Thursday, July 26, 2012
House approves Paul's 'audit the Fed' bill in 327-98 vote
Rep. Ron Paul (R-Texas) won a rare legislative victory on Wednesday when the House passed his legislation allowing for a full audit of the Federal Reserve, including an audit of the Fed's monetary policy decisions.
The House approved Paul's Federal Reserve Transparency Act, H.R. 459, in a bipartisan 327-98 vote. The vote split Democrats almost evenly — 89 for and 97 against — while only one Republican, Rep. Robert Turner (R-N.Y.), voted against it.
The bill won an easy majority, given its 270 co-sponsors, and easily cleared the two-thirds majority needed for passage, which was required because it was considered under a suspension of the rules.
Paul, who has yet to officially drop out of the 2012 presidential race, has long sought to dismantle the Fed based on arguments that the Fed's power to create money has devalued the dollar. He also says the Fed hurts Americans by making them vulnerable to Fed-induced housing and stock market bubbles, and more recently, that the Fed reacted to the recession by creating billions of dollars to bail out financial institutions.