This morning, the House Oversight and Government Reform Committee unanimously passed Audit the Fed, H.R. 459, by voice vote.
Thanks to the historic grassroots efforts supporting this legislation, an amendment offerred by Rep. Cummings that would have effectively gutted Audit the Fed was withdrawn without receiving a vote after it became obvious there was no support, even from within the members' own party.
Several C4L staff were in attendance for this hearing and to note the comments of some members of the committee.
Representative Paul Gosar noted he had been contacted by "scores of constituents" about supporting Audit the Fed.
Representative Justin Amash quoted Ron Paul & Hayek to highlight his support of Audit the Fed and his opposition to central banking.
Chairman Issa did a great job pointing out the limited audit contained in Dodd/Frank was insufficient and encouraged the passage of a full and thorough audit, saying the time was "particularly appropriate" for considering this legislation.
Overall, this is a great first step towards Audit the Fed passing the House of Representatives. Now, it's time to double-down as H.R. 459 comes before the full House for a vote to generate a tidal wave of grassroots support to carry this bill from the House into the Senate this fall!
The full hearing can be watched here. http://www.youtube.com/watch?v=Gnhk6H4CH30 The Audit the Fed portion goes from the beginning until around the 36:50 mark.