Ron Paul’s ‘Audit the Fed’ Bill Passes the House

Posted by clnews _Featured_, Politics Wednesday, July 25th, 2012

Chris Moody
Yahoo! News

At long last, Ron Paul has his day.

The House of Representatives on Wednesday overwhelmingly approved the Texas Republican’s bill to increase the transparency of the Federal Reserve. With bipartisan support, the measure passed 327-98. One Republican, Rep. Bob Turner of New York, joined 97 Democrats in voting against it.

For Paul, the journey to getting his bill approved in the House has been a long, and often lonely one. He first introduced the bill to a skeptical House a decade ago. While his efforts were ignored at the time, the call to “audit the Fed” has gained support from mainstream Republicans and Democrats.

On the presidential campaign trail in 2008, Paul spoke often about the need to make more of the Federal Reserve’s activities public, a cause that became a rallying cry of his supporters. Paul’s book “End the Fed” was published in September 2009, and he continued his crusade against the federal bank into his second run for the Republican presidential nomination in 2012. (Paul first ran for president as the Libertarian Party candidate in 1988.)

Paul’s bill came to the floor Wednesday with 270 co-sponsors. The measure also received support from his fellow Republican presidential candidates during the primaries. Former Massachusetts Gov. Mitt Romney, the presumptive Republican presidential nominee, most recently voiced his approval for Paul’s efforts last week.

“Ron Paul’s ‘Audit The Fed’ bill is a reminder of his tireless efforts to promote sound money and a more transparent Federal Reserve,” Romney posted on Twitter.

The bill, of course, is not without critics. Democrats say the Act could “politicize” the Federal Reserve’s decisions—what Federal Reserve Chairman Ben Bernanke has called a “nightmare scenario.”

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http://news.yahoo.com/blogs/ticket/ron-paul-audit-fed-bill-passes-house-185936757.html

Photo: Gage Skidmore