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The Spectacle Blog
For years, auditing the Federal Reserve was a fringe idea taken up only by Ron Paul. Both the Democratic and Republican wings of the establishment argued that it would compromise the Fed’s independence. Given the economic impact of bad monetary policy, some countered that perhaps their vaunted independence should be constrained slightly.
This bid for transparency is no longer a marginal concern. Legislation calling for a Fed audit enjoys bipartisan support, including the backing of the entire Republican leadership team. Today Paul’s audit the Fed bill passed the House by 327 to 98. There’s a good chance the measure will be endorsed in the Republican platform and advocated by Mitt Romney during the fall campaign. It’s a big victory for Paul. He is still working to ensure that other once-marginal ideas become mainstream, in the Republican Party and beyond.
View all comments (9) | Leave a comment
More Blog Posts by W. James Antle, III
http://spectator.org/blog/2012/07/25/house-passes-audit-the-fed-bil
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mike 3/505| 7.25.12 @ 4:19PM
Finally!
MTB| 7.25.12 @ 5:09PM
Auditing any enterprise does not destroy independence. When done right (unlike Enron's former auditors, Arthur Anderson LLP), it ensures fiscal responsibility and helps to deter crime.
Derek Leaberry| 7.25.12 @ 5:26PM
Could extracting the 16th Amendment by a 28th Amendment be next?
If elected, I would guess that Romney will line up to pucker Helicopter Ben's backside in 2013 and work a deal with Boehner and McConnell to be gentle with the Federal Reserve Board.
Mike G| 7.26.12 @ 11:33AM
"Could extracting the 16th Amendment by a 28th Amendment be next?"
Hahahahaha! That's a good one! Like the pols would allow anyone to kill the income tax. That would take away too much of their power. After all, their power derives from their ability to dole out our money. And if they don't have power, they can't make themselves and their buddies rich.
RJ| 7.25.12 @ 6:14PM
Today the nation took a step in the right direction. Thank-you, Ron Paul for your leadership on this issue. Now we need to keep the pressure up to ensure this issue continues to a reasonable conclusion.
JmsA| 7.25.12 @ 6:36PM
While they're at it, they should also outlaw the Council on Foreign Relations.
Crassus| 7.25.12 @ 8:27PM
And the Illuminati too.
aware| 7.26.12 @ 5:28AM
The Bavarians did. Ever wonder why?
Sean| 7.26.12 @ 10:24AM
Don't worry the Senate will kill it. After all the FED doesn't want transparency. They are just there to make their buddies rich with insider information. Just take a look at the libor scandal and times that by a trillion to see what the FED is doing.