House passes Ron Paul's "audit the Fed" bill, 327-98

Rep. Ron Paul (R-Texas) won a rare legislative victory on Wednesday when the House passed his legislation allowing for a full audit of the Federal Reserve, including an audit of the Fed’s monetary policy decisions.

The House approved Paul’s Federal Reserve Transparency Act, H.R. 459, in a bipartisan 327-98 vote. The vote split Democrats almost evenly — 89 for and 97 against — while only one Republican voted against it.

The bill won an easy majority, given its 270 cosponsors, and easily cleared the two-thirds majority needed for passage, which was required because it was considered under a suspension of the rules.