Republican lawmakers in both the House and Senate will soon be pushing for the “Audit the Fed” bill to pass. Representative Thomas Massie (R.-Ky.) will introduce the bill in the House, and Senator Rand Paul (R-Ky.) will introduce the bill in the Senate. Paul said in an interview this week that he intends to introduce the bill in January.
With Mitch McConnell’s ascent to the majority leader position in the Senate, there is a stronger chance for the bill to be passed by both houses of Congress.
Represenative Massie said:
“I think our odds keep improving. His [Rand Paul’s] profile will be raised as he runs for president, which bodes well for this bill, and his relationship with Sen. McConnell I think bodes well for this bill in the Senate.”
The bill was originally designed by Ron Paul, Rand Paul’s father. It passed the House 333-92 in September.
McConnell spokesman Don Stewart said in an email that McConnel “supports the bill, he’s a co-sponsor.”
Fed chairman Janet Yellen strongly opposes the bill and thinks it would threaten the central bank’s independence and make it subject to “political pressures.”
Paul Broun, who introduced the bill in the last Congress, takes a dramatically different position:
“It’s absolutely imperative that we get a transparent, full audit of the Fed so the American public can know what is going on with this entity. Members of Congress are more and more beginning to see how critical it is.”
What do you think? Should “Audit the Fed” be passed? Does it expose a little-known-about public-private institution? Or does it threaten the Fed’s ability to conduct monetary policy? Let us hear your thoughts.
Photo Credit: paul.senate.gov
This post originally appeared on Western Journalism – Informing And Equipping Americans Who Love Freedom