The House of Representatives is preparing to vote Tuesday on a Rep. Ron Paul sponsored bill that would direct the Government Accountability Office to conduct an annual Fed review with the goal of providing greater transparency in to what the Fed actually executes and facilitates to protect monetary policy. With already 274 co-sponsors in the GOP-controlled House, passage of the "audit the Fed" bill is near guaranteed. Less can be said for the bill's chances in the Democrat-controlled Senate, where Rep. Paul's son Rand; the junior Republican Kentucky Senator, has introduced a companion bill that will likely not be touched with little time left before elections in November and more Fed support in the Senate.
Auditing the Fed has been a long-time cause for Rep. Paul, who recently told NewsMax that Americans are "waking up" to the idea as more realize the central bank has made the nation's middle class "much poorer."
"Real Wealth isn't going up," Rep. Paul said to NewsMax. "Good jobs are going away."
Critics of the Paul plan, including Fed Chair Ben Bernanke, call the bill a “nightmare scenario” that would inject politics into what is largely seen as an independent organization.
The bill and Fed were analyzed on "Real News" Monday, questioning whether the central bank is achieving its institutional goals and what Rep. Paul's legislation can really accomplish: