On Wednesday, the House of Representatives overwhelmingly passed Rep. Ron Paul’s “Audit the Fed” bill, in a capstone moment for the Congressman’s career. However, despite bi-partisan support in the House, the bill companion bill is not expected to pass the Senate, potentially halting the “Audit the Fed” movement.
In a 327 to 98 blowout, the Federal Reserve Transparency Act, H.R. 459, which came to the floor with 270 co-sponsors, passed under the suspension of normal House rules, meaning it required at least a two-thirds majority to pass and would be considered without any amendments. All but one Republican and 89 Democrats voted in favor of the bill, which grants the Government Accountability Office (GAO) broad authority to examine the operations of the Federal Reserve System—the central bank of the United States which has never received a full audit.