Rand Paul responds to a citizen's question on the FED

[Vanguard101]

Dear Mr. Pack, (From Rand Paul)
Thank you for taking the time to contact me regarding issues with the Federal Reserve System. I appreciate hearing your thoughts.
Established in 1913 by an act of Congress, the Federal Reserve (also known as the Fed) controls the nation's money supply and influences interest rates throughout the country. The Fed essentially has the unconstitutional and misguided power to create money out of thin air. When the Fed lowers interest rates by printing more dollars, not only does it devalue the money you currently have in your pocket, it also leads to boom-bust cycles.
For too long the Federal Reserve has operated behind a shroud of mystery. A Government Accountability Office report from July 2011 revealed that the Fed bailed out banks and corporations to the tune of $16 trillion in taxpayer dollars. A full and thorough audit will finally bring transparency and accountability to the secretive institution that devalues Americans' savings, drives inflation, and enables big government.
During the previous Congress, Audit the Fed legislation passed in the House of Representatives by an overwhelmingly bipartisan vote of 327-98. Despite nearly 20 years of his consistent support, however, Senate Majority Leader Harry Reid (D-Nev.) denied a vote on Audit the Fed. As a result, this bill did not complete the legislative process during the 112th Congress.
At my first opportunity during the 113th Congress, I reintroduced Federal Reserve Transparency Act of 2013 (S. 209) in order to shed light on this organization. S. 209 was placed on the Senate Legislative Calendar, where it awaits a vote.
Again, thank you for taking the time to share your views with me. Rest assured I will continue to lead the fight for Federal Reserve transparency in the United States Senate.
Sincerely,
Signature
Rand Paul, MD
United States Senator

[ObiRandKenobi]

why do some people oppose this?

[mrsat_98]

why do some people oppose this?

It is just another example of lying signs and wonders and a small part of that mark that was predicted to be in your head as well as everyone else's.