At the height of the Ron Paul movement, crowds of thousands of passionate individuals chanted “End the Fed!” around the country, and America looked to be on the cusp of a revolution against central banking. Although that fervor has long since waned, Sen. Rand Paul (R-KY) is still intent on upholding his father’s legacy.
Paul is pushing his father’s signature Audit the Fed legislation that would finally at long last bring some transparency and accountability to the central bank that has been responsible for crushing the purchasing power of the dollar while unleashing a century of war and big government to the detriment of us all.
“Audit the Fed removes the restraints on how the nonpartisan, independent Government Accountability Office (GAO) can audit the Federal Reserve System, requiring the GAO to conduct an audit within one year of the bill’s passage and report back to Congress within 90 days of finishing it,” Paul explained in a Daily Caller op/ed.
Although the libertarian movement is no longer what it once was, Paul is still optimistic that this legislation can be passed through the legislature and signed into law. He feels that momentum is slowly but surely building behind reform.
“During my father’s final term in Congress in 2012, Audit the Fed passed the House by an astounding vote of 327-98. By 2014, its support further increased, leading to another successful House vote of 333-92,” Paul explained. “On the Senate side, we missed reaching cloture by only seven votes in 2016.”
Paul sees the Federal Reserve panicking at the possibility of his bill being passed, and that makes him feel like he is on the cusp of success.
“The Fed has even been forced to lobby to combat the pressure in what seems to be a clear conflict of interest,” Paul said.
Thanks to the work of Paul and his father, the Federal Reserve has been thrust into the public spotlight like never before. With the public still fighting mad at the status quo of government, that gives Paul an opportunity to strike a death blow against the institution that he believes is at the heart of our nation’s many problems.
“We have given enormous power to a relatively small number at the Federal Reserve to directly impact and shape the costs millions of Americans will pay now and for years to come, and we have tied the hands of Congress’ investigative arm to hold them fully accountable,” Paul said.
Paul hopes to receive the support of President Trump as he pushes to audit the Federal Reserve. Trump had indicated previously that he was willing to support a Fed audit during the height of campaign season last year. The official name of the legislation is the Federal Reserve Transparency Act, and its full text can be found here.