As expected, the House overwhelmingly passed legislation (H.R. 24) to audit the Federal Reserve with a vote of 333-92. This goes to show that bringing transparency to the central bank is a bipartisan issue that transcends party lines. FreedomWorks will be scoring this important vote in our congressional scorecard to hold legislators accountable.

Good news!

Positive economic news in recent months point towards an economic recovery. But, excessive government interventions are holding down growth and monetary manipulations threaten to derail any long-term economic stability.

A no-brainer issue that should unite practically everyone is auditing the Federal Reserve. Some may find it hard to believe that the central bank of the United States has never been fully audited. The public and even Congress is left in the dark about what goes on behind closed doors at the Fed. This severe lack of transparency is troubling since the central bank has so much power over the economy and our lives.

In his classic economic text, The Wealth of Nations, Adam Smith had the following to say about collusion: “People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.”

Capitol Hill Update, 9 December, 2013