‘Audit the Fed' bill advances in House

The bill was sponsored by Rep. Ron Paul, the Texas Republican who turned the push for an audit into a powerful campaign slogan and whose criticism of the Fed's monetary policy drew hundreds of thousands of voters into the political process.

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Last year, a more limited audit by GAO found the Fed repeatedly invoked emergency authority to expand its lending during the Wall Street crisis in 2008 and 2009, including major loans to prop up the housing market.