Ron Paul: Federal Reserve Policies Hurt American Families and Small Businesses

SPRINGFIELD, Va - Today, Campaign for Liberty Chairman and former Chairman of the House Financial Services Subcommittee on Domestic Monetary Policy, Ron Paul, issued the following statement in response to Federal Reserve Chair Janet Yellen’s testimony before Congress:

“Janet Yellen maintains that the economy continues to recover from the Great Recession and is in fact growing. She claims this growth will allow the Fed to raise interest rates sometime later in the year. Veteran Fed watchers will notice this is not the first time Chair Yellen has promised to raise rates ‘later.’  By that time though, it may be too late for the American economy to avoid suffering the consequences of the disastrous monetary policy promoted by the Fed Chair and her predecessors.

“Sadly, but not surprisingly, Ms. Yellen’s testimony also failed to address the iceberg of government debt and inflation heading toward the Titanic that is the American economy. She also ignored the developing threats to the dollar’s status as the world’s reserve currency, even though the loss of the dollar’s reserve currency status would make it impossible for the Unites States government to continue its reckless monetary and fiscal policies.

“Janet Yellen inadvertently makes the case for Audit the Fed when she says an audit would, ‘...undermine the Federal Reserve's ability to make policy in the long-run best interest of American families and businesses.’ Considering how American families and (non-politically-connected) businesses are hurt by a monetary policy carried out in secret, it is long past time for Congress to begin reducing the Federal Reserve’s power and restoring a free market monetary system. The first step is to pass my Audit the Fed bill, H.R. 24/S. 264.”

About Audit The Fed:
Legislation to audit the Federal Reserve is supported by nearly 75 percent of the American people.

Congressman Thomas Massie (R-KY-4) introduced The Federal Reserve Transparency Act, H.R.24, in the 114th Congress on January 6th, 2015. The bill currently has 184 bipartisan cosponsors.

Senator Rand Paul (R-KY) reintroduced the senate companion, S. 264, on January 27, 2015. The bill currently has 32 bipartisan cosponsors.

Ron Paul’s original “Audit the Fed” bill, H.R. 1207 in the 111th Congress, gained 320 cosponsors and passed the House as an amendment to the Wall Street Reform and Consumer Protection Act. It was later stripped out in the Senate by Senator Bernie Sanders, who amended the provision to a limited, one-time audit of the Fed’s emergency lending powers during the 2008 financial crisis. Audit the Fed was reintroduced in 2011 as 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.”

Congressman Paul Broun (R-GA-10) reintroduced Dr. Paul’s Audit the Fed bill in January 2013 as H.R 24, “The Federal Reserve Transparency Act of 2013,” in the 113th Congress.  The bill, which was cosponsored by 224 Representatives, passed the House of Representatives on September 17, 2014, by a vote of 333-92.

Senator Rand Paul (R-KY) introduced companion legislation in both the 112th and 113th Congresses, which gained 37 and 32 cosponsors, respectively.  Then-Senate Majority Leader Harry Reid refused to allow Audit the Fed to be brought to the floor in either Congress for a vote despite repeatedly calling for an audit of the Federal Reserve throughout his career.



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