“Audit The Fed” Bill Passes House Oversight Committee

The House Oversight Committee voted on Wednesday to audit the Federal Reserve system via congressional investigators. The vote signals a major move by lawmakers to make the independent central bank accountable.

The bill that is being put forth has as it’s sponsor Texas congressman and GOP presidential candidate Ron Paul. The issue of the Federal Reserve and its monetary policies have come out in the open in the past few years, but especially this year when “End the Fed” became one of the battle cries of the Paul campaign.

Representative Darrell Issa (R-CA) said, “Clearly the Fed must be made too big to fail, and too big to fail requires a considerable amount of oversight.”

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Currently federal law prohibits the kind of audit being promoted in Paul’s bill. Some even suggest that such auditing would undermine the Federal Reserve’s independence.

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The bill would audit the Federal Reserve’s books, as well as, it’s decision making and lending policies. This audit would be conducted by the Government Accountability Office (GAO). That part is not so good as they are the very ones who have been looked at for spending nearly a million dollars of taxpayer money in Las Vegas recently and then posting music videos singing about it.

The Washington Times reports,

The bill would direct the Government Accountability Office to complete a broad audit that presumably would include a peek at the Fed’s decision-making and many of its lending policies.

The committee defeated an amendment sponsored by Rep. Elijah E. Cummings, Maryland Democrat, that would have prevented auditors from getting a look at the minutes of internal board discussions.

Rep. Dennis J. Kucinich, (D-OH) said, “This whole idea about ‘Well, we can’t touch the Fed‘ is baloney. We have to be able to have control over the Fed because it’s controlling every aspect of our economy.”

What most miss in the issue is that the use of the Federal Reserve is completely unconstitutional. I have taken the time to deal with this in an article that specifically says who has authority to coin money and what is considered money in the U.S. Constitution. While people laugh and balk at what the Constitution says, it still says it. Making a law that is against the Constitution is an illegal law and the use of the Federal Reserve to print fiat money is contrary to our Constitution and is one of the reasons we are in debt. Notice I said one. The other is reckless spending, and by the way it is happening on both sides of the aisle.

The bill seems to be a step in the right direction. Hopefully that direction has a dead end sign that reads, “End The Fed.”

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