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.