Audit The Fed Bill On Track To Pass HouseNews Flash Wednesday, July 25th, 2012
WASHINGTON — An expansive bill to audit the Federal Reserve, sponsored by Rep. Ron Paul (R-Texas), is headed for a vote on the House floor Wednesday. It is one of the few pieces of legislation this session likely to garner bipartisan support.
The bill is being brought up on the suspension calendar, which means it needs two-thirds of the House to approve it, or 292 votes if everyone shows up. The bill has 270 co-sponsors and House GOP sources say every Republican is expected to support it. With enough Democratic support, it should manage to clear the bar. A spokeswoman for Paul said that she was confident the votes would be there, but that approval was still uncertain.
The vote, originally scheduled for Tuesday, was delayed, House Minority Whip Steny Hoyer told reporters, but debate will still take place Tuesday afternoon.
In 2010, Paul and Rep. Alan Grayson (D-Fla.) teamed up to pass legislation to audit the Fed, which became part of the final Wall Street reform bill. Grayson lost his bid for reelection, but is a frontrunner in his Orlando district and is expected to retake his seat next session.