Wrong. Even if the Fed has a dubious history when it comes to revealing its operations (i.e. it declined a FOIA request from Bloomberg in the past regarding money used for emergency lending to various banks and financial institutions), Rand Paul can go beyond their firewall by blocking Obama’s nominees Stanley Fischer (as Fed vice-chairman), Lael Brainard and Jerome Paul in the Senate until he gets a vote on his bill. This bill if passed can shed light on the US central bank’s secretive maneuvers.
Obviously, the new Fed chairwoman Janet Yellen, among other officials, are opposing such an “invasive” action. Their arguments are that such an invasion of privacy from the Congress (!?!) will interfere with the Fed’s independence and will politicize future actions. By the way, if the President of the United States appoints the Fed’s chairman and members, is that not political interference? Just my 2 cents.
So, let that sink in: if you try to audit the country’s central bank, you’re basically committing blasphemy or something similar, and you’re dangerous because you want to know what happens with taxpayers’ money. Also, you’re endangering the economy, and you’re basically a terrorist, right?
As Chamber of Commerce’s deputy chief economist wrote on the blog for the U.S. Chamber, look but don’t touch, touch but don’t taste, taste but don’t…you know:
“Senator Paul should continue to raise questions about the Fed, just as he should remove his procedural block to the Fed nominations now under consideration.”
In other words, play nice kids and don’t audit the Fed or someone’s gonna start crying.
“Transparency at the Federal Reserve is not dangerous to the economy. To the contrary, mandating transparency will hold the Federal Reserve accountable,” an aide to Paul said. (The Hill)
What do you think, should the Fed be audited? What do they have to hide from the American people? I’m waiting to hear your thoughts about the U.S. Chamber of Commerce’s reaction to Paul in the comments below. You can also give us a shoutout on our Facebook page and Twitter.
Written by Chris Black
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