit the Federal Reserve,” DeFazio said.
“The Federal Reserve balance sheet has exploded in recent years,” Chaffetz said. “The American people and this Congress deserve more openness and transparency and at the very least an audit.”
Ron Paul takes a victory lap around the New York Fed building...
Start watching at the 1-minute mark.