“The Federal Reserve should be accountable. We should see what they’re doing,” Romney said, repeating comments he made in a June 18, 2012 interview with the Des Moines Register.
“Audit the Fed” was one of the cornerstones of the Paul campaign. Paul technically remains in the race, and his supporters have sought to make their voices heard at state party conventions across the country, hoping to have a say in crafting the GOP platform.
The GOP platform committee led by Virginia Gov. Bob McDonnell is examining including several of Paul’s ideas, including auditing the Fed.
Romney previously said that he would not renominate Fed Chairman Ben Bernanke when his term ends in 2014. A recent report by the American Enterprise Institute places blame for the economic downturn squarely on the Fed and on Bernanke.
But some, such as the Wall Street Journal, interpret Romney’s endorsement as a “chilly” one because of his remarks saying that he would not want Congress to run the Fed and that it should remain independent.
The House voted in July, by a 327-98 vote, to subject the Fed to oversight by the General Accountability Office, a congressional watchdog. The bill would make the Fed’s deliberations, including its operations and monetary-policy decision subject to audit.
Romney’s running mate, Paul Ryan, voted in favor of Paul’s Audit the Fed bill.
According to The Hill, Romney tweeted at the time of the bill’s passage, calling it a ” reminder of [Paul's] tireless efforts to promote sound money and a more transparent Federal Reserve.”
But the bill is not likely to be taken up in the Senate by Majority Leader Harry Reid, D-Nev.