Ron Paul Wants Transparency At The Fed | CBS 3/3/10

Fresh off his primary victory, Rep. Ron Paul (R-Texas.) spoke with Bob Schieffer about his thoughts on the Federal Reserve.

http://www.youtube.com/watch?v=H_I92lbHR1k

CBS link: http://www.cbsnews.com/blogs/2010/03/03/politics/politicalho...
The Federal Reserve may grow in power under the Senate's plans for financial reform, but Rep. Ron Paul (R-Texas) said on Washington Unplugged today that Congress has abdicated its oversight responsibilities, allowing the Fed to funnel money to whomever it pleases -- even possibly the Watergate burglars.

On Unplugged today, Paul said his charges are backed up by a book by former House Financial Services Committee staffer Robert Auerbach, now a professor at the University of Texas.

"They facilitated it," Paul said with respect to the Watergate allegation. "It just goes to show it's a very political organization. If you have a president like Nixon... and he had to get the money and somebody could do it, why wouldn't they be able to do this?"

Schieffer asked Paul if it was irresponsible to propagate those allegations without further evidence, to which he said, "I think it's irresponsible to ignore what the Fed does in secrecy -- that's where the irresponsibility is... If there's the slightest chance, why don't we clear the air on this?"

"I think the irresponsibility falls on the Congress for ignoring the Fed," he added. "We're derelict in our duties. Congress has a cozy relationship with the Fed."

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