Kurt Bills, Republican candidate for US Senate, went to the House of Representatives for the historic vote to audit the Federal Reserve (the "Fed").
The vote on The Federal Reserve Transparency Act, H.R. 459, came up for a vote Wednesday. It had 270 co-sponsors, including nearly four-dozen Democrats.
The bill passed with overwhelming bipartisan support: 327-98.
Amy Klobuchar has voted against amendments to audit the Fed in the US Senate.
Representative Ron Paul has been an strong advocate of auditing the Federal Reserve, a goal once thought quixotic, but now mainstream. The Fed was placed in control of monetary policy by the Federal Reserve Act of 1913.
The Fed controls the US monetary supply and interest rates, and is responsible for the stability of the US banking system. It has recently created trillions of dollars of new money in a process called "quantitative easing," and has engaged in massive lending to both US and foreign banks. It owns trillions in assets, and has been one of the largest purchasers of US bonds in recent months, and is buying bonds from European countries.
"The Fed controls the supply of money. It owns trillions of dollars of assets, and is now one of the largest holders of US debt. It intervenes in both US and foreign markets, yet we know only what the Chair of the Fed chooses to tell us," said Kurt Bills.
"The fed destroys the purchasing power of Minnesota families as they struggle with their daily bills. This is an important first step in holding them accountable to the American people. If you are driving up the price of food, gas, and everything else, you need to answer for that," Bills concluded.