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Thread: Rand Paul Reintroduces Legislation To "Audit The Fed"

  1. #1

    Rand Paul Reintroduces Legislation To "Audit The Fed"

    Rand Paul Reintroduces Legislation To "Audit The Fed"

    by Tyler Durden
    Jan 4, 2017

    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.

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  3. #2
    Sen. Rand Paul Reintroduces ‘Audit the Fed’


    WASHINGTON, D.C. – On Tuesday, U.S. Senator Rand Paul reintroduced his Federal Reserve Transparency Act, widely known as the “Audit the Fed” bill, to prevent the Federal Reserve from concealing vital information on its operations from Congress. Eight cosponsors joined Senator Paul on the legislation.

    Representative Thomas Massie (KY-4) has introduced companion legislation, H.R. 24, in the U.S. House.

    “No institution holds more power over the future of the American economy and the value of our savings than the Federal Reserve,” said Sen. Paul, “yet Fed Chair Yellen refuses to be fully accountable to the people’s representatives.”

    “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.”

    “The American public deserves more insight into the practices of the Federal Reserve,” said Rep. Massie. “Behind closed doors, the Fed crafts monetary policy that will continue to devalue our currency, slow economic growth, and make life harder for the poor and middle class. It is time to force the Federal Reserve to operate by the same standards of transparency and accountability to the taxpayers that we should demand of all government agencies.”

    On January 12, 2016, a bipartisan Senate majority voted 53-44 in support of Audit the Fed.

    S. 16 would require the nonpartisan, independent Government Accountability Office (GAO) to conduct a thorough audit of the Federal Reserve’s Board of Governors and reserve banks within one year of the bill’s passage and to report back to Congress within 90 days of completing the audit.

    Audit the Fed would amend section 714b of Title 31 of the U.S. Code to allow the GAO to fully audit:

    • transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization;
    • deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations;
    • transactions made under the direction of the Federal Open Market Committee; or
    • a part of a discussion or communication among or between members of the Board and officers and employees of the Federal Reserve System related to clauses (1)–(3) of this subsection.

    You can read S. 16, the Federal Reserve Transparency Act, HERE.

  4. #3
    Hats off to Rand Paul for doing something that no one else in Congress dares to do.

  5. #4
    Rand again trying to reach out to the new admin in a show of support. Where's the return love?

    How about a tweet from @real?

  6. #5
    Rand must get better at using social media to us benefit.

    I hate to say it but he should take a que from trump on this.

    He should start doing youtubes speaking directly to the public on his staple issues and blast them out Twitter/social

  7. #6
    There is a fair chance that this actually passes. If Trump is into horse trading, it would be a good deal for him to make since Rand can cause him a lot of problems.
    __________________________________________________ ________________
    "A politician will do almost anything to keep their job, even become a patriot" - Hearst

  8. #7
    "Let it not be said that we did nothing." - Dr. Ron Paul. "Stand up for what you believe in, even if you are standing alone." - Sophie Magdalena Scholl
    "War is the health of the State." - Randolph Bourne "Freedom is the answer. ... Now, what's the question?" - Ernie Hancock.

  9. #8
    Quote Originally Posted by Ron Paul View Post
    The intellectual battle for liberty can appear to be a lonely one at times. However, the numbers are not as important as the principles that we hold. Leonard Read always taught that "it's not a numbers game, but an ideological game." That's why it's important to continue to provide a principled philosophy as to what the role of government ought to be, despite the numbers that stare us in the face.
    Quote Originally Posted by Origanalist View Post
    This intellectually stimulating conversation is the reason I keep coming here.

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