Speaking today in front of the Joint Economic Committee of Congress, Janet Yellen called for continued action from the Fed to prop up the struggling US economy. From Bloomberg News:
“A high degree of monetary accommodation remains warranted,” Yellen said today in testimony prepared for delivery to the Joint Economic Committee of Congress. “Many Americans who want a job are still unemployed,” and inflation is below the central bank’s 2 percent target, she said.
Data show “solid growth” in the second quarter, bolstering the case for a faster expansion this year, Yellen said. Gains in household wealth from rising home prices, less drag from federal and state and local budgets, and stronger growth abroad should all drive investment and consumption.
Campaign for Liberty continues to push for a full audit of the Federal Reserve.
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 213 cosponsors. Senator Rand Paul has again introduced companion legislation, S. 209, which currently has 29 cosponsors.
Tags: Ron Paul, Audit the Fed, Rand Paul, Federal Reserve, Harry Reid, Paul Broun, janet yellen