The House of Representatives approved Texas Republican Rep. Ron Paul’s “Federal Reserve Transparency Act of 2012″, audit the fed, by a wide margin in a 327-98 vote Wednesday.
I'm sorry, but the fed is already audited. It's explained pretty concisely over at r/explainlikeimfive.
Some don't believe the Fed is being truthful in it's reports and this bill is meant to require they be audited independently. The problem is they already do quarterly audits and release the data publicly. It is a bill that has more to do with conspiracy theory than fact.
In reality, this is just another waste of time by our Republican led congress that has done absolutely nothing to help working people. It's no different than the 30+ bills that have tried to over turn Obamacare - just a giant waste of time.