Posted By Steve Adcock On March 15, 2010 (6:43 am) In Voices and Choices

In legislation that Texas Representative Ron Paul has attempted to get through Congress for a number of years, his proposal that would require an GAO audit of the nation’s Federal Reserve is pending inclusion into a financial reform bill in the Senate.

Texas Representative Ron PaulPaul’s D.C. office said they are hopeful that the bill will be officially included by the end of next week.

Paul’s “Audit the Fed” legislation has already been approved by the House of Representatives last year and is awaiting passage in the Senate.  The bill would require the audit’s findings to be presented to Congress and be made publicly available.

“With unprecedented turmoil in the financial markets, the people are demanding to know and understand the extent of the Federal Reserve’s involvement in the creation of out-of-control business cycles, who they are helping, and how,” Paul argued shortly before his bill’s passage in the House.

Federal Reserve officials and some legislators, who are used to operating under a cloak of secrecy, are naturally opposed to the move to open up the Fed’s system of accountability.  “Legislators supporting secrecy and more power for the Fed are wildly out of touch with the nation and their constituents, not to mention the Constitution,” wrote Alex Newman for the New American magazine.

“Congress should swiftly audit the Fed. And after the American people find out what has been going on, it should be promptly abolished.”