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.
