WASHINGTON - The House has voted to give Congress greater scrutiny over the Federal Reserve, approving legislation sponsored by longtime Fed nemesis, Republican Rep. Ron Paul of Texas.
The legislation requires the Government Accountability Office to carry out comprehensive audits of the bank. It passed easily but faces an uncertain future in the Senate.
The three-time presidential candidate Paul, who is retiring at the end of this session, has made a career of trying to do away with the Fed, which he blames for government growth. Failing to accomplish that, he has pushed to make the independent central bank's operations more transparent.
The Fed is already subject to annual audits, but Paul's bill goes further in requiring inspections of the bank's monetary policy decision-making.
Fed Chairman Ben Bernanke has opposed the legislation.
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