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House Panel Approves Proposal to Audit the Federal Reserve

2009 November 21

Recently, I posted about the calls to Audit the Fed that have been heard around the country over the past two years. I just heard from our friends at Coservative’s For Change that the first step in a process that needs to be taken to audit the federal reserve happened yesterday in Congress. The House Financial Service Committee approved Congressman Ron Paul’s proposal to audit the federal reserve.

From the Politico:

The House Financial Services Committee has approved Rep. Ron Paul’s measure to drastically expand the government’s power to audit the Federal Reserve.

The measure, based on a Paul proposal that has attracted more than 300 co-sponsors, passed, 43-26, as an amendment to a financial reform bill. Florida Democrat and fellow Fed critic Alan Grayson co-sponsored the amendment with Paul and played a leading role drumming up support for it among committee members. The adoption of this amendment is an extraordinary victory for Paul, whose libertarian, anti-Fed leanings have often been dismissed by the political establishment.

The amendment would give the Government Accountability Office much greater to audit the Federal Reserve, which has a long history of independence from congressional audits. Paul and Grayson beat out a competing measure offered by Rep. Mel Watt (D-N.C.), who after weeks of negotiations with the pair felt their measure would threaten the Fed’s monetary policy.


This is a big victory for the conservatives concerned about the federal reserve system. The people are tired, and action is starting to be taken thanks to Representative Ron Paul who is the author of  H.R. 1207 (the Audit the Fed bill) and who has been a huge advocate of auditing the federal reserve from sometime.

Here is Congressman Paul’s introduction of the amendment:


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