Ron Paul’s revolutionary bill to audit the Federal Reserve passed the House of Representatives overwhelmingly by a vote of 327-98 on Wednesday afternoon. The bill received backing from all House Republicans but one (Representative Bob Turner of New York), as well as support from 89 Congressional Democrats.
Representative Dennis Kucinich (D-Ohio) said of the bill: “The Fed creates trillions of dollars out of nothing and gives it to banks. Congress is in the dark. The Fed sets the stage for the subprime meltdown. Congress is in the dark. The Fed takes a dive on LIBOR. Congress is in the dark. The Fed doesn’t tell regulators what is going on. Congress is in the dark.”
He also noted that the vote occurred the same day The Washington Post published a damning story about how the New York Fed “did not communicate in key meetings with top regulators that British bank Barclays had admitted to Fed staffers that it was rigging LIBOR,” the index that sets interest rates worldwide.
“I voted with my colleagues to pass Rep. Ron Paul’s Federal Reserve Transparency Act, said Rep. Joe Walsh (8th-IL). “This legislation directs the Government Accountability Office to conduct an audit of the Board of Governors of the Federal Reserve System and the Federal Reserve banks. Since its inception, the Federal Reserve has operated in the shadows without any scrutiny or oversight of its operations and the American people have a right to know how their tax dollars are being used. You can find more on this legislation here.
Despite the victory, a Senior Senate Democratic aide said the bill isn’t likely to go anywhere in that chamber in the near future,
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