While his full-scale "Audit the Fed" bill did not pass this time around, his assault on the world's most powerful (and secretive) central bank led to a landmark vote by the US Senate to conduct a one-time audit of the Fed's actions during the 2008/2009 bailouts.
For the first time, the Fed will have to open its books to increased congressional and public scrutiny, albeit in a limited fashion. But, such a scenario would have been unthinkable just a few years back. In addition, the Fed was forced to hire a PR rep and aggressively lobby Congress against a full-scale audit of its covert policy actions. CONTINUE READING