The U.S. House overwhelmingly approved a bill by Rep. Ron Paul, R-Texas, that would expand congressional authority to oversee deliberations at the Federal Reserve.

The vote was 327-98.

The legislation is the culmination of more than three decades of activism by Paul, who has pushed for greater transparency at the central bank since he was first elected in 1976.

"This bill essentially just legalizes the right of the Congress to audit the Federal Reserve because there are prohibitions," Paul said after the vote. "I think the whole idea that they can deal in trillions of dollars and know that nobody is allowed to ask them a question is a moral hazard. And this removes that moral hazard."

The bill stands no chance of becoming law because the Democratic-controlled Senate will not take it up. The vote served as a symbolic swan song for Paul, who is not seeking re-election. It is also an indicator of how Paul's economic views have gone more mainstream, particularly within the Republican Party, in the wake of the 2008 financial crisis that shook Americans' confidence in Wall Street and the federal government.

Paul made auditing the Fed a signature platform of his 2008 presidential campaign, and it has become a rallying cry for his supporters ever since.

The vote was notable because Paul has almost never played a lead role in crafting legislation -- he long ago earned the nickname "Dr. No" because of his consistent record of voting against party leadership, particularly on fiscal legislation. Monday, Paul met for the first time with the House GOP leadership's whip team -- the group of lawmakers charged with making sure bills have enough votes to pass -- to discuss his legislation. He joked that he had finally become a congressional insider and that was a sign that it's time to leave Capitol Hill.

The bill has 270 co-sponsors, and it sailed to passage with the assistance of 89 Democrats who joined 238 Republicans to approve it.

"Good pieces of legislation sometimes have a hard time getting to the House floor," said Rep. Lynn Westmoreland, R-Ga., a co-sponsor.