Republican Presidential candidate Ron Paul’s mission to conduct a broad audit of the Federal Reserve moved a little closer to fruition on Wednesday.
The House oversight committee voted Wednesday to demand a broad audit of the Federal Reserve System by Congressional investigators in relation to a bill sponsored by Paul.
The bill was passed by a voice vote and will now advance to consideration in the full House.
“Clearly the Fed must be made too big to fail, and too big to fail requires a considerable amount of oversight,” said Representative Darrell E. Issa (R-Calif.), chairman of the committee, according to The Washington Times.
Paul’s bill has garnered 257 co-sponsors from both parties and would require the Government Accountability Office (GAO) to conduct a full audit of the Federal Reserve’s operations, including its monetary policy deliberations.
Representative Elijah Cummings (D-Md.) attempted to introduce an amendment that would prevent the GAO from auditing the Fed’s deliberations on monetary policy, but withdrew the attempt after Issa said it would “gut the bill.”
“This whole idea about ‘Well, we can’t touch the Fed’ is baloney,” said Representative Dennis J. Kucinich (D-Ohio). “We have to be able to have control over the Fed because it’s controlling every aspect of our economy.”