Ron Paul Statement on Yellen Nomination
SPRINGFIELD, Virginia – Campaign for Liberty issued the following statement from Chairman Dr. Ron Paul on the nomination of Janet Yellen to be the next Chair of the Federal Reserve:
“Many will make a big deal about the nomination of Janet Yellen to be the next Fed Chair, but the reality is, as long as we tolerate the Federal Reserve System and its flawed monetary policy, there will be no policy change at the Federal Reserve,” said Dr. Ron Paul.
“Notably absent from the discussion surrounding the debt ceiling and the government shutdown is the fact that the federal government would not be able to borrow the money it needs to finance its wars, bailouts, and entitlement programs if the Federal Reserve did not continue to buy government debt.
“Until the issue of the Federal Reserve is addressed, I am not optimistic we will see any true spending reform in Washington. Thankfully, the American people are waking up to what the Federal Reserve has been doing to our money and our economy.”
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.