Audit The Fed! Could It Finally Be Happening?

Audit The Fed! Could It Finally Be Happening?

Now that Congress has turned all red, it could finally mean that the veil of secrecy surrounding the Federal Reserve is about to be lifted, courtesy of Congressman Thomas Massie’s introduction of the Federal Reserve Transparency Act of 2015.

The movement to audit the fed has been brewing for decades; the 2014 elections combined with the uncertain at best economy could signify that the time has come. Popular support is also incredibly high, with as much as three quarters of the electorate wanting to see the books.

Audit the Fed has been a long-term project for Rand Paul. He had this to say in 2013:

“It is Congress’ job to monitor how the Federal Reserve operates. For years, Congress has abdicated this duty by allowing the Fed to operate free of rules, without any accountability.”

“The Federal Reserve might be the most secretive institution in our nation’s history. For decades, Fed officials, politicians and various “experts” have insisted that such secrecy was integral to its independence and, therefore, its effectiveness. …”

“When the economy doesn’t improve, what is the Fed’s perpetual answer? Print even more money. Creating money out of thin air is not a sound way to help the economy. …”

“This is unsustainable, and it is clear the Federal Reserve is structurally flawed. We need transparency and accountability. The American people deserve to know how their money is being managed.” (The Washington Times)

To truly get the economy back to some sort of sustainable function, the books need to be looked at. The lack of transparency is a weakness in the economy; any shocks that could disrupt the system have to happen. They’ll come out sooner or later, better to take it on the chin.

“The American public deserves more insight into the practices of the Federal Reserve,” Massie said. “Behind closed doors, the Fed crafts monetary policy that will continue to devalue our currency, slow economic growth, and make life harder for the poor and middle class.”

Previous attempts to pass the bill, or something similar, have been met by the hard brick wall of the establishment. Harry Reid had blocked the previous attempts to pass the bill. Vested interests and the status quo, you know how it is. Veteran politician Ron Paul had this to say:

I am pleased to see my good friend, Congressman Thomas Massie, continue the push for Federal Reserve transparency. The Federal Reserve will not be able to continue its secrecy as long as the American people continue to demand transparency. I urge Speaker Boehner to swiftly hold a vote on this important piece of legislation.”

What do you think? Will Audit the Fed pass? Will it work? Who should see what’s inside the ominous book? Join the discussion on Facebook, Twitter or below the line.

Written by Abezier Coppe

(Photo courtesy of Tyler Merbler, Flickr CC BY 2.0)

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