Paul’s Fed Audit Bill Passes House

0 Shares
paul0725_image

Ron Paul’s revolutionary bill to audit the Federal Reserve passed the House of Representatives overwhelmingly by a vote of 327-98 on Wednesday afternoon.

Paul’s bill received backing from all House Republicans but one (Representative Bob Turner of New York), as well as support from 89 Congressional Democrats.

Representative Dennis Kucinich (D-Ohio) said of the bill: “The Fed creates trillions of dollars out of nothing and gives it to banks. Congress is in the dark. The Fed sets the stage for the subprime meltdown. Congress is in the dark. The Fed takes a dive on LIBOR. Congress is in the dark. The Fed doesn’t tell regulators what is going on. Congress is in the dark.”

He also noted that the vote occurred the same day The Washington Post published a damning story about how the New York Fed “did not communicate in key meetings with top regulators that British bank Barclays had admitted to Fed staffers that it was rigging LIBOR,” the index that sets interest rates worldwide.

Despite the victory, a Senior Senate Democratic aide said the bill isn’t likely to go anywhere in that chamber in the near future, according to the Huffington Post.

 

Sam Rolley

Sam Rolley began a career in journalism working for a small town newspaper while seeking a B.A. in English. After covering community news and politics, Rolley took a position at Personal Liberty Media Group where could better hone his focus on his true passions: national politics and liberty issues. In his daily columns and reports, Rolley works to help readers understand which lies are perpetuated by the mainstream media and to stay on top of issues ignored by more conventional media outlets.

Join the Discussion

Comment Policy: We encourage an open discussion with a wide range of viewpoints, even extreme ones, but we will not tolerate racism, profanity or slanderous comments toward the author(s) or comment participants. Make your case passionately, but civilly. Please don't stoop to name calling. We use filters for spam protection. If your comment does not appear, it is likely because it violates the above policy or contains links or language typical of spam. We reserve the right to remove comments at our discretion.