On July 25th the U.S. House of Representatives passed Ron Paul’s “Federal Reserve Transparency Act of 2012” (HR 459) by a wide, bipartisan vote of 327-98. The bill would require the Government Accountability Office (GAO) to conduct comprehensive audits of the Fed’s Board of Governors and 12 regional banks, whose actions directly influence U.S. monetary policy, inflation, and the economy.
Among those voting FOR this important bill were all five of Iowa’s U.S. Representatives: 1st District- Bruce Braley (D); 2nd Dist.- Dave Loebsack (D); 3rd Dist.- Leonard Boswell (D); 4th Dist.- Tom Latham (R); 5th Dist.- Steve King (R). All five were also co-sponsors of the bill. Good work gang!
The bill will now move to the Senate where it faces a rocky future. Iowa Senator Chuck Grassley (R) is already a co-sponsor of the companion bill in the Senate (S.202). Unfortunately, our junior senator, Tom Harkin (D), appears okay with allowing the Fed to control our country’s monetary system in secrecy. Liberty Iowa PAC has set up an online petition to ask Harkin to support the bill. You can click here to sign it or call Senator Harkin at 1(202) 224-3254.