Grayson’s Efforts Pay Off, “Audit the Fed” Bill Passes U.S. House in Bipartisan Fashion

July 26, 2012

Former congressman and current congressional nominee Alan Grayson (D-Orlando) applauds the U.S. House of Representatives for Wednesday’s passage of the Audit the Fed bill (H.R. 459). The bipartisan action would not have been possible without Grayson’s tireless efforts in the 111th Congress (2009-2011).

“This is an excellent example of good government, and a model of what we can accomplish if Republicans and Democrats put aside their differences. I have always said, ‘I don’t support Democratic ideas, or Republican ideas. I support good ideas.’ The Audit the Fed bill is a very good idea,” said Grayson.

A Huffington Post article today recognizes how Rep. Ron Paul (R-Texas) “teamed up with former Rep. Alan Grayson (D-Fla.) in 2010 to pass similar legislation…” To be more specific, Grayson took Paul’s bill, which had been languishing in Congress for 26 years, and gave it new life. When Grayson joined Dr. Paul, there was not a single Democratic sponsor of the bill. For several months, Grayson walked the bill around the Floor of the House and explained the importance of the need to audit the Fed. Grayson got nearly 100 Democrats to sponsor Paul’s bill in 2010.

Nearly every one of the 89 Democrats who voted in favor of the H.R. 459 on Wednesday was a Member that Grayson convinced to co-sponsor the bill back in 2010.

The 2010 version of the Audit the Fed bill, which ultimately passed as an amendment to the final Wall Street reform bill, was stripped down to only allow for a one-time audit of the Fed’s activities during the financial crisis of 2007-2008. Even that “watered-down” audit uncovered a massive, secret $26 trillion bailout to foreign central banks and Wall Street favorites.

The new bill passed Wednesday does not limit the focus of the audit.