The bill passed 327 to 98; all but one Republican and 89 Democrats voted yes. The bill will be considered under the suspension of normal House rules, meaning it required at least a two-thirds majority to pass.
The measure would permit government auditors to conduct deeper audits of the Fed’s monetary policy operations. Despite opposition from some Democrats and the Federal Reserve, the bill has at least 274 cosponsors, including more than three dozen Democrats facing difficult reelection campaigns.
Wednesday’s vote was a coup for its chief sponsor, Rep. Ron Paul (R-Tex.), a longtime nemesis of the Fed, which he has called “an enormously destructive and unaccountable force in both the U.S. economy and the greater global economy.”