House passes Ron Paul’s ‘Audit the Fed’ bill, central bank may be forced to open its books to the public
Grant J. Kidney — Ron Paul’s bill to bring transparency to America’s private central bank has just passed the U.S. House of Representatives by a margin of 327-98. The passage of the bill was not without its hurdles however.
Echoing Fed chairman Ben Bernanke’s statement that an audit of his institution would represent a ‘nightmare scenario’, several top Democrats in the house virulently slammed Texas Rep. Ron Paul’s push to shed light on the Fed.
Rep. Whip Steny Hoyer (D-Md.) expressed deep concern over Paul’s bill.
This bill would instead jeopardize the Fed’s independence by subjecting its decisions on interest rates and monetary policy to GAO audit. I agree with [Fed] Chairman [Ben] Bernanke that congressional review of the Fed’s monetary policy decisions would be a ‘nightmare scenario,’ especially judging by the track record of this Congress when it comes to governing effectively.
Paul’s ‘Federal Reserve Transparency Act’ requires the Fed to open its books to the public via their elected officials. The act intends to reveal where trillions of dollars of tax payer money has went over the years, thus possibly inciting much anger on part of the American people if unscrupulous activity is proven.
The U.S. Constitution demands that only Congress have the authority to control the nation’s money supply. In 1913, that power was transferred to the privately owned Federal Reserve bank without a sufficient number of state’s to ratify the measure.
American founding father and intellectual, Thomas Jefferson, had a mouthful to say concerning the creation of a central bank.
The central bank is an institution of the most deadly hostility existing against the principles and form of our Constitution. I am an enemy to all banks discounting bills or notes for anything but coin. If the American people allow private banks to control the issuance of their currency, first by inflation and then by deflation, the banks and corporations that will grow up around them will deprive the people of all their property until their children will wake up homeless on the continent their fathers conquered.
Though Paul’s bill does not completely end the Federal Reserve system, it will at least give some idea as to how badly the American people have been subjugated beneath financial tyranny. With talks of creating a world central bank that all will be forced to pay taxes to, an audit of the Fed may help to forestall a banker takeover of the Earth for some time.
The passage of the Federal Reserve Transparency Act is a victory for Paul, who’s anti-establishment crusade centers specifically on the crushing of America’s central bank. Paul, 76, has led two successful Presidential campaigns in terms of educating the public on issues such as economic policy.