Ron Paul's Bill To Audit Fed Sails Through House

Law360, New York (July 25, 2012, 4:44 PM EDT) -- The U.S. House of Representatives on Wednesday approved a bill by Rep. Ron Paul, R-Texas, to audit the Federal Reserve, which supporters say will cast much-needed transparency on the central bank's inner workings and opponents claim will compromise the Fed's independence.

The Federal Reserve Transparency Act, which 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, passed by a 327-98 vote. It received...
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