“No institution holds more power over the future of the American economy and the value of our savings than the Federal Reserve,” said Sen. Paul, “yet Fed Chair Yellen refuses to be fully accountable to the people’s representatives.”
As an avid reader of Ron Paul’s “End the fed” it is easy to get giddy over the mere notion that his son Rand Paul is introducing an audit for the fed with President-Elect Donald Trump’s support. After all, they’re the central bank for the world now, rigging markets and fixing rates almost on demand. There are people with a lot of questions for the Fed — an entity who presides over an unlimited balance sheet and the power to both print fiat currency at will and to increase the amount of interest it charges the U.S. government. Indeed devaluation of currency is in itself is a form of stealth tax. (see Hitler’s starving billionaires revolt)
Any organization under the auspices of the SEC or FINRA must undergo routine audits. Why isn’t the same standard used for the Fed?
Rand Paul wants that to change
On Tuesday, U.S. Senator Rand Paul reintroduced his Federal Reserve Transparency Act, also know as the “Audit the Fed” bill, to prevent the Federal Reserve from hiding vital information on its operations from Congress. Eight cosponsors joined Senator Paul on the legislation.
Representative Thomas Massie (KY-4) has introduced companion legislation, H.R. 24, in the U.S. House.
“The U.S. House has responded to the American people by passing Audit the Fed multiple times, and President-elect Trump has stated his support for an audit. Let’s send him the bill this Congress.”
“The American public deserves more insight into the practices of the Federal Reserve,” said Rep. Massie. “Behind closed doors, the Fed crafts monetary policy that will continue to devalue our currency, slow economic growth, and make life harder for the poor and middle class. It is time to force the Federal Reserve to operate by the same standards of transparency and accountability to the taxpayers that we should demand of all government agencies.”
On January 12, 2016, a bipartisan Senate majority voted 53-44 in support of Audit the Fed.
S. 16 would require the Government Accountability Office (GAO) to conduct a thorough audit of the Federal Reserve’s Board of Governors and reserve banks within one year of the bill’s passage and to report back to Congress within 90 days of completing the audit.
— Senator Rand Paul (@RandPaul) January 4, 2017
Isn’t anyone interested in learning how this happened and how they intend to unwind it?