Frank: Bill Mandating "Complete Audit" Of The Fed Will Pass House In Fall Rep. Barney Frank (D-Mass.), chairman of the House Financial Services Committee, told a Massachusetts audience at a recent town hall that the House will pass legislation this fall mandating a "complete audit" of the Federal Reserve. The bill to audit the Fed, H.R. 1207, was introduced by libertarian Fed critic Rep. Ron Paul (R-Texas) and is backed by well over a majority of the House. Frank's comment suggests it won't just be left to languish in committee. "I want to restrict the power of the Fed in a number of ways," said Frank in response to a question about the bill.