Ron Paul’s Dream to Audit the Fed May Become a Reality
For years, moderate voices in the Republican and Libertarian parties have stressed the need to audit the Fed, citing that an audit was the only reasonable means to keep in check the behaviors of the Federal Reserve. Donald Trump frequently addressed the topic on the campaign trail.
Former House Republican Ron Paul and more recently Paul’s son Senator Rand Paul and Senator Ted Cruz have advocated for similar practices. In his Presidential bid in the 2016 primaries, Senator Cruz repeatedly made reference to ending the Fed altogether, a sentiment shared by many in the Libertarian and Tea Party movements.
While Americans will probably not see an end to the Federal reserve any time soon, lawmakers have gotten one step closer to an audit.
Market Watch reported that “The House Committee on oversight and government reform passed the measure” to “let a government watchdog audit the Federal Reserve’s monetary policy decisions.” The central bank “bitterly opposed” the ruling.
Ron Paul initially helmed the bill, but despite passing in the house twice, it was held up by Senate Democrats and the Obama administration. The report continues:
Analysts said the measure has a better chance to become law now that Republicans control both houses of Congress and the White House. Paul’s son, Rand, the Republican senator from Kentucky, has introduced a similar measure in the Senate.”
Naturally, House Democrats staunchly opposed the bill vaguely citing its capacity for “political interference in monetary policy-making.” Additionally, they argued that it would catapult interest rates, because it would lead to public distrust in the private and independent nature of the Federal Reserve.
Republicans argued that this bill was a necessary measure to “rein in the Fed.”
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Do you think Congress will follow through to carry out Donald Trump’s campaign proposal to audit the Fed?
Should the Federal Reserve exist at all?
I’d be glad to hear your perspective in the comments below.
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