A proposal from U.S. Rep. Ron Paul, R-Texas, to audit the Federal Reserve was approaching majority support in the U.S. House, he is confirming the plan has reached that "crucial benchmark." "The tremendous grass-roots and bipartisan support in Congress for H.R. 1207 is an indicator of how mainstream America is fed up with Fed secrecy," Paul said shortly after U.S. Rep Dennis Kucinich, D-Ohio, became the 218th cosponsor, giving the plan, technically, majority support in the 435-member House.
"I look forward to this issue receiving greater public exposure," Paul said.
A spokeswoman in Paul's offfice said by the end of the business day in Washington, D.C., the plan had attracted 221 cosponsors. She said hearings on the transparency of the Federal Reserve are expected over the next month as part of the Financial Services Committee's series of hearings on regulatory reform.
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