On Wednesday, May 7, Ron Paul’s Campaign for Liberty announced that the “Audit the Fed” bill originally proposed by the former congressman and recently reintroduced by Representative Paul Broun (R-Ga.) now enjoys the bipartisan support of a majority of the House of Representatives.
“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,” said Paul, the Campaign for Liberty chairman.
Citing a Rasmussen poll conducted in November 2013, Campaign for Liberty reports that not only does the “Audit the Fed” measure have broad support in Congress, but “74 percent of the American people want to audit the Federal Reserve. This latest poll is consistent with previous polling showing a vast majority of Americans desire greater Federal Reserve transparency.”
The Campaign for Liberty statement provided a little legislative history of the effort to expose the Fed’s procedures:
Ron Paul’s “Audit the Fed” bill, H.R. 459, gained 274 cosponsors and passed the House of Representatives in the 112th Congress on July 25, 2012, by an overwhelming three-fourths majority of 327-98, after a nationwide grassroots mobilization effort led by Campaign for Liberty. The legislation calls for a “full audit of the Board of Governors of the Federal Reserve System and the Federal Reserve banks by the Comptroller General of the United States.”
In February 2013, Ron Paul’s son, Senator Rand Paul (R-Ky.), offered the Federal Reserve Transparency Act of 2013, also known as “Audit the Fed.” The bill would eliminate restrictions on Government Accountability Office (GAO) audits of the Federal Reserve.
Additionally, the bill would give Congress oversight of the Fed’s credit facilities, securities purchases, and quantitative easing activities.
“The Fed’s operations under a cloak of secrecy have gone on too long and the American people have a right to know what the Federal Reserve is doing with our nation’s money supply,” Paul said in a statement. “Audit the Fed has significant bipartisan support in Congress and across the country and the time to act on this is now.”
Senator Paul’s bill, S. 209, has 29 co-sponsors in the Senate, including one Democrat, Mark Begich of Alaska.
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