Ron Paul: I Just Want to Know What Fed Is Doing (Newsmax)Submitted by bobbyw24 on Wed, 12/09/2009 - 22:05
Rep. Ron Paul (R-Texas), who is gaining traction with his effort to subject the Federal Reserve to more scrutiny, says he mostly just seeks information.
"I'd like to know who they bail out and why," Paul told The Washington Post.
"I'd like to know how much they pay for securities that they buy. Did they overpay? Why did Goldman Sachs come out well and Lehman Brothers go bankrupt?"
His bill subjecting the Fed to an audit by the Government Accountability Office has support from more than 300 members of Congress and was approved by a bipartisan vote in the House Financial Services Committee.
The audit would cover all of the Fed's policymaking, including interest rate changes.
Opponents charge that the bill would politicize the Fed, keeping it from taking necessary policy steps, especially rate hikes.
Paul, of course, begs to differ.