U.S. Sen. Rand Paul (R-KY) wrote an op-ed published in the Federalist Thursday to discuss the new Fed audit bill he’s introducing in Congress, arguing that it’s “time to lift the veil” of secrecy around the U.S. central bank, the Federal Reserve.
“Imagine a financial behemoth at the center of the biggest economy on the planet. It secretly pulls the strings of America’s fiscal destiny, and the consequences of its actions ripple through the lives of countless individuals, yet its inner workings are almost entirely unknown and not subject to any form of checks or balances,” Paul began.
The American people have a right to see behind the veil of secrecy at the Fed. I will continue to do what I can to lift that veil. I urge my fellow senators to join me. https://t.co/s8Kos1PfDt
— Rand Paul (@RandPaul) January 25, 2024
“This is not the plot of a dystopian novel but the current reality of America’s Federal Reserve system,” warned the Kentucky Senator. “Now is the time to bring this financial giant into the light. Auditing the Federal Reserve is a fiscal necessity and a congressional imperative. That is why I have reintroduced the Federal Reserve Transparency Act as my first legislation of 2024.”
Congress created the Federal Reserve in 1913 and the central bank falls under Congressional authority. “Though I have received criticism from both sides of the aisle arguing that Audit the Fed would compromise the Federal Reserve’s autonomy, transparency and oversight of every government institution is imperative and ought to be a bipartisan objective,” Paul argued.
Paul said in November that the Fed’s influence is extraordinary and unchecked, “No other institution has so much unchecked power. The Fed demonstrated its unlimited authority during the pandemic. The Fed printed money, purchased government-backed securities, and doled out massive amounts of money to favored industries.”
The Only Real Way To Track Government Spending Is To Audit The Fedhttps://t.co/gaugZV4zmC
— The Federalist (@FDRLST) January 25, 2024
“When Dodd-Frank ordered a limited one-time audit of Fed actions, the Government Accountability Office uncovered that during the financial crisis, the Fed doled out over $16 trillion to domestic and foreign banks,” said Paul. “This kind of inflationary bailout should not be kept secret from the public.”
Fiscal conservatives in Washington have been warning about the unchecked monetary power of the Federal Reserve for decades.
