UPDATE! Audit the FED Passes House Vote

     A bill that would open up previously secret Federal Reserve deliberations to scrutiny by members of Congress passed the House of Representatives today. The measure, authored by longtime Fed critic Rep. Ron Paul was approved on a vote of 327 to 98. The Fed opposes the bill, which would allow audits of the central bank's monetary policy operations. The Fed now releases a summary of its interest rate-setting meetings after three weeks, but does not release a full transcript for five years. The measure faces long odds in the Democrat-controlled Senate.