by Ron Paul: Americans
Deserve a Transparent Fed
Washington has been so out of touch with principles
and reality for so long, that they probably think voting for the
bill initiated by Ron Paul to edit the Federal Reserve would be
political feather in the cap of Ron Paul. But it looks like that
isn’t going to be so, as it wasn’t allowed to stand alone,
and has been tacked on to another bill which Paul couldn’t
allow himself to vote for, so it looks like he’ll be voting
against his own bill, which of course, has quickly become something
Having said that, the bill itself, assuming it remains as it is,
will be a very positive step forward to reining in the Federal Reserve,
which has become an unaccountable, secret organization which make
deals with foreign governments and foreign central banks with impunity,
while making decisions which go far beyond its charter; things like
bailing out whatever industry they feel like bailing out, even if
they’ve never been delegated the authority to do so. Sectors
like the insurance and auto industry, which aren’t in any way
under the umbrella of the Federal Reserve.
What the Ron Paul legislation will do, is subject the Federal Reserve
to a full audit for the first time in history, via the Government
Accountability Office. Unfortunately, as mentioned earlier, it has
been grouped together with a finance reform bill which Paul doesn’t
believe in. So being a truly principled man, he’ll vote against
it, even with his legislation included. The good news for Paul’s
bill is, more than likely Paul will be outvoted and the bill will
pass, with Paul’s legislation included.
Paul rejects the notion that this will somehow interfere with the
independence of the Federal Reserve, as his primary focus in the
bill is to force the highly secretive Federal Reserve out into the
open so lawmakers and the public can see what they have been doing
behind closed doors with foreign nations and domestically. In other
words, Paul is asking for transparency at the financial institution
through this bill.
As Paul has rightly noted though, it must be big what the Fed is
trying to hide, as the opposition is so strong it seems whatever
is attempted to be hidden will not be approved of by Americans or
its political representatives.
Paul is a Republican member of Congress from Texas.
© 2009 American