‘Audit the Fed’ Bill or Yellen Vote: It’s a 30-Hour Standoff!

‘Audit the Fed’ Bill or Yellen Vote: It’s a 30-Hour Standoff!

Has it really been three years since the ‘Audit the Fed’ bill passed the House? No wonder Sen. Paul has no problems delaying Yellen’s nomination for an additional 30 hours to finally get a vote in the Senate.

Critics are annoyed, yes, it’s almost Christmas, but they’re also claiming that the Federal Reserve is “already pretty transparent.”

According to The LA Times, one critic in November stated that “Congress should focus on the effect of the Fed’s policies, not how officials made the decisions.”

“I don’t see why the Congress should care if the Fed gets it right if it does it by a Ouija board or looking at the inside of pumpkins,” [a Fed historian] said. “What it should be concerned about is outcomes.”

Um, if the central bank of the U.S. is making decisions by baking pumpkin pie or consulting board games of the dark arts, wouldn’t you want to know before things really got bad?

Yellen herself may advocate “openness and transparency” but will it be enough?

“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,” wrote Paul in The Washington Times.

“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.”

Paul can only delay Yellen’s nomination, but every hour counts if he can bring more attention to auditing the Fed.

(Photograph courtesy of Fibonacci Blue, via Flickr Creative Commons CC BY 2.0)


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