Wednesday, July 25, 2012

A victory for all the Paulians

Posted By on Wed, Jul 25, 2012 at 6:06 PM

A fan of U.S. Rep. Ron Paul? Got a dog-eared copy of his book End the Fed on your bookshelf, and mises.org bookmarked on your internets?

Rep. Ron Paul
  • Rabblerousing U.S. Rep. Ron Paul

Well, congratulations, as today is an auspicious day in the career of Dr. No.

From ABC News:

The House of Representatives on Wednesday overwhelmingly approved the Texas Republican's bill to increase the transparency of the Federal Reserve. With bipartisan support, the measure passed 327-98.

For Paul, the path to getting his bill approved in the House has been a long, and often lonely one. He first introduced the bill to a skeptical House a decade ago. While his efforts were ignored at the time, the call to audit the Fed has gained support from mainstream Republicans and Democrats.

Our own Rep. Doug Lamborn voted in support of the measure, H.R. 459. He issued a press release trumpeting the vote:

Congress has the constitutional authority over the nation’s money supply, which it has delegated to the Federal Reserve. However, under current law, Congress is prohibited from looking into how the Fed manages that delegated authority.

“Since the beginning of our nation’s current financial crisis in 2008, the Federal Reserve has tripled its balance sheet through an unprecedented series of bailouts and economic interventions. Much of the Fed’s activities are off limits to Congress for review.

“This is unacceptable. H.R. 459 will open up the Fed’s books for a thorough audit. The American taxpayer deserves to know what is going on with their money.”— Doug Lamborn (CO-05)

But does the bill's passage through the House mean it's destined for the president's pen? It's got to get through the Democrat-controlled Senate first, which, according to the Wall Street Journal, appears unlikely.

A senior Democratic Senate leadership aide said there are no plans to bring the bill up in the Senate, but didn’t rule out an attempt by Republicans to seek a vote on the measure as part of another piece of legislation. The Senate would be almost certain to defeat it given the Democratic majority in the chamber.

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