A House panel has just approved legislation allowing a government watchdog audit of the Federal Reserve’s policy decisions, a move the central bank is strongly opposed to.
This concept was made popular by Ron Paul, the former presidential candidate who has always opposed the Federal Reserve system, in addition to nearly all modern U.S. foreign policy decisions.
Previous versions of the bill have twice easily passed the House in a landslide victory, but due to lack of support from Democrats in the Senate and the Obama administration, failed to manifest into actual policy.
This time around we may see a different end result, considering that Ron Paul’s son, Rand Paul, has already introduced a measure about the same thing in the Senate.
— Senator Rand Paul (@RandPaul) January 4, 2017
So far, most Democrats seem to be not interested in auditing the Federal Reserve.
“This bill would open the floodgates to political interference in monetary-policy making,” said Congresswoman Eleanor Holmes Norton, a Democrat from the District of Columbia.
For whatever reason, more Republicans believe an audit is needed to rein in the central bank.
If you’re slightly confused about the importance of this bill, you may want to watch the documentary embedded below by James Corbett about the history of the Federal Reserve.
If you’re short on time, here’s Abby Martin interviewing James Corbett back in 2014 on Breaking the Set about the documentary above:
The next step for the bill would be a floor vote by the House, where Republicans hold a majority, followed by a Senate vote.
This is a breaking news story and will be updated shortly.