Via Yahoo! News:
While Ron Paul may not be the next president, he can chalk up one victory this year. The Texas Republican’s “audit the fed” bill has passed the house. Needless to say, Federal Reserve Chairman Ben Bernanke and his allies are not pleased:
“This bill would … jeopardize the Fed’s independence by subjecting its decisions on interest rates and monetary policy to GAO audit,” said House Minority Whip Steny Hoyer, a Democrat from Maryland. “I agree with Chairman Bernanke that congressional review of the Fed’s monetary policy decisions would be a ‘nightmare scenario,’ especially judging by the track record of this Congress when it comes to governing effectively.”
Despite the excitement of House Republicans, Paul’s victory can probably be considered a moral one only: Democratic Senator Harry Reid described the bill as “dead on arrival” once it arrives at the Senate.
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