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National Debt

Auditing the Fed

  • July 07, 2009

    Rep. Ron Paul (TX), fresh off a dark-horse bid for the presidency, has finally gained traction on accomplishing a task he first attempted 26 years ago: auditing the Federal Reserve (Fed).

    While his 1983 attempt only attracted 18 co-sponsors, his current resolution has the backing of 245 members and calls for a full audit of the Fed to be reported to Congress by 2010.

    The Federal Reserve has long been a target of Rep. Paul, but with the economy in a downturn and both the recent financial rescue packages and new powers granted to the Fed, his Federal Reserve Transparency Act has gained support from both sides of the aisle as many Americans are questioning just exactly what is going in Washington with their tax dollars and how much influence does the Fed have in manipulating, for better or worse, the U.S. economy.

    The purpose of this act is not to abolish or in any way affect the abilities of the Fed to operate, but instead to provide for a detailed examination of an organization with broad and far-reaching powers to dictate the direction of both the U.S. and global economy, and to ensure that, as in the rest of government, there is some level of transparency.

    CapitolWatch urges it members and readers to contact both their Representative and Chairman of the House Financial Services Committee, Rep. Barney Frank (MA), and tell them that you, too, think this is an important process that should receive a vote an have a chance to shed some light on an institution that has the ability to make or break our country.

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