House passes Ron Paul's 'audit the Fed' billSubmitted by emalvini on Wed, 07/25/2012 - 21:41
House passes Ron Paul's 'audit the Fed' bill
Published: 5:17 PM 07/25/2012
WASHINGTON (AP) — The House voted Wednesday to give Congress greater scrutiny over the monetary policy decisions of the Federal Reserve, approving legislation sponsored by longtime Fed nemesis Rep. Ron Paul.
The 76-year-old Texas Republican, who is retiring at end of this session, has made a career of trying to do away with the Fed, which he blames for the growth of government and the rising federal deficit. Failing to accomplish that, he has pushed to make the independent central bank’s operations more transparent.
“I know when people talk about independence and having this privacy of the central bank, it means they want secrecy, and secrecy is not good,” Paul said.