Congressman Ron Paul may be gone from the House, but his legacy lives on as the Republican-controlled House of Representatives voted on Wednesday to audit the fed- a longtime goal championed by the former Congressman and two-time presidential candidate.
The Federal Reserve was formed over 100 years ago as a means to fight inflation and aid in the country’s economic growth. However, many fiscal conservatives have made entire careers out of combating the Federal Reserve and charging that the institution aids in economic instability. In recent years, fiscal conservatives have called for an auditing of the Fed, but efforts have stalled against Democrat opposition.
In 2012, the House passed H.R. 459 that would audit the Fed, but the Democrat-controlled Senate thwarted the effort. On Wednesday, the U.S. House of Representatives passed H.R. 24 by a vote of 333-92.
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