House passes Ron Paul's audit-the-Fed bill - 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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