There will likely be some mind-blowing revelations coming from an audit of the Federal Reserve. Democrats in Congress and Barack Hussein have fought such an audit for years. That alone is evidence that the revelations will be mind-blowing, and probably frightening.

Finally, it is going to happen! Jason Chaffetz and his House Committee on Oversight and Government Reform approved H.R.24 after a brief debate.

A House panel on Tuesday approved legislation that would let a government watchdog audit the Federal Reserve’s monetary policy decisions, a move bitterly opposed by the central bank, according to Market Watch.

Trending: Public Service Announcement: Be prepared! DHS issues severe warning that US electric grid is a ‘prime target’ and under ‘profound threat’ of terrorist attack

The House Committee on oversight and government reform passed the measure by voice vote after roughly 30 minutes of debate.

take our poll - story continues below

Should Joe Biden drop out of the Presidential race because of his inappropriate touching of women?

  • Should Joe Biden drop out of the Presidential race because of his inappropriate touching of women?  

  • This field is for validation purposes and should be left unchanged.
Completing this poll grants you access to Powdered Wig Society updates free of charge. You may opt out at anytime. You also agree to this site's Privacy Policy and Terms of Use.

The bill was the brainchild of Ron Paul, the former House Republican and libertarian presidential candidate and sharp critic of the U.S. monetary policy. Versions of the bill have twice passed the House by wide margins but then stalled due to lack of support from Democrats in the Senate and the Obama administration.

Analysts said the measure has a better chance to become law now that Republicans control both houses of Congress and the White House. Paul’s son, Rand, the Republican senator from Kentucky, has introduced a similar measure in the Senate.

Democrats in the committee were firmly against the bill.

“This bill would open the floodgates to political interference in monetary-policy making,” said Del. Eleanor Holmes Norton, a Democrat from the District of Columbia.

Rep. Carolyn Maloney, a Democrat from New York, said the measure would lead to higher interest rates because it would undermine the market’s confidence in the independence of the central bank.

Republicans said the measure was needed to rein in the Fed.

“It is ironic that the arsonists that caused the financial collapse are now being given credit…for putting out the fire. Almost every macroeconomist concedes in retrospect that [the Fed’s] extended period of easy money led to the financial crisis,” said Rep. Thomas Massie, a Republican from Kentucky.