Lawmakers Spar Over Ron Paul's Bill To Audit Fed

Law360, New York (July 24, 2012, 7:45 PM EDT) -- Lawmakers clashed Tuesday over a bill by Rep. Ron Paul, R-Texas, to audit the Federal Reserve, with supporters claiming the bill would cast much-needed transparency on the central bank's inner workings and opponents claiming it would compromise the Fed's independence.

The bill, poised for a House vote on Wednesday, calls for the U.S. comptroller general to conduct a full audit of the Board of Governors of the Federal Reserve System as well as its 12 regional banks, spread around the country.

“Congress has rightly insulated the...
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