Ron Paul (not my favorite dude) but credit where credit is due -he is going to audit the FED.
Rep. Ron Paul (R-Tex.) introduced a bill to audit the Federal Reserve Wednesday, a move he’s made for decades.
But this year he's got more momentum. He chairs the Financial Services subcommittee that oversees the central bank, a perch that will help him drum up support for his measure. So far he has 56 co-sponsors
“I was very pleased that so many of my colleagues were willing to stand up for transparency and accountability in government by cosponsoring HR 1207 in the last Congress,” Paul said in a statement Wednesday. “I am optimistic about our prospects for a full and complete audit in the 112th Congress.”
The Texas Republican’s bill would require the Government Accountability Office to do a thorough review of the Fed’s finances, and to then report its findings to Congress. Currently, the GAO doesn’t have the power to do a complete audit.
Paul’s attack on the Fed made it through the House’s version of financial reform legislation last year, only to get stripped out of the measure in the Senate. This year, he’s got at least one supporter in the Senate, his son, freshman Republican Sen. Rand Paul (R-Ky.), though the measure would face a steep climb in the upper chamber.
Paul has long railed against the Federal Reserve for improperly inflating the value of the paper dollar. He introduced a similar measure in 1983, but only garnered 18 co-sponsors then.
This year, dozens of new House Republicans who campaigned against centralized government are expected to throw their support behind the legislation