House passes Ron Paul's audit-the-Fed bill

Via Billy

Retiring Fed critic savors triumph, but bill faces long odds in Senate

A bill authored by Rep. Ron Paul that would open up previously secret Federal Reserve deliberations to scrutiny by members of Congress passed the House of Representatives on Wednesday, but the measure faces long odds in the Senate.

The bill from Texas Republican 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.

The House vote was a moment of triumph for Paul, who announced earlier this year that he won’t seek another term. He has long sought to shed light on the Fed’s operations, and the full House vote put his once-obscure quest in the national spotlight. Read about bill on Paul's web site.

“The Fed needs transparency and [my bill] would provide it,” Paul said earlier this month.

The measure passed overwhelmingly, garnering 327 yes votes, and 98 no votes. It had 274 co-sponsors, including 45 Democrats.

More @ Market Watch