The overwhelming 327-98 vote sends the bill to the Senate where Majority Leader Harry Reid, Nevada Democrat, has previously expressed support for an audit — though it’s unclear he’ll carve out time for the legislation this year.
But House passage already marks a high-water mark for those who for years have been pushing for an audit, led by Mr. Paul. The Texas Republican rode the issue to prominence in two different presidential campaigns, and said the bill is a chance for Congress to begin to reclaim the money and banking powers it is given in the Constitution, but had delegated to the Fed.
“It is up to us to reassert ourselves,” Mr. Paul said during floor debate Tuesday.
◼ "Ron Paul's 'Audit The Fed' bill is a reminder of his tireless efforts to promote sound money and a more transparent Federal Reserve," Romney posted on Twitter. - ABC
"...Ron Paul's 'Audit The Fed' bill is a reminder of his tireless efforts to promote sound money and a more transparent Federal Reserve," Romney posted on Twitter....
While Wednesday's passage in the lower chamber is a victory for Paul and his supporters, the bill is considered dead on arrival in the Senate. Harry Reid, the Senate Majority Leader and Nevada Democrat, has vowed not to put it to a vote.