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Paul continued "Earlier Congresses turned much of their constitutional responsibility for money over to the Fed, often during times of war or crisis. The Fed is sometimes called the fourth branch of government, even though the Constitution created only three branches. Congress is complicit in this concentration of power, and should take responsibility for helping the Fed find constructive limits. A more thorough audit would be a good start."
Paul's 4-page Senate bill, the "Federal Reserve Transparency Act of 2015" is here.
He also tweeted about making the federal reserve more effective.:
The goals of the audit are constructive and clear - to improve transparency & ultimately make the Fed more effective http://t.co/DTBmB9rAy2— Dr. Rand Paul (@RandPaul) August 21, 2015
The U.S. Federal Reserve has grown massively in recent years. Since the 2008 financial crisis, it has increased its balance sheet from less than $1 trillion to an incredible $4.4 trillion. Given this sharp increase in the Fed's risk, it's reasonable that the Fed should be audited more thoroughly than in the past.
My bill to audit the Fed is just three pages long, and simply says that the Government Accountability Office should conduct a full audit. It has 32 co-sponsors in the Senate and 142 in the House.
... Legislation to audit the Fed has twice passed the House by overwhelming majorities. The Fed opposes the measure on the view that it is already audited enough and that a broader audit might cause political interference. I invite a thoughtful congressional discussion of the pros and cons of a more thorough audit. I've been encouraged by the broad public support for one and disappointed by the Fed's opposition. Confidence in our currency is important to all of us, and my view is that more information can only help.
....The Constitution is explicit in assigning responsibility for money to Congress, and it is particularly blunt when it says: "No money shall be drawn from the Treasury but in consequence of appropriations made by law." None of the payments made by the Fed are pursuant to appropriations, but the Fed's actions facilitate the continued growth of the national debt, which is putting our economic future at risk.
....The Fed has never had a negative net worth, so someone is sure to question the safety of a central bank with negative net worth and its ability to run monetary policy. It would be better if the Fed were transparent on this issue, routinely reporting the market value of its positions and explaining the strength of its financial position.
The Fed is able to continue adding to its size and power, undermining monetary and fiscal policy. The Fed owns $4.5 trillion in taxpayer-guaranteed bonds, mostly Treasuries. To put these big numbers in perspective, if all of the Fed's holdings were $200,000 houses, it would be as if the central bank owned 22 million houses financed 100 percent by a giant, adjustable-rate mortgage.
The Fed crows that it earns interest and has made great profits on its portfolio. But that's just one part of government lending to another part. There's no value creation. It's like charging interest to your spouse and counting it as family income.
...The Fed's interest payments to banks raise numerous questions: Which banks received the most interest? What percentage of the payments are going to U.S. banks versus foreign banks through their U.S. branches? Are there any conflicts of interest for the Fed in determining these payments? Are there any checks and balances on their size?
... The Fed worries that these types of inquiries will scare markets, but I doubt it. The goals of the audit are constructive and clear -- to improve transparency and ultimately to make the Fed more effective. Markets are flexible and benefit from more information. The Fed itself has emphasized the importance of communication with markets to enhance its effectiveness.
The audit I want would evaluate the Fed's decisions in light of the relevant laws. Earlier Congresses turned much of their constitutional responsibility for money over to the Fed, often during times of war or crisis. The Fed is sometimes called the fourth branch of government, even though the Constitution created only three branches. Congress is complicit in this concentration of power, and should take responsibility for helping the Fed find constructive limits. A more thorough audit would be a good start.
You can read Rand Paul's full op-ed here.
Meanwhile Paul tweeted birthday greetings to his father Ron.
Celebrate my dad's birthday in style and help continue the revolution by ordering this limited-edition t-shirt! https://t.co/6E69PAkamQ— Dr. Rand Paul (@RandPaul) August 21, 2015
pic.twitter.com/1OuQomnMSY— Team Rand (@Team_Rand) August 20, 2015
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Martin Hill is a Catholic paleoconservative and civil rights advocate. His work has been featured in the Los Angeles Daily News, San Gabriel Valley Tribune, The Orange County Register, KNBC4 TV Los Angeles, The Press Enterprise, LewRockwell.com, WhatReallyHappened.com, Infowars.com, PrisonPlanet.com, Economic Policy Journal, TargetLiberty.com, FreedomsPhoenix, Haaretz, TMZ, Veterans Today, Jonathan Turley blog, The Dr. Katherine Albrecht Show, National Motorists Association, AmericanFreePress.net, RomanCatholicReport.com, WorldNetDaily, HenryMakow.com, OverdriveOnline.com, Educate-Yourself.org, TexeMarrs.com, Dr. Kevin Barrett's Truth Jihad radio show, Strike-The-Root.com, Pasadena Weekly, ActivistPost.com, Los Angeles Catholic Lay Mission Newspaper, KFI AM 640, IamtheWitness.com, Redlands Daily Facts, SaveTheMales.ca, BlackBoxVoting, The Michael Badnarik Show, The Wayne Madsen Report, Devvy.com, Rense.com, FromTheTrenchesWorldReport.com, BeforeItsNews.com, The Contra Costa Times, Pasadena Star News, Silicon Valley Mercury News, Long Beach Press Telegram, Inland Valley Daily Bulletin, L.A. Harbor Daily Breeze, CopBlock.org, DavidIcke.com, Whittier Daily News, KCLA FM Hollywood, The Fullerton Observer, Antiwar.com, From The Trenches World Report, and many others. Archives can be found at LibertyFight.com and DontWakeMeUp.Org.
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