The House Oversight Committee approved a bill Wednesday introduced by Congressman Ron Paul that would see a full audit of the Federal Reserve for the first time in its history.
The bipartisan vote was almost completely unanimous in it’s favor of Federal Reserve Transparency Act, with no vocal opposition and the legislation will now advance to the floor of the House of Representatives next month.
If it is successful, the bill would require the Government Accountability Office (GAO) to conduct a top to bottom audit of the Fed’s board of governors and 12 regional banks, and reveal details of its private monetary policy deliberations.
The only opposition came from the ranking Democrat on the committee, Elijah Cummings (D-Md.), who attempted to introduce an amendment that would prevent the GAO from auditing the Fed’s discussions on monetary policy. Cummings withdrew the amendment after Chairman Darrell Issa (R-Calif.) noted that it “essentially guts this bill.”
Issa noted that “It is long past time for a real audit,” and was backed up by Rep. Justin Amash, who highlighted the deficiencies in the current system of monitoring the Federal Reserve’s secret actions:
CONTINUED at Prison Planet. Video at link.