‘Audit the Fed’ Bill Advances in House

The House oversight committee voted Wednesday to demand a broad audit of the Federal Reserve system by congressional investigators - a major move lawmakers said is designed to bring accountability to the murky workings of the independent board.

The bill was sponsored by Rep. Ron Paul, the Texas Republican who turned the push for an audit into a powerful campaign slogan and whose criticism of the Fed’s monetary policy drew hundreds of thousands of voters into the political process.

It passed by voice vote, signaling the growing sense among lawmakers that the time has come for a full review. Committee members said they hope for a vote in the full House next month, and the legislation has been sponsored by 263 members, virtually assuring its passage.

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