When Ron Paul reintroduced his bill in February 2009 to audit the Federal Reserve, conventional wisdom predicted that the legislation would once again fail to gain any traction.

But conventional wisdom also failed to predict the economic crisis.

In less than a year since its introduction, H.R. 1207, which Campaign for Liberty refers to as simply the “Audit the Fed Bill,” has gained over 300 co-sponsors in the House of Representatives, and its companion bill, S. 604, has received the support of more than one-third of the Senate. A slightly modified version of H.R. 1207 even passed the House as an amendment to Barney Frank’s financial regulatory reform bill.

Read the rest of Tate's piece here.