Ron Paul Fed Provision Passes House Financial Services Committee

Will the Fed have to open up its books?

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Ron Paul has received the most attention he's got since his presidential campaign with his "audit the Fed" bill. Now, that legislation seems to have a shot at passing, as it has been attached to Barney Frank's financial regulation bill.

But the irony is that, for Paul and other Republicans, in order to limit what they see as overreaching federal government power in the form of the Federal Reserve, they would have to greatly expand federal government power in the form of other aspects of the Frank bill. Among other things, it would establish a Consumer Financial Protection Agency, an idea that has been maligned by free-market groups.

See my interview with Rep. Paul for more on his plan, which may become a reality.