A bill sponsored by Rep. Ron Paul, R-Texas, that would require a thorough auditing of the Federal Reserve has passed the House Oversight Committee in a bipartisan voice vote with no opposition.
‘The public has a right to know how government spends taxpayer dollars and they have a right to know how government agencies – especially the Federal Reserve – leverage that revenue to create trillions in new debt,’ says Rep. Darrell Issa, R-Calif., the committee's chairman. ‘This measure will bring vital transparency to long-secret Federal Reserve activities affecting public interests.’
The bill, which is supported by a bipartisan coalition of more than 220 Democratic and Republican members of the House of Representatives, is expected to go to the HouseÂ floor for a vote in July. Fed Chairman Ben Bernanke has publicly opposed efforts to have congressional auditing of the central bank.