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One step closer: 'Audit the Fed' bill advances in the House

Sen. Rand Paul and Rep. Thomas Massie have introduced "audit the fed" legislation, which has cleared the House Oversight Committee (Photo by Drew Angerer/Getty Images)

A long sought after action by Libertarians is one step closer to becoming a reality, as Rep. Thomas Massie’s (R-KYwhen ) Federal Reserve Transparency Act of 2017 (H.R. 24) is one step closer to being passed by the House.

The bill soared through The House Committee on Oversight and Government Reform after it was passed by voice vote with just around 30 minutes of debate. Libertarians and Republicans have been very supportive of such bills in the past, including the Federal Reserve Transparency Act of 2012 - a creation of then Texas congressman Ron Paul - which was overwhelmingly passed in the House with a bipartisan vote.

This time, however, the Democrats would have nothing to do with the bill, according to Market Watch.

“This bill would open the floodgates to political interference in monetary-policy making,” said Del. Eleanor Holmes Norton, a Democrat from the District of Columbia.

Rep. Carolyn Maloney, a Democrat from New York, said the measure would lead to higher interest rates because it would undermine the market’s confidence in the independence of the central bank.

Massie responded to the Democrats criticism of the bill, saying “It is ironic that the arsonists that caused the financial collapse are now being given credit…for putting out the fire. Almost every macroeconomist concedes in retrospect that [the Fed’s] extended period of easy money led to the financial crisis.”

While Ron Paul's 2012 bill stalled and died due to Democrat control of both the Senate and the White House, the 2017 bill has no such hurdles in front of it. In fact, Trump has expressed his support for auditing the fed when Kentucky Senator Rand Paul - son of Ron Paul - introduced companion legislation to Massie's bill in the Senate in the form of S. 16 at the start of the year.

Furthermore, if - and likely when - the bill comes to the Senate, Paul will likely have the support of Democrat Vermont Senator Bernie Sanders, who has expressed support for the bill as well, and will likely attempt to sway a number of other Democrats to his side.

One last thing…
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