Senate should not rubber-stamp more secretive, flawed Fed polices

Mark Calabria of CATO criticizes the Senate Banking Committee for only spending one day questioning Janet Yellen before approving her nomination:

Lost in Thursday’s “nuclear” attack on the Senate, the Banking Committee approved the nomination of Janet Yellen to succeed Ben Bernanke as chair of the Federal Reserve. Even without the filibuster changes, her nomination was all but guaranteed. Once confirmed she will almost surely continue the Fed’s current reckless policies.

The Banking Committee approved Yellen 14 to 8, with only one Democrat, Sen. Joe Manchin (D-W.Va.), voting against her and she is likely to be voted on by the full Senate by the middle of December.

Unlike Supreme Court nominees, who generally receive days of questioning by the Senate, the Banking Committee checked its box on “advise and consent” in just over two hours….

Since Federal Reserve policy impacts every American, the Senate should spend more time debating monetary policy—inducing considering whether we would be better off without the Federal Reserve. But a full and honest debate on monetary policy cannot occur as long as the Federal Reserve’s monetary policy is hidden from Congress and the people. That is why Campaign for Liberty is supporting Rand Paul's hold on Yellen nomination until Harry Reid hold a roll-call vote on the Audit the Fed bill. If you agree please support our Audit the Fed money bomb.


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