It has been reported that the House has passed Ron Paul's audit-the-Fed bill which would open up previously secret Federal Reserve deliberations to scrutiny to members of Congress. The bill was approved by a vote of 327 to 98. The bill is opposed by the Fed because it allows audits of their monetary policy operations.
By Robert Schroeder
July 25, 2012, 3:01 p.m. EDT
WASHINGTON (MarketWatch) -- A bill that would open up previously secret Federal Reserve deliberations to scrutiny by members of Congress passed the House of Representatives on Wednesday. The measure, authored by longtime Fed critic Rep. Ron Paul, was approved on a vote of 327 to 98. The Fed opposes the bill, which would allow audits of the central bank's monetary policy operations. The Fed now releases a summary of its interest rate-setting meetings after three weeks, but does not release a full transcript for five years. The measure faces long odds in the Democrat-controlled Senate.
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