House Support For Fed Audit Passes 300

Hearings already under way on transparency move

The prime sponsor of a plan to audit the Federal Reserve, which oversees U.S. monetary policy, U.S. Rep. Ron Paul, R-Texas, says his plan has reached 300 co-sponsors in the U.S. House.
Federal Reserve

The legislation calls for a full and complete audit of the Federal Reserve by the Government Accountability Office, reported to Congress by the end of 2010.

"I continue to be pleased that so many of my colleagues are willing to stand up for transparency and accountability in government by cosponsoring this bill," Paul said today.

It was just a week earlier that the first hearing on the plan was held by the House Financial Services Committee.

"We are serious about some legislation," said U.S. Rep. Barney Frank, a key manager for financial legislation in the house and the chairman of the banking committee. He reported he was working on language that will allow for disclosure of Federal Reserve actions, but also provide a cushion between actions and revelation, to prevent the appearance of political influence.

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