Updated March 9, 2018
Rand Paul to Introduce ‘Audit the Fed’ as Amendment to Senate Banking Bill
Washington, D.C. – Senator Rand Paul (R-KY) announced on March 5 that he will introduce his “Audit the Fed” legislation, which would permit a full audit of the Federal Reserve System, as an amendment to the Senate Banking Bill. The Senate is expected to vote on the Banking Bill, S. 2155— officially known as the Economic Growth, Regulatory Relief, and Consumer Protection Act— this week.
“While we have made great strides in reviving our economy through curbing overzealous regulation and cutting taxes, lasting prosperity will escape us if we do not hold the enabler of big government and our astronomical national debt accountable. It’s time for the Senate to side with the American people by removing the shackles on congressional oversight and lifting the Fed’s veil of secrecy. It’s time for us to pass Audit the Fed,” Paul said in his press release.
Passage of the Federal Reserve Transparency Act (S. 16), commonly referred to as Audit the Fed legislation, would require the nonpartisan, independent Government Accountability Office (GAO) to conduct a thorough audit of the Federal Reserve’s Board of Governors and reserve banks within one year of the bill’s passage and to report back to Congress within 90 days of completing the audit.
Paul remains steadfast in his commitment to this legislation that he and his father, former Rep. Ron Paul (R-TX), worked for years to pass, with the intent to stop the Federal Reserve’s “unchecked” and “arguably unconstitutional” meddling in the free market economy.
Senator Paul’s 2016 Federal Reserve Transparency Act received nearly unanimous Republican support, in addition to support from Sen. Bernie Sanders (I-VT) and Sen. Tammy Baldwin (D-WI). Ultimately, the bill fell short of the required 60 votes for cloture after Senate Democrats leadership shot it down.
In January 2017, Paul reintroduced the Federal Reserve Transparency Act (S. 16), widely known as “Audit the Fed”. Appearing on Fox New with Tucker Carlson on February 7th, Paul explained why it is important for Congress to scrutinize the Federal Reserve’s monetary policy.
“The main lobby against auditing the Fed is the Fed,” Paul said. When Carlson asked what the major arguments against auditing the Federal Reserve would be, Paul cautioned:
“Some see that the Fed pays for this enormous debt and they love big government, and they know we have to have big debt for big government, and they have to pay for it, so they don’t want to mess with the Fed because right now it is able to accommodate this enormous debt.”
“The reason I want oversight is people get hurt in the downturn,” Paul continued. “So in 2008, when the housing market went bust, I blamed that on the Federal Reserve. We’re right in the middle of another boom. Anybody seen the stock market lately? It is a boom, just like the real estate boom of 2008, and it will come to an end. I wish I knew exactly when, so I could give your viewers some investment advice, but it will end. There will be a correction. We have a huge bubble in the stock market created by easy money, free money, everybody has it. Free money! Federal Reserve will hand you bouquets of money. But there will be repercussions, and that will be the downturn. There will be a response or reaction to all of this extra money.”
On the prospect of Trump signing the legislation if it were to make it through Congress, Paul said, “We’ve talked about Audit the Fed before and the fact that he supported it during his campaign. I think he will sign Audit the Fed if we can get it to him. The hardest part that we have to overcome is the institution of the Fed itself. The biggest lobbyist on Capitol Hill against auditing the Fed is the Fed.”
“I think it always has a chance of passing, but the hardest part is actually getting a vote on things,” Paul told Reason in an interview. “You never know unless you try.”
Congress is constitutionally in charge of monetary policy, but much like in other areas, they've abdicated their responsibilities. I'll offer Audit the Fed as an amendment this week to reclaim our authority and rein in an out-of-control federal reserve.
Posted by Senator Rand Paul on Monday, March 5, 2018
February 4, 2018
Controversial legislation to subject the Federal Reserve’s monetary policy powers to outside scrutiny is getting new life in Washington.
But such a proposal, which has been vocally opposed by Federal Reserve Chairwoman Janet Yellen, may face its best odds ever of becoming law. Both chambers are controlled by Republicans long critical of the Fed’s policies, and President-elect Donald Trump has heaped scorn on the central bank since the beginning of his presidential campaign.
Paul specifically mentioned Trump in a statement about the bill Wednesday, making clear the measure’s proponents believe they have an ally in their cause coming to the White House.
“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,” said Paul.
Under the bill, the Fed’s monetary policy deliberations could be subject to outside review by the Government Accountability Office.
Proponents of the measure argue that the Fed is too powerful and lacks sufficient oversight for its interest rate decisions. But Fed officials from Yellen on down, as well as other critics, have warned that such a policy could subject the Fed to undue political pressure and discourage it from taking unpopular steps for the good of the overall economy.
The proposal has garnered some bipartisan support and has passed the House several times in past Congresses.
But the measure has typically stalled in the Senate. Senate Democrats refused to bring up the bill for consideration when they controlled the chamber, and senators rejected the bill in 2016 after it was brought up by the new GOP majority.
But the situation is different in 2017, as lawmakers who assumed President Obama would veto any “Audit the Fed” legislation in the past now are anticipating a White House with a vocal Fed critic at the helm.
Trump singled out the Fed frequently for criticism during the presidential campaign, arguing during presidential debates that the institution was deliberately keeping interest rates low for Obama’s political benefit.
Fed officials are fiercely protective of their reputation as pursuing policies free of political motivation, and Yellen has shot down any notion of partisan intent in its policymaking.
But lawmakers hoping to overhaul how the Fed does business see an opening in 2017.
“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,” said Massie.
Actually, Congressman Massie, it’s time to END THE FED! But if we must settle for an audit which will certainly show the theft of America’s income tax money since 1913, knock yourselves out. Just make sure you get our money back, yes, every dime the American people paid to the IRS since its inception in 1913.
Incidentally, the Seventeenth Amendment was never ratified by enough states to make it law. We’re no longer in need of the “services” of the Crown, and we intend to declare ourselves sovereign individuals not beholden to the laws imposed on us by foreign agents who have hijacked our country.
This post will be updated with information on how every American can declare themselves sovereign citizens and free from the clutches of the IRS, which is NOT an agency of the Federal Government.