The Audit the Fed bill isn't just a good idea, it is the right thing to do. Here's what Campaign For Liberty says on their site regarding the bill:
Since its inception in 1913, the Federal Reserve has helped to devalue our dollar by 95%. During the recent economic crisis, it has poured trillions of dollars into the economy with no oversight, made secret agreements with foreign banks and governments, and has refused to tell Congress who is getting the money or to give it the details of what deals are being made.The 218+ cosponsors is good, but there is still a long way to go. Should the bill see success, it would be an important step in reforming a powerful organization.
HR 1207, Ron Paul's "Audit the Fed bill," will demand full transparency from the Federal Reserve for the first time in history by removing all restrictions from Government Accountability Office (GAO) audits of the Fed and mandating an audit by the end of 2010.
Senator Jim DeMint has become the first cosponsor of the Senate's version of HR 1207. DeMint, like his fellow South Carolinian mark Sanford, has become a well-respected voice for true conservative principles in the last year. Hopefully, people will listen to these men, and not Liberal hacks like John McCain and Newt Gingrich.