America is Ready to Audit the Fed
By: David Heacock
A quick search this morning for articles on the Federal Reserve returned some headlines that are telling of the public’s sentiment toward the Central Bank, namely: “Federal Reserve policies hurt the poor,” “Two Awful Anniversaries: Income Tax and Federal Reserve,” and “The Real Risk-Takers Are at the Federal Reserve.” Many are skeptical of the Fed’s true benefit in regulating the economy, and by and large, most Americans are in favor of auditing this institution, especially in light of how it handled (or caused) the housing bubble.
As Alan Greenspan once explained, the Fed acts independently from the Executive and Legislative branches. While it uses government monopoly to manage Americans’ money, its decisions cannot be overruled by the citizens’ elected officials. At the least, the people should be told how the Fed directs its funds and decides it policies. It is imperative for any free society to have such information disclosed to promote openness in government policy.
Last year, Rep. Ron Paul’s Audit the Fed bill (H.R. 459) passed in the House overwhelmingly, 327-98. Unfortunately, Senate Majority Leader Harry Reid vowed to block the bill from being voted on in the Senate, despite advocating for an audit of the Fed throughout his career.
This year, Ron Paul’s Audit the Fed is back in the form of H.R. 24 in the House and S. 209 in the Senate. Senate Republican leader Mitch McConnell has publicly committed to working with bill sponsor Rand Paul to find a way around Harry Reid and bring the bill to the Senate floor for a vote. We have a great chance to make history in the 113th Congress by getting an audit of the Federal Reserve and unraveling the role it’s played in our economy for 100 years. Please, call and email your representative and senators urging them to cosponsor H.R. 24 and S. 209, respectively.