Rand Paul: Audit the Fed
Today in Time, Senator Rand Paul (R-Ky) writes how Janet Yellen’s nomination for Federal Reserve Chair represents an excellent opportunity to shine some light on the Federal Reserve System:
The Federal Reserve is structurally flawed. The institution needs to be reformed to prevent Yellen, or any other future nominee, from using the enormous power of the Fed to aid and abet the allies of big government. I intend on using the Senate’s constitutional power of consent to nominations as a means to educate the American people on the structural flaws and policies of the Fed that are bankrupting our nation.
The Fed’s favored practice of “quantitative easing” has been questionable at best. One need not be an economist or mathematician to wonder whether printing money out of thin air is a sound way to help the economy. Still, as The Washington Post’s Neil Irwin notes, “Yellen has been not merely an engineer of the Fed’s policies of ‘quantitative easing’ and ‘forward guidance,’ but a consistent voice within the central bank to go further.”
Campaign for Liberty continues to push for a full audit of the Federal Reserve, legislation that polling has shown is supported by 70 percent of the American people.
Ron Paul’s Audit the Fed bill, H.R. 459, gained 274 cosponsors and passed the House of Representatives in the 112th Congress on July, 25, 2012, by an overwhelming three-fourths majority of 327-98, after a nationwide grassroots mobilization effort led by Campaign for Liberty. The legislation calls for a “full audit of the Board of Governors of the Federal Reserve System and the Federal Reserve banks by the Comptroller General of the United States.”
Last Congress, Senator Rand Paul (R-Ky) introduced companion legislation, S.202, which gained 37 cosponsors. Senate Majority Leader Harry Reid refused to allow ‘Audit the Fed’ to be brought to the floor for a vote despite repeatedly calling for an audit of the Federal Reserve throughout his career.
Congressman Paul Broun (R-Ga) reintroduced Dr. Paul’s Audit the Fed bill in January of this year as H.R 24, “The Federal Reserve Transparency Act of 2013” in the 113th Congress. The bill currently has 166 cosponsors. Senator Rand Paul (R-Ky) introduced companion legislation, S. 209, which currently has 25 cosponsors.