Ron Paul’s bill to audit the Federal Reserve continues to gain momentum. It surpassed the level of 218 co-sponsors in the House of Representatives, which means it is now cosponsored by a majority of the members. So far the Republican lawmaker has won 245 co-sponsors to a bill that would require the Fed to be fully transparent and get audited by the end of fiscal 2010.
From IPS: A similar bill in the U.S. Senate was proposed by Democratic Socialist Sen. Bernie Sanders, and has three right-wing Republican co-sponsors.
Meanwhile, a House committee recently approved an amendment offered by left-leaning Democrat Dennis Kucinich to a bill granting more oversight to the Government Accountability Office, which would audit the Fed’s response to the economic crisis specifically.
Notably, the amendment passed committee unanimously, with broad bipartisan support, and now heads to the full House for action.
“The Fed has taken a number of extraordinary and unprecedented steps to address the financial crisis,” Kucinich told IPS in an email. “In so doing, it has committed over one trillion dollars to the purchase and financing of many different kinds of assets. It has selectively intervened in certain economic sectors, while it has ignored others.”
“All of these interventions mark a departure from traditional monetary policy, raise significant public policy questions, and impact taxpayers considerably,” Kucinich said.
According to Campaign for Liberty, “The Fed has so far resisted attempts to provide information on how it is spending the bailout money and currently dictates how accountable it will be to Congress.”
Hearings on Federal Reserve bill to audit are expected within the next month, and with more than 55% of the House of Representatives already co-sponsoring this bill, it has real potential to pass.