WASHINGTON, D.C.--Mississippi Congressmen voted Wednesday to audit the Fed. House Republicans Steven Palazzo, Alan Nunnelee, and Gregg Harper voted in favor of the measure, while Democrat Bennie Thompson registered a “nay” vote.
The bill subjects the Federal Reserve-some call it the Central Bank- to some Congressional control. It would gi...ve Congress the right to demand more transparency.
Opponents say the Federal Reserve is independent, and should remain that way.
Many political analysts expect the bill to fail, or perhaps not even be brought up, in the Senate.
The Fed is where the U.S. turns for its money. Dr. Ken Cyree is Dean of the Ole Miss Business School. He says many are concerned by what the Federal Reserve does.
"A lot of people want to see what the Federal Reserve is doing," he said. "It troubles people that the Federal Reserve is buying the Treasury debt and then has a line of credit with the Treasury, too. So, it's almost like you're buying your own debt."
The bill was put together by former Republican presidential candidate and Texas Congressman Ron Paul.