View Full Version : Thomas Massie Op-Ed: Audit the Federal Reserve

09-13-2016, 08:45 AM
Audit the Federal Reserve

Rep. Thomas Massie
September 13, 2016

Congressional committees are jokingly referred to as the place where bills go to die. However, I’m happy to report that my bipartisan bill to audit the Federal Reserve passed the House Oversight and Government Reform committee by unanimous consent this summer, and is now eligible to come before the full House for a vote. Since 90 percent of bills die in committee, you could say that my legislation had a near-death experience, but that’s a good thing.

Beyond spurious internet ads urging, “Refinance your mortgage now, Fed lowers interest rates by half a point!” most of us do not think about the actual effects of this secretive institution upon our daily lives.

For example, consider that the 2008 financial market collapse was the direct result of the bubble inflated by the easy money, low-interest policies of the Fed.



The House will likely vote on H.R. 24, the Federal Reserve Transparency Act, soon. This will be Massie's first bill to receive a floor vote.

Here is how the House voted in 2014 (it passed 333-92):

09-13-2016, 09:32 PM
Front page.

09-14-2016, 05:22 AM
Given the years that this idea has been floating about, I am wondering whether the Fed has had the time and inclination to develop a new set of books upon which such an audit would be carried out.

If the Fed is what we suspect it is; if the Fed has been up to what we suspect it as having been; and if the Fed has the goals of which we suspect it, then how likely is it that they would sit idly by, either under the assumption that an audit would simply never happen, that they could stop one dead in its tracks through diversionary tactics, or that they would be helpless to take measures to hamper or prevent discoveries inimical to their survival both as an institution and possibly as individual human beings having been found complicit in crimes of high-fraud and God only knows what else?

All of that seems very unlikely to me, given human nature. Therefore, is it not reasonable to assume that the boys at the Fed have been cooking the books over the past four or more years in preparation for the contingency of a real audit?