The move to audit the Federal Reserve is back with the Republican resurgence.
I have to admit I had assumed that this campaign would be quietly dropped now that the Republicans have control of the Senate. I am sure some will work hard against it. But it is great news that some in the Republican Congress will work to audit the Federal Reserve.
According to Politico.com, “‘Audit the Fed’ to make comeback next year.”
“Audit the Fed” is here to stay.
The movement to bring greater transparency to the Federal Reserve will be in full force in the new Congress, with Republican lawmakers in both the House and the Senate eager to reintroduce legislation in early 2015 requiring a full “audit” of the central bank.
In the House, Rep. Thomas Massie (R-Ky.) is taking the torch from outgoing Rep. Paul Broun (R-Ga.), whose “Audit the Fed” bill sailed through the House this year with bipartisan support. Across the Capitol, another Kentucky Republican — Sen. Rand Paul — is vowing to introduce the bill again, with renewed hope that the GOP takeover of the Senate will boost its chances of getting a floor vote in the next Congress.
Both Massie and Paul want to get the ball rolling right away. Massie plans to release the bill early in the new Congress, while Paul said in a brief interview this week that his will likely be dropped in January.
Proponents of “Audit the Fed” believe the proposal is ripe for a potential breakout moment next Congress — with Senate Minority Leader Mitch McConnell’s ascendance to majority leader in January, the bill has a better chance of being approved by both chambers of Congress for the first time.
“I think our odds keep improving,” said Massie, who has a personal relationship with Paul. “His 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.”
This is great news because it means that Rand Paul is not shying away from his economic understanding in order to run for President. On the contrary, it indicates that he plans to make the Federal Reserve a campaign issue. As the economy continues to visibly shred, it is almost certain there will be some new financial crisis at some point in the next two years before the presidential election. That will make Paul’s and Massie’s case all the more interesting to more people.
Eventually, a critical-mass portion of the American people are going to realize that our government-banking-complex is destroying our currency and our economic prosperity. At that point the establishment will find itself marginalized while those who were marginalized will earn the respect of the majority.