By Laura Conaway
Rep. Ron Paul (R-Texas, and more) got a boost today in his crusade for a closer look at the Federal Reserve. Rep. Barney Frank (D-Mass., and chair of the House Financial Services Committee) said in a hearing that he backs Paul's proposal to let the Government Accountability Office pursue detailed audits of the Federal Reserve.
"We are serious about some legislation in this regard," Frank said on Capitol Hill today. The LA Times reports that Frank says he wants to curb the Fed's emergency lending powers. Frank says he'd like to include the audit power in legislation for overhauling financial regulation.
Paul has been pressing a measure for Congressional audits of the Fed for 26 years, longer than some people who work on Planet Money have been alive. That bill now counts two-thirds of all House members as co-sponsors.
His new book, "End the Fed," stands at number 32 on Amazon's bestseller list. He's also the author of H.R. 2775, the Federal Reserve Abolition Act.