Ron Paul Leads Hearing On First Ever Audit Of FedSubmitted by shifty1032231 on Wed, 10/05/2011 - 12:45
by Steve Watson
Texas Congressman and 2012 presidential candidate Ron Paul held hearings Tuesday into a recent and rare one off audit of the Federal Reserve’s crisis-response emergency lending programs of 2008.
In his role as chairman of the Domestic Monetary Policy subcommittee, Paul relished the glimmer of transparency that was afforded as part of the Dodd-Frank Act, signed into law last year.
“More people now are starting to realize that the Fed isn’t independent of political independence because indirectly and some times more directly it is involved in political decisions or at least private decisions to serve some political interest.” Paul told those gathered at the hearing.
Along with Paul, Republicans in attendance argued that the audit should pave the way for regular reviews of the Fed’s policies, as well as more complete disclosure of exactly who has received upwards of $27 trillion in bail out funds since 2008.