By Brandon Moseley
Alabama Political Reporter
Thursday, The U.S. House of Representatives voted on a bill introduced by Rep. Ron Paul (R) from Texas. Rep. Paul is the Chairman of the Financial Services Subcommittee on Domestic Monetary Policy and Technology. H.R. 459 would authorize a full and complete audit of the Federal Reserve System to be completed within a year of passage and removes existing restrictions preventing the Government Accountability Office from auditing the controversial Federal Reserve System. H.R. 459 passed 327 to 98.
Congressman Spencer Bachus (R) from Vestavia was a co-sponsor of the legislation. Rep. Bachus said, “This bipartisan bill is an important step in promoting greater public understanding of the Federal Reserve’s operations and the impact of its decisions on average Americans. Under the leadership of Chairman Bernanke, the Fed has made strides toward greater transparency. But by allowing for a full audit, the American people will have a clearer picture of the actions undertaken by the Fed. Dr. Paul has been a tireless advocate of auditing the Fed throughout his time in office. The broad support this bill has received in Washington, and the passionate advocacy it has inspired in citizens across America, is a testament to his leadership on these matters. Rep. Bachus is the Chairman of the House Financial Services Committee.
Subcommittee Chairman Ron Paul said, “It is good to see that Congress is finally getting serious about exercising its oversight responsibility over the Federal Reserve. Auditing the Fed is a common sense issue supported by an overwhelming majority of the American people. The Fed’s trillions of dollars worth of asset purchases and its ongoing support of foreign central banks cannot be allowed to continue without Congressional oversight.” Rep. Paul has advocated this cause for many years. The Texas Congressman has slowly (almost singlehandedly) built up popular support for this legislation. The perennial Presidential candidate is retiring from the U.S. Congress this year.
Congressman Mo Brooks (R) from Huntsville said on Facebook, “The U.S. Federal Reserve should not be immune from accountability. It ought to be subjected to review, just like everyone else. Today the House overwhelmingly passed, by a vote of 327 to 98, a bipartisan bill requiring broader operational audits to hold the Fed accountable.”
On Twitter, Congressman Jo Bonner (R) from Mobile said following the vote the, “House sends message to hold the Federal Reserve accountable by approving legislation for a long-overdue independent audit.”
Congresswoman Martha Roby (R) from Montgomery said on Facebook, “The Audit the Fed bill passed the House by a vote of 327-98. I voted in support of the bill.”
Also on Facebook, Congressman Robert Aderholt said, “The House just passed H.R. 459, the Federal Reserve Transparency Act with my support.”
Alabama Congressman Mike Rogers (R) from Saks also voted for the bill. Congresswoman Terri Sewell (D) from Selma was the lone member of the Alabama Congressional delegation to vote against the bill.
The Audit the Fed bill now goes to the Senate where Senate Majority Leader (D) from Nevada is not expected to schedule a vote on the bill.
Congressman Bachus’s written statement said, “ The financial regulatory reform bill (H.R. 3310) introduced in 2010 by House Republicans authorized a full audit of the Federal Reserve and Republicans were able to add the “audit the Fed” provision to the House-passed version of the regulatory reform bill. However, the Senate weakened the provision by exempting from the audit monetary policy decisions, discount window operations, and agreements between the Fed and foreign central banks, foreign governments and international organizations. H.R. 459 removes these restrictions.”