The Washington establishment suffers a serious defeat
Something quite amazing happened yesterday in Congress: the House Finance Committee — in a truly bipartisan and even trans-ideological vote — defied the banking industry, the Federal Reserve, the Democratic leadership, and mainstream Beltway opinion in order to pass an amendment, sponsored by GOP Rep. Ron Paul and Democratic Rep. Alan Grayson, mandating a genuine and probing audit of the Fed. The Huffington Post‘s Ryan Grim has the best account of what took place, noting:
In an unprecedented defeat for the Federal Reserve, an amendment to audit the multi-trillion dollar institution was approved by the House Finance Committee with an overwhelming and bipartisan 43-26 vote on Thursday afternoon despite harried last-minute lobbying from top Fed officials and the surprise opposition of Chairman Barney Frank (D-Mass.), who had previously been a supporter.
Continue reading Bipartisan Revolt Passes Bill in House Finance Committee to Audit the Secretive Federal Reserve: Where did our money go?