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The House on Wednesday passed legislation to audit the Federal Reserve System.

Passed 333-92, the bill would require the comptroller general to conduct an audit of the Federal Reserve's board of governors and banks within one year and submit a report to Congress on the findings. A total of 106 Democrats joined all but one Republican in support of the measure. 

A version of the bill sponsored by then-Rep. Ron Paul (R-Texas) passed in 2012 by a vote of 327-98. Paul's son, Sen. Rand PaulRandal (Rand) Howard PaulThe Hill's Morning Report — Trump and Congress at odds over Russia GOP leader blocks resolution backing intelligence community on Russia Rand Paul blocks Sanders's Russia resolution, calls it 'crazy hatred' against Trump MORE (R-Ky.), has introduced companion legislation in the Senate.

Rep. Paul BrounPaul Collins BrounCalifornia lawmaker's chief of staff resigns after indictment Republican candidates run against ghost of John Boehner The Trail 2016: Let’s have another debate! MORE (R-Ga.), who failed to advance in a Senate GOP primary earlier this year, said the measure would increase transparency at the Federal Reserve.

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"This is a vital piece of legislation that will help to usher in a new era of transparency in this nation's monetary policy," said Broun, the bill's sponsor. "The Federal Reserve is a creation of Congress, and it must therefore be subject to the oversight and regulation of Congress."

Rep. Thomas MassieThomas Harold MassieSenate braces for Trump showdown over Chinese telecom giant Overnight Defense: Trump, Kim poised for historic summit | Trump blasts 'haters and losers' hours before meeting | Defense bill to include ZTE penalties | Lawmakers sound alarm over 'catastrophic' Yemen offensive Lawmakers circulate 'urgent call' for Mattis to prevent 'catastrophic' Yemen offensive MORE (R-Ky.) argued the central bank should make its functioning more open to the public.

"Since its inception, the Federal Reserve has always operated in the shadows, without sufficient scrutiny or oversight of its operations," Massie said.

But Rep. Elijah CummingsElijah Eugene CummingsDem lawmaker calls on House to subpoena American translator from Trump-Putin meeting Hillicon Valley: Trump denies Russian meddling at presser with Putin | Republicans join in criticism of Trump | FCC chief rejects Sinclair-Tribune merger | Uber faces probe over gender discrimination | Social media execs headed to Capitol Overnight Energy: Koch backs bill opposing carbon taxes | Lawmakers look to Interior budget to block offshore drilling | EPA defends FOIA process MORE (D-Md.) said that exposing the Federal Reserve's communications to public scrutiny would politicize the monetary system. He warned that officials could become wary of communicating with each other in ways that they know would become public, and that Congress would interfere with the Federal Reserve's decision-making.

"If enacted, this bill would severely curtail the independence that has been a hallmark for the Federal Reserve and has been essential to its ability to strengthen our country," Cummings said. "Such audits, which could be conducted on an almost real-time basis under this bill, could have a chilling effect on the Fed."

Federal Reserve Chairwoman Janet Yellen has objected to the auditing proposal. At a February House Financial Services Committee hearing, Yellen said that while the Federal Reserve "should be transparent," such a measure would be "interfering with the independence of monetary policy, by bringing political pressures to bear on the committee’s judgment."