31 votes

Rand Paul: Time to End the Secrecy at the Federal Reserve

A government audit must precede the confirmation of a new chairman

by Rand Paul | October 31, 2013 | Washington Times

In 1995, Sen. Harry Reid took to the Senate floor and exclaimed, “For years, I have sponsored legislation that would call for an audit of the Federal Reserve system. I offer that amendment every year, and every year the legislation gets nowhere. I think it would be interesting to know about the Federal Reserve. I think we should audit the Federal Reserve.”

I can relate to the frustration that Mr. Reid must have felt in 1995. For three years, we have asked Mr. Reid, now the Senate majority leader, for a vote on the Federal Reserve Transparency Act, or “Audit the Fed,” but the Senate has not addressed it.

This bill currently has 27 co-sponsors in the Senate, including members from both political parties, and companion legislation introduced in the House of Representatives earlier this year currently has more than 100 co-sponsors. It passed in the House with a vote of 327 to 98 on July 25, 2012.

It is Congress‘ job to monitor how the Federal Reserve operates. For years, Congress has abdicated this duty by allowing the Fed to operate free of rules, without any accountability.

The Federal Reserve might be the most secretive institution in our nation’s history. For decades, Fed officials, politicians and various “experts” have insisted that such secrecy was integral to its independence and, therefore, its effectiveness.

Read more: http://www.washingtontimes.com/news/2013/oct/31/paul-ending-...



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DJP333's picture

Schiff: Fed taper will trigger recession

"It’s not pessimistic, brother, because this is the blues. We are blues people. The blues aren’t pessimistic. We’re prisoners of hope but we tell the truth and the truth is dark. That’s different." ~CW

Whatever happened to END the

Whatever happened to END the Fed?

I can relate to the

I can relate to the frustration that Mr. Reid must have felt in 1995

Bump

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"Alas! I believe in the virtue of birds. And it only takes a feather for me to die laughing."

Just the other, he was talking about filibustering

Yellen's confirmation until his Audit The Fed bill was brought for a vote. Now, all I hear is about Lindsey Sham's talk of filibustering Yellen over Benghazi. Though both are important, Rand's message seems to be getting drowned.

when do we start calling?

I remember the times when thedailypaul was all about activism, and there would be hundreds of posts on these bills buy Ron Paul, Let's get back to it!

Start calling now

Yea, I remember when Ron's Audit the Fed bill would be stickied as the first post every day. Rand is pushing the same bill but the enthusiasm isn't there anymore even though we're closer than ever to getting it passed in the Senate.

Please help keep this thread bumped if you can:

http://www.dailypaul.com/273751/s-209-audit-the-fed-18-cospo...

thanks!

This is what I was looking for, looks familiar, just up voted it, why is this not front page?

Rand on Federal Reserve Secrecy

Good article.

When we try to pick out anything by itself, we find it hitched to everything else in the Universe.
~ John Muir

Either We Americans Audit The Federal Reserve Now Or.....

The Communist Chinese will eventually offer a sounder money than the U.S. Dollar, to the world, and our U.S. dollar will crash in value worldwide, causing wide spread financial chaos to millions of people.

beesting

robot999's picture

Nay Billions of people

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"Government is the entertainment division of the military-industrial complex". - Frank Zappa