It only took a few decades of incredibly dedicated work to accomplish, but Congressman Ron Paul has successfully shepherded his Federal Reserve Transparency Act through to approval by the full U.S. House of Representatives.
Here’s what the press release from Rep. Paul’s congressional office had to say about it late yesterday afternoon:
WASHINGTON, July 24 – Congressman Ron Paul today applauded the passage by the House of Representatives of H.R. 459, the Federal Reserve Transparency Act. The bill, which calls for a full audit of the Federal Reserve System– including its lending facilities and critical monetary policy operations– passed overwhelmingly by a bipartisan vote of 327-98.
“I am very pleased that the House passed my Audit the Fed legislation today,” Congressman Paul stated. “It has been a long, hard fight, but Congress finally is getting serious about exercising its oversight responsibility over the Federal Reserve. Auditing the Fed is a common sense issue supported by the overwhelming majority of the American people. The Fed’s trillions of dollars worth of asset purchases and its ongoing support of foreign central banks cannot be allowed to continue without Congressional oversight. Today’s passage of H.R. 459 is a good first step towards full Fed transparency, and I hope that the Senate will consider the bill before the end of the year.”
Getting the bill through the Senate successfully and seeing it signed into law may prove to be wishful thinking, however, especially considering the extent to which many prominent Senators are joined at the hip to big banking interests. But getting the Audit the Fed bill through the House is certainly worth celebrating on its own.
All this brings to mind some of the reflections on banking, super-PACs, and the Wizard of Oz that I shared with subscribers at FinancialCyclesWeekly.com a few months ago. The article is titled “Super PACs, Central Banks, and Irrational Exuberance: the Man Behind the Curtain” – you can read it in its entirety by CLICKING HERE.