Supporters of Rep. Ron Paul and sound monetary policy rejoiced online as they heard of the passage of H.R. 456, the Federal Transparency Act, on Wednesday. Their joy, however, was short-lived as within an hour of the bill passing word spread from the office of the Harry Reid. The Senate Majority Leader and Nevada Democrat has vowed the Federal Transparency Act will not be put to a vote in the Senate.
Harry Reid had previously expressed support for an audit of the Federal Reserve. Perhaps seeing the overwhelming support the H.R. 459 received in the House of Representatives made Reid wary of the Federal Transparency Act passing. H.R. 459 passed by a bipartisan vote of 327-98.