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Forbes Magazine: Call Congress in support of Audit the Fed

 

Forbes Magazine: Call Congress in support of Audit the Fed

Forbes Contributing Perianne Boring writes about the efforts to block Janet Yellen’s nomination as Federal Reserve Chair unless and until Harry Reid allows a vote on the Audit the Fed legislation.  Campaign for Liberty is leading the effort to make the Senate vote on and pass Audit the Fed before considering Janet Yellen’s nomination.

One partiality interesting part of the Forbes piece is Mrs. Boring’s exchange with progressive hero Senator Elizabeth Warren:

In the middle of this hallway huddle of cameramen and reporters I stood less than 3 feet away from Sen. Warren, with only a microphone in between us. I asked her what she thought of Senator Rand Paul’s calls to filibuster Janet Yellen’s nomination unless his bill to audit the Fed was brought to the floor for a vote. She said “this is not the right use of the filibuster. His problem is not with Janet Yellen and her policies generally. He wants a protest to stop the process of considering people going forward….

Janet Yellen’s nomination is very different from the rest [of the nominees Harry Reid is trying to get through the Senate before Christmas}. First, she has bipartisan support and opposition from both democrats and republicans. Second, she is set to head what is arguably the most powerful financial institution in the world. Third, she plans to continue a program that even former Fed officials have apologized for, calling it an “absolute coup for Wall Street.” This is much bigger than politics. This is about opening up the Fed’s books and addressing claims of cronyism within the institution. We do this for other government agencies, why not the Fed?

After avoiding the subject of auditing the Fed by calling Sen. Paul disingenuous, I asked Sen. Warren if she believes the Fed’s books should be audited. She looked me right in the eye and then moved on to the next person.  I’ll take that as a “No.”

Prior to joining the Senate, Elizabeth Warren served as the Assistant to the President and Special Advisor to the Secretary of the Treasury on the Consumer Financial Protection Bureau (CFPB). This agency was created under the Dodd-Frank financial reform law and unlike most agencies, is under the jurisdiction of the Federal Reserve. Opening up the Fed’s books would mean opening up the CFPB’s books. Warren played an integral role in the CFPB’s inception, and when asked if these agencies should be transparent, she chose not to respond. As someone who has championed reforms and transparency within our financial institutions, she should be outspoken about holding her own agency to these same standards.

The Fed wishes to remain independent and doesn’t want to be truly audited. However, the Federal Reserve has chosen to engage in policies that contradict and undermine other financial regulators and have even been called corrupt. 75% of Americans support auditing the Fed. Americans deserve transparency from our elected officials and government, since we pay for them. Senator Rand Paul and Rep. Paul Broun are the sponsors of the Federal Reserve Transparency Acts. If your elected officials are not cosponsors, I suggest giving them a call.


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