Ron Paul-backed Audit the Fed bill hits majority support in the HouseSubmitted by fonzdrew on Sat, 05/10/2014 - 11:46
The Federal Reserve Transparency Act (H.R. 24) has picked momentum in the House of Representatives, now boasting support from 218 members, both Republicans and Democrats alike, a crucial mark for the measure’s proponents.
Rep. Ron Paul (R-TX), who did not seek reelection in 2012, had made Federal Reserve oversight and transparency a pet cause during his congressional career and presidential campaigns. The “Audit the Fed” bill was picked up by Rep. Paul Broun (R-GA) after Paul left Congress.
Broun, a candidate for U.S. Senate in Georgia, reintroduced the measure on the first day of the 113th Congress with just five cosponsors. By the beginning of April, 204 members had added their names to the bill. Fourteen members signed onto the measure this week, bringing the total number of cosponsors to 218.
“I am pleased to see such wide support for Audit the Fed, and I hope the House moves quickly to pass this important piece of legislation,” Ron Paul said in a statement from Campaign for Liberty, an organization he founded that has continued to push the Audit the Fed bill.
The Federal Reserve Transparency Act would require the central bank to open certain information to the Government Accountability Office currently excluded from audits in subsection (b) of 31 USC 714. This would include the Federal Reserve’s agreements and transactions with foreign central banks and discussions between the Treasury Department.