House approves Ron Paul’s ‘Audit the Fed’ bill
The bill, now sponsored by Rep. Paul Broun, Georgia Republican, was approved on a 333-92 vote, with all but one Republican and 106 Democrats in favor of it. That’s a major jump from last time, when a majority of Democrats voted against it.
Still, despite the overwhelming support, the law is likely to die. Senate Majority Leader Harry Reid, who had previously indicated support for such an audit, reversed himself in 2012 and said he wouldn’t let the bill come to to the Senate floor.
Mr. Paul, a long-time congressman who twice ran for the GOP’s presidential nomination, made auditing the Fed one of his chief campaign issues, and it regularly drew loud applause from his followers.
The bill would order the nonpartisan Government Accountability Office to review the Fed’s decision-making — particularly on monetary policy.
Congress established the Federal Reserve a century ago. The system, which consists of a board of governors and 12 regional banks, acts as lenders of last resort to the country’s banking system, and is charged both with fighting inflation and promoting economic growth and employment.
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