H.R. 459 - Federal Reserve Audit

The Federal Reserve System, essentially a cartel of private banks functioning as a central bank, is unconstitutional and is responsible for much of the nation's current financial problems via its control of money and credit. An audit of the Fed would shed light on its otherwise secretive practices and perhaps open the door for its eventual abolishment.

Constitutional Vote: Yes

Vote Date: July 25, 2012

Federal Reserve Audit. Rep. Ron Paul (R-Texas) introduced a bill (H.R. 459) to require a full audit of the board of governors of the Federal Reserve System and the Federal Reserve banks by the comptroller general of the United States.

The House passed the bill on July 25, 2012 by a vote of 327 to 98 (Roll Call 513). We have assigned pluses to the yeas because the Federal Reserve System, essentially a cartel of private banks functioning as a central bank, is unconstitutional and is responsible for much of the nation’s current financial problems via its control of money and credit. An audit of the Fed would shed light on its otherwise secretive practices and perhaps open the door for its eventual abolishment.