Texas Congressman and Republican Presidential candidate Ron Paul sent out a tweet on May 25th that House leader Eric Cantor has announced today that he will be bringing the Audit the Fed legislation to the House floor for discussion and a vote.
The Audit the Fed proposal and bill has been sitting in Congress since 2009, with a newly updated version appearing in the 2011/2012 Congressional record. Hundreds of co-sponsors from both sides of the aisle have signed onto the legislation, and today is the first time Republican leadership has willingly stepped out in support of the highly popular bill.
Auditing the Federal Reserve, and putting an end to the Fed, has been a decades long goal for Ron Paul. It has only been recently that his arguments have found fruitful ground with other members in Congress. Additionally, tt was only after the credit crisis of 2008, and the subsequent revelations that our central bank spent trillions in taxpayer dollars to bail out foreign banks that Congressman Paul garnered enough support in Congress to finally seek an audit of the private Federal Reserve.
As the global financial system teeters on the cusp of another recession, and nations throughout the Eurozone fall to economic insolvency, the time appears right for Congress to finally address the issue of the Federal Reserve, especially before their original 100-year charter expires.
It took decades, and a great deal of work in both Congress, and in public opinion, but Ron Paul appears to have finally achieved his goal of bringing legislation before the House floor to audit the Federal Reseve. Eric Cantor's decision as a prime leader in the Republican party to bring the bill before Congress in July will have staggering effects on what the Fed may have to reveal in subpoened testimony, and what efforts they may be handcuffed from doing going forward if the economy continues to decline.