U.S. Rep. Ron Paul, R-Texas

U.S. Rep. Ron Paul has launched his expected campaign, as the new chairman of the House Financial Services Subcommittee on Domestic Monetary Policy and Technology, to audit the Federal Reserve, that secretive, private organization that runs the U.S. monetary supply.

His plan isn’t new, and even with Republicans in the minority in the U.S. House a year ago, he collected support from some 320 members – a majority – of the House.

An announcement from his office today confirmed that HR 459, “The Audit the Fed Bill,” has been introduced to the 112th Congress. The announcement said it is very similar to HR 1207 from last year, and “calls for a full and completeaudit of the Federal Reserve by the Government Accountability Office.”

It would require a report to Congress by the end of 2012.

“I was very pleased that so many of my colleagues were willing to stand up for transparency and accountability in government by cosponsoring HR 1207 in the last Congress,” Paul said. “I am optimistic about our prospects for a full and completeaudit in the 112th Congress.”