Inquiring minds are cheering on U.S. Rep. Ron Paul, the new chairman of the House Financial Services Subcommittee on Domestic Monetary Policy and Technology, as he launches his expected campaign to audit the Federal Reserve:
His plan isn’t new, and even with Republicans in the minority in the U.S. House a year ago, he collected support from some 320 members — a majority — of the House.
An announcement from his office today confirmed that HR 459, “The Audit the Fed Bill,” has been introduced to the 112th Congress. The announcement said it is very similar to HR 1207 from last year, and “calls for a full and complete audit of the Federal Reserve by the Government Accountability Office.”
Rep. Paul has The Fed in his sights and he wants answers:
“Right now,” he said, “it’s a struggle just to find out what the Fed has done. I want to know what the Fed is planning on doing. I think the transparency argument could be translated into whether we know if the Fed is getting ready to spend $500 billion and send it to certain companies and banks overseas.”
He’ll pursue the answers he wants with hearings that Congress will hold on the Fed and its activities.
“The relationship between the Fed and unemployment may be one of my first hearings. In mid-February, I hope to hold hearings relating to how the Federal Reserve is really the cause, not the salvation, of our unemployment problems. I want to have a serious conversation about the business cycle and how the Fed creates the business cycle. It is responsible for the slumps because they are a consequence of bursting bubbles. It’s popular to talk about unemployment, but no one explains why people are unemployed – how it happened. If we don’t deal with the monetary system – how it contributes to unemployment – how can we ever solve the problem,” he said.
Paul said he feels an obligation to begin tracking down the information he feels can affect the nation’s economy.
Good luck to Rep. Ron Paul. The country needs him to be successful in bringing The Fed under control.
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