H.R. 24 ‘Audit the Fed’ Bill Passes in House

 

 

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H.R. 24 ‘Audit the Fed’ Bill Passes in House

The West Wire News

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From Congressman Paul Broun–U.S. Rep. Paul Broun, M.D. (GA-10) today released the following statement after H.R. 24, the Federal Reserve Transparency Act (Audit the Fed), passed in the U.S. House of Representatives with strong bipartisan support. H.R. 24 has over 220 cosponsors and passed overwhelmingly by a 333-92 margin.

Said Rep. Paul Broun:

“Today’s passage of the Audit the Fed bill brings us one step closer towards bringing much-needed transparency to our nation’s monetary policy. For the past 100 years, the Federal Reserve, a quasi-government agency, has acted under a veil of secrecy – controlling our monetary policy and thus, our economy. While in recent years, the Fed has been granted a greater role in overseeing the regulation of our financial system, current law specifically prohibits audits of the Federal Reserve’s deliberations, decisions, or actions on monetary policy. This lack of accountability and transparency has led to grievous consequences – and it must end.

“I applaud my colleagues, Republicans and Democrats alike, for their support of this vital bill, and I commend my good friend and former colleague Dr. Ron Paul for his leadership on this important issue. I strongly encourage Senate Majority Leader Harry Reid to recall his past support for this legislation – which he stated as recently as 2010 – and to bring this bill before the Senate for a vote, so we may deliver the transparency and government accountability the American people need and deserve.”

From Campaign for Liberty–Last Congress, Senator Rand Paul (R-KY) introduced companion legislation, S.202, which gained 37 cosponsors.  Senate Majority Leader Harry Reid refused to allow Audit the Fed to be brought to the floor for a vote despite repeatedly calling for an audit of the Federal Reserve throughout his career.

Congressman Paul Broun (R-GA) reintroduced Dr. Paul’s Audit the Fed bill in January 2013 as H.R 24, “The Federal Reserve Transparency Act of 2013,” in the 113th Congress.  The bill, which was cosponsored by 224 Representatives, passed the House of Representatives on September 17, 2014, by a vote of 333-92.  Senator Rand Paul has again introduced companion legislation, S. 209, which currently has 30 cosponsors.