House Passes Audit the Fed Bill

W. James Antle, III
The American Spectator

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.

UpdateFed Considers Bailing Out Obama

Just how subservient to Barack Obama is the Fed? We’ll soon find out. The Fed is considering pumping more money into the economy and inflating the currency by the end of September, just in time to artificially stimulate growth and help Obama’s reelection prospects. Just two weeks ago, Senator Chuck Schumer told the Fed it should act before the 2012 election…

Read the rest at Breitbart’s Big Government.

Update 2Eight co-sponsors of ‘audit the Fed’ bill vote against it without explanation

…The eight co-sponsors, all Democrats, that voted against their own legislation not only sponsored the 2012 bill, but each also co-sponsored its 2009 incarnation.

A spokesman for California Democratic Rep. Pete Stark merely informed TheDC, “He did not release a statement,” and declined to explain his about-face.

Spokesmen for the other seven flip-floppers — Lynn Woolsey of California, John Conyers of Michigan, Maurice Hinchey of New York, Jim McDermott of Washington, Marcy Kaptur of Ohio, Steven Rothman of New Jersey and Silvestre Reyes of Texas — did not respond at all…

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