Monday, January 26, 2015

Ron Paul: If the Fed Has Nothing to Hide, Then Let Auditors In

With lawmakers set to vote on a piece of legislation he long championed, former Congressman Ron Paul has called for an audit of the Federal Reserve, followed by the closure of the 112-year-old financial institution.
In an article posted on his website on Sunday, the two-time presidential candidate listed the woes inflicted by the Federal Reserve since its creation in 1913, including a 97 percent decline in the dollar’s purchasing power, recessions and depressions, and expanded government created by the Fed’s policy of monetizing debt.
“No wonder almost 75 percent of the American public supports legislation to audit the Federal Reserve,” Paul’s article stated.
The proposed legislation, known as the “Audit the Fed” bill, has long been blocked in the Senate by Democratic leader Harry Reid. But now, with the new Republican majority, Senate Majority Leader Mitch McConnell said the bill will earn a floor vote, the Washington Times reported.
If passed, the bill would allow the Government Accountability Office, an independent nonpartisan agency, to thoroughly review the Fed's monetary policy deliberations.
In his article, however, Paul pointed out that “despite overwhelming public support, passage of this legislation is by no means assured.”
The bill passed twice in the House, most recently in September, only to be shot down by Democratic leadership in the Senate.