Rand Paul Reintroduces Legislation To “Audit The Fed”

This article comes from ZeroHedge.com

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.

Under the proposed bill, the Fed’s monetary policy deliberations could be subject to outside review by the Government Accountability Office. Proponents of the measure argue that the Fed is too powerful and lacks sufficient oversight for its interest rate decisions. But Fed officials from Yellen on down, as well as other critics, have warned that such a policy could subject the Fed to undue political pressure and discourage it from taking unpopular steps for the good of the overall economy.

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Comments

  1. Brian 6 January, 2017, 09:29

    Someone needs to inform Paul it was included with Dodd Frank and here it is for all to share and view.

    GAO (Government Accountability Office) Report Of the Federal Reserve

    http://www.gao.gov/new.items/d11696.pdf

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    • Strong Horse 7 January, 2017, 15:09

      A real, true audit of the private banking cartel known as the “Federal Reserve” has never been done.
      That “www.gao.gov” thing is a pitiful piece of government garbage.
      I for one do not trust anything put out by the federal liars.
      If that is an example of an audit, then we are in more trouble than I thought.
      I sincerely hope that Sen. Paul is successful in his effort. We do indeed need, and deserve, a full audit.

      Reply this comment

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