A House panel on Tuesday approved legislation that would let a
government watchdog audit the Federal Reserve’s monetary policy
decisions, a move bitterly opposed by the central bank.
The House Committee on oversight and government reform passed the measure by voice vote after roughly 30 minutes of debate.
bill was the brainchild of Ron Paul, the former House Republican and
libertarian presidential candidate and sharp critic of the U.S. monetary
policy. Versions of the bill have twice passed the House by wide
margins but then stalled due to lack of support from Democrats in the
Senate and the Obama administration.
Analysts said the measure
has a better chance to become law now that Republicans control both
houses of Congress and the White House. Paul’s son, Rand, the Republican
senator from Kentucky, has introduced a similar measure in the Senate.