Somewhere in Texas, former Congressman Ron Paul is smiling knowing that his long-held push to audit the Federal Reserve may finally become a reality.
The House Committee on Oversight and Government Reform passed Rep. Thomas Massie’s (R-KY) bill to audit the Fed by voice vote after roughly 30 minutes of debate.
Auditing the Fed has been a dream for libertarian-leaning Republicans for decades, and a bill demanding more transparency passed the House overwhelmingly in 2012, but stalled after President Obama told Congress he would veto the legislation and Harry Reid refused to let it come to a vote in the Senate.
President Trump said during his campaign that he’d be willing to sign the legislation if it passed Congress.
Some Democrats in the committee opposed the bill because it would undermine the independence of the Federal Reserve.
“It is ironic that the arsonists that caused the financial collapse are now being given credit…for putting out the fire,” Massie said in response to the criticism from Democrats. “Almost every macroeconomist concedes in retrospect that [the Fed’s] extended period of easy money led to the financial crisis.”
Sen. Rand Paul (R-KY) is sponsoring the bill in the Senate, and if it passes the House in full floor vote, he will look to Sen. Bernie Sanders (I-VT) to help win over some Democrats.