Ron Paul’s Political Legacy Will Be Decided TODAY
Wednesday, July 25, 2012 at 08:38AM 
Wednesday the 25th of July is the day that libertarian Congressman Ron Paul’s political legacy will be written, as the House votes on his bill to audit the Federal Reserve.
In order to pass, the Federal Reserve Transparency Act, H.R. 459, needs two-thirds of the House to vote in favor. That equates to around 292 votes.
Last month, a bipartisan vote in the House Oversight Committee was almost completely unanimous in approving the bill, advancing it to the House floor.
The bill has 270 co-sponsors, including nearly four dozen Democrats, and insiders believe that every Republican representative will support the legislation, meaning that barring some major flip flopping, the bill will be successfully passed.
If it is successful, the bill would require the Government Accountability Office (GAO) to conduct a top to bottom audit of the Fed’s board of governors and 12 regional banks, and reveal details of its private monetary policy deliberations.
While House Minority Whip Steny Hoyer is leading a Democratic charge against the bill, claiming that it will overly politicize the Fed’s monetary policy and “jeopardize the Fed’s independence”.
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