House approves Ron Paul's 'Audit the Fed' bill

Rep. Paul Broun. (Associated Press) ** FILE ** more >

Former Rep. Ron Pauls push to audit the Federal Reserve got another boost Wednesday when the House passed the bill for the second time in three years, and by a bigger margin than before.

The bill, now sponsored by Rep. Paul Broun, Georgia Republican, was approved on a 333-92 vote, with all but one Republican and 106 Democrats in favor of it. Thats a major jump from last time, when a majority of Democrats voted against it.

Still, despite the overwhelming support, the law is likely to die. Senate Majority Leader Harry Reid, who had previously indicated support for such an audit, reversed himself in 2012 and said he wouldnt let the bill come to to the Senate floor.

Mr. Paul, a long-time congressman who twice ran for the GOPs presidential nomination, made auditing the Fed one of his chief campaign issues, and it regularly drew loud applause from his followers.

The bill would order the nonpartisan Government Accountability Office to review the Feds decision-making particularly on monetary policy.

Congress established the Federal Reserve a century ago. The system, which consists of a board of governors and 12 regional banks, acts as lenders of last resort to the countrys banking system, and is charged both with fighting inflation and promoting economic growth and employment.

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House approves Ron Paul's 'Audit the Fed' bill