While there are many ideals and thoughts on policy that Senator Rand Paul has different from his famous father, the one thing they both have in common is a disdain for the Federal Reserve. And just as the legislature began a new Congress on Jan. 3, the Senator from Kentucky is once again bringing forth a bill to conduct a long needed audit of the nation’s central bank.
But as opposed to previous bills submitted with backing from hundreds of legislators that were rejected by President’s Bush and Obama, this one appears to have the full support of the incoming President-Elect.
Having been pursued, unsuccessfully, many times by his father in previous years, today Senator Rand Paul, together with Rep. Thomas Massie re-introduced legislation to “Audit the Fed”, after a similar effort stalled in the last Congress.
While in the past such a proposal, which has been vocally opposed by Janet Yellen and Wall Street for obvious reasons, was quietly shut down it may face its best odds ever of becoming law in the current Congress according to the Hill. With both chambers controlled by Republicans long critical of Fed’s policies, the legislation could end up being a test of Donald Trump stated resolve to putting the Fed to heel. In the past, the president elect has heaped scorn on the central bank, and demanded accountability from the “independent” Fed.
To that end, Paul specifically mentioned Trump in a statement about the bill Wednesday, making clear the measure’s proponents believe they have an ally in their cause coming to the White House.
“The U.S. House has responded to the American people by passing Audit the Fed multiple times, and President-elect Trump has stated his support for an audit. Let’s send him the bill this Congress,” said Paul. – Zerohedge
For years the private central bank known as the Federal Reserve has engaged in monetary policies that have led to unstable asset bubbles, stagnant growth, and a filtering of wealth from the many to the 1%. In addition, the Fed has also kept hidden many of their actions that went well above their lawful mandates such as when they suborned taxpayer monies to bail out foreign banks and even private corporations following the 2008 financial crisis.
Despite the fact that Fed Chairman have jawboned over and over that they are an independent monetary body that abstains from politics, the truth of the matter is that they attempted to play an intrinsic part in November’s election by lying about the state of the economy, about economic data, and in holding off the raising of interest rates until the outcome of the election was assured. And it is these and many other deceptions that the central bank has engaged in that make this time in history the best opportunity for Congress to finally audit the Fed, especially when there is enough public support to back the Congressmen seeking the inquiry.
Kenneth Schortgen Jr is a writer for The Daily Economist, Secretsofthefed.com, Roguemoney.net, and Viral Liberty, and hosts the popular youtube podcast on Mondays, Wednesdays and Fridays. Ken can also be heard Wednesday afternoons giving an weekly economic report on the Angel Clark radio show.