Ron Paul finds support for Fed audit

Libertarian Texas Congressman Ron Paul is finding rare support for his push to shine the spotlight on the Federal Reserve.

"He’s finally found the right moment," Sarah Binder of the liberal Brookings Institution told Reuters.

"His bill happens to be in the right place at the right time," adds Paul spokesman Rachel Mills.

Paul’s history of long-shot causes, which include pulling out the United Nations and repealing federal drugs laws, hasn’t drawn a lot of support from Congressional colleagues in the past but his criticism of the Fed and its dominant role in the U.S. economy, is drawing support. His bill, the Federal Reserve Transparency Act, has 178 Republican and 104 Democratic co-sponsors. None of the 57 other bills Paul introduced in the current session of Congress has drawn more than 12 cosponsors.

Democrat Barney Frank, chairman of the House Financial Services Committee, has pledged to work with Paul with expanded legislation that includes an audit of the Federal Reserve. The bill is expected to come up for a vote in October.

In the Senate, a similar bill offered by Socialist Bernie Sanders has drawn only 23 co-sponsors.

Read the full story from Reuters.