Video - Ron Paul Won! House Passes 'Audit The Fed' Bill (July 25, 2012)

Videos Fiat 238 Ron Paul Won! House Passes 'Audit The Fed' Bill (July 25, 2012)

Ron Paul Won! House Passes 'Audit The Fed' Bill (July 25, 2012)

Bloomberg, July 25, 2012. "The US House of Representatives approved legislation that would subject the Federal Reserve to an audit of monetary policy, including deliberations over changes to the benchmark interest rate. The legislation, directing the Government Accountability Office to conduct the audit, is sponsored by Representative Ron Paul of Texas, a candidate for the Republican presidential nomination in 2008 and 2012 and author of "End the Fed." Chairman Ben S. Bernanke has repeatedly said the legislation would open up Fed policy making to political pressure and put the central bank's independence at risk. The bill, which passed 327-98, needs to gain Senate approval and the signature of President Barack Obama before becoming law. House passage of the measure "strikes me as really a last hurrah and send off from the Republican leadership to Ron Paul," Sarah Binder, a senior fellow at the Brookings Institution, who researches the relationship between the Fed and Congress, said before the vote. "I doubt the Democratic Senate will act on the bill." The Republicans voted for the bill 238-1, with Representative Robert L. Turner of New York the only one opposed. Eighty-nine Democrats supported the legislation and 97 voted against it. House passage will create "the perception that Congress is going to politicize the way interest rates are set and that will in itself have a destabilizing effect," Representative Barney Frank of Massachusetts said yesterday during floor ...

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Duration: 7 minutes : 28 seconds
Author: jakoxn
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