On Wednesday, Sen. Rand Paul and Rep. Thomas Massie introduced dual bills to audit the Federal Reserve, a goal that has gained in bipartisan popularity in recent years after being spearheaded originally by former Congressman Ron Paul in 2009.
“On Tuesday, U.S. Senator Rand Paul reintroduced his Federal Reserve Transparency Act, widely known as the ‘Audit the Fed’ bill, to prevent the Federal Reserve from concealing vital information on its operations from Congress. Eight cosponsors joined Senator Paul on the legislation,” read a Paul press release.
“No institution holds more power over the future of the American economy and the value of our savings than the Federal Reserve,” Paul said, “yet Fed Chair Yellen refuses to be fully accountable to the people’s representatives.”
Paul added, “The U.S. House has responded to the American people by passing Audit the Fed multiple times, and President-elect Trump has stated his support for an audit. Let’s send him the bill this Congress.”
President-elect Trump signaled his support for Audit the Fed in February 2016.
Ron Paul also noted that Trump has said in the past that he supports this legislation.
“While campaigning for President, Donald Trump not only criticized the Fed’s easy money policies, he also endorsed Audit the Fed,” Paul said in a press release from his non-profit organization Campaign for Liberty.
“With a President who supports Audit the Fed finally sitting in the White House, Congress has no excuse to not quickly pass this bill and finally let the American people know the truth about the Fed’s conduct on monetary policy, including its dealings with foreign governments and central banks,” Paul said.
Rep. Massie said Wednesday, “The American public deserves more insight into the practices of the Federal Reserve. Behind closed doors, the Fed crafts monetary policy that will continue to devalue our currency, slow economic growth, and make life harder for the poor and middle class.”
“It is time to force the Federal Reserve to operate by the same standards of transparency and accountability to the taxpayers that we should demand of all government agencies,” Massie said.
Ron Paul thanked his son and Massie for their efforts, “I applaud my son Senator Rand Paul and my friend Representative Thomas Massie for their leadership on the important issue of auditing the Federal Reserve.”
“Audit the Fed is the type of change the American people demanded when they went to the polls last November,” Ron Paul said.
Disclosure: I co-authored the 2011 book The Tea Party Goes to Washington with Sen. Rand Paul, and worked for the Ron Paul 2012 presidential campaign.