Connect with us

Hi, what are you looking for?

News

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

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.”

Advertisement. Scroll to continue reading.

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.”

Brandon Moseley
Written By

Brandon Moseley is a senior reporter with over nine years at Alabama Political Reporter. During that time he has written 8,297 articles for APR. You can email him at [email protected] or follow him on Facebook. Brandon is a native of Moody, Alabama, a graduate of Auburn University, and a seventh generation Alabamian.

DIG DEEPER

Opinion

"The contributions of engineers are literally everywhere and benefit everyone."

Opinion

"Fortunately, it’s a disaster that Alabama has taken aggressive steps to avoid."

Elections

The GOP commission is co-chaired by Alabama Secretary of State John Merrill and Michigan state Sen. Ruth Johnson.

Featured Opinion

"Alabama has never had a public school as progressive as the Magic City Acceptance Academy."