The Federal Reserve probably has never had a greater critic than former Republican congressman and two-time presidential candidate, Ron Paul. Paul has wanted to audit the Fed. He’s even wanted to end it.
Now, will he help run it?
The organization Paul founded wants President-elect Donald Trump to appoint the libertarian icon to the Federal Reserve’s Board of Governors.
“Campaign for Liberty is working to mobilize our members in support of appointing Ron Paul, the leading critic of the Federal Reserve’s reckless monetary policy, to the Federal Reserve Board,” Campaign for Liberty President Norm Singleton told Rare in an email (disclosure: Singleton is a personal friend).
“If President-elect Trump appointed an outspoken critic, not just of the fed’s recent policies but of the entire Federal Reserve system, would show that Mr. Trump is serious about draining the swamp, since the Federal Reserve is not just response for the decline in that average American’s living standards, but the growth of the welfare-warfare-state, as well as the spread of income inequality and crony capitalism,” Singleton said.
Paul elevated the issue of Fed policy during his 2008 and 2012 presidential campaigns, mainstreaming it within the Republican Party and greater American politics.
Ron Paul told the Fox Business Network’s Maria Bartiromo last week, “We do not work on a free-market principle, we do not have sound money, it’s all manipulated.”
“My position on central economic planning is I don’t like it and I don’t like It when one person can do it and that’s the Chairman of the Federal Reserve. But everybody hangs on it because they have to,” Paul added.
The Federal Reserve’s Board of Governors has considerable influence over Fed policy. Its members are appointed by the president.
“If he were appointed to the Federal Reserve Board, Dr. Paul would be a counter-balance to those on the Fed bank who support reckless money printing and corporate bailouts,” Singleton said. “Membership on the Federal Reserve Board would also provide Dr. Paul with a great platform to educate the public on the Fed’s operation and the dangers of the system of fiat currency.”
Ron Paul’s Audit the Fed legislation has enjoyed immense support since he brought the issue and the reluctance to embrace more transparency to light, enjoying support from congressional members from across the ideological spectrum. Sponsors in both the House and Senate have included not only Paul’s senator son, Republican Rand Paul, but Democrat Sen. Bernie Sanders, former GOP senator and current Heritage Foundation President Jim DeMint, Republican Rep. Justin Amash, Democrat Rep. Dennis Kucinich, Democrat Rep. Alan Grayson, former Georgia Rep. Paul Broun and current House sponsor Rep. Thomas Massie.
Campaign for Liberty was founded in 2008 by Ron Paul and has been instrumental in pushing Fed-related issues, and Singleton says that mission will continue.
“Of course, Campaign or liberty’s top priority is passing the Audit the Fed bill,” Singleton said. “We will be working to mobilize the Pro-Audit the Fed majority to make surfer President-elect Trump and the Congressional leadership live up to their promise to finally pass Audit he fed and allows the American people to learn the full truth about monetary policy.”
No doubt, the millions of Ron Paul fans (the former congressman received one million primary votes in 2008, and two million in 2012), including those who make up his still influential “liberty movement” would be more than happy to see their hero in the belly of the beast.
And at least one Ron Paul fan let their allegiances be known during Monday’s presidential Electoral College count.
Disclosure: I worked for Ron Paul’s 2012 presidential campaign.