July 25, 2012, 9:31 a.m. EDT
Paul’s audit-the-Fed bill up for House vote
Passage expected but measure faces uncertain future in Senate
By Robert Schroeder and Greg Robb, MarketWatch
WASHINGTON (MarketWatch) — A bill authored by Rep. Ron Paul that would open up previously secret Federal Reserve deliberations to scrutiny by members of Congress is set to pass the House of Representatives on Wednesday, but it faces an uncertain future in the Senate.
The bill from Paul, a persistent Fed critic, would remove all restrictions on the Government Accountability Office’s ability to examine the central bank’s deliberations. Fed Chairman Ben Bernanke opposes the bill, and argued last week that the Fed’s discussions about monetary policy should be protected.
Paul, a Texas Republican still officially seeking his party’s presidential nomination, has consistently argued that the Fed needs to be more transparent. The measure needs a two-thirds majority to pass. As of Tuesday it had more than 270 co-sponsors, so passage seemed likely.
“The Fed needs transparency and [my bill] would provide it,” Paul said earlier this month.
Paul has 41 Democrats as co-sponsors.
More: http://www.marketwatch.com/story/pauls-audit-the-fed-bill-up-for-house-vote-2012-07-25
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