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Ron Paul's 'Audit the Fed' bill on fast track
Wed, 01 Jul 2009 02:33:34 GMT
The legislation introduced by Texas Republican Ron Paul to audit the Federal Reserve is gaining momentum as more US lawmakers are rallying to support for the bill.

The Libertarian Republican cited the current financial downturn in the US as the main reason behind his bill.

"In the past, I never got much support, but I think it's the financial crisis obviously that's drawing so much attention to it, and people want to know more about the Federal Reserve," Paul told FOXNews.com on Tuesday.

Paul has gained the backing of 245 co-sponsors for a bill popularly known as the “Audit the Fed” bill.

The bill will authorize the Government Accountability Office (GAO) to audit the Fed and inform the Congress of its findings.

Presently the GAO is severely restricted in the conduct of such audits.

"Ron Paul has the right idea on this," said Sen. Jim DeMint, R-S.C., who supports similar legislation in the Senate. "I'm just hoping we can get a clear audit. ... We need to know what they're up to."

President Barack Obama's administration has given the Fed new powers to oversee the financial system and regulate it, but Paul believes there should be more transparency on the side of the government.

"If they give them a lot more power and there's no more transparency, that'll be a disaster," he said.

Paul had proposed similar legislation back in 1983, but it failed to gain much support at the time.