Rep. Ron Paul so far has won 245 co-sponsors to a bill that would require a full-fledged audit of the Federal Reserve by the end of 2010.
Rep. Ron Paul, shown here speaking to the American Conservative Union last February, is winning supporters to a new bill. (Reuters Photo)
All of a sudden, Congress is paying close attention to Ron Paul.
The feisty congressman from Texas, whose insurgent “Ron Paul Revolution” presidential campaign rankled Republican leaders last year, now has the GOP House leadership on his side — backing a measure that generated paltry support when he first introduced it 26 years ago.
Paul, as of Tuesday, has won 245 co-sponsors to a bill that would require a full-fledged audit of the Federal Reserve by the end of 2010.
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Paul attracted just 18 co-sponsors when he authored a similar bill, which died, in 1983. While the impact Fed policies have on inflation is once again a concern, fears about loose monetary policy and excessive federal spending appear even more widespread in 2009.
“In the past, I never got much support, but I think it’s the financial crisis obviously that’s drawing so much attention to it, and people want to know more about the Federal Reserve,” Paul told FOXNews.com.
With the Federal Reserve holding interest rates at rock-bottom levels, pumping trillions into the economy and now poised to have new powers to oversee the financial system under President Obama’s proposed regulatory overhaul, Paul said lawmakers want transparency.
“If they give them a lot more power and there’s no more transparency, that’ll be a disaster,” he said.