A New Chairman Means Nothing To Americans Being Screwed By The Fed, Says Ron Paul
October 9, 2013 by Sam Rolley
Former Congressman Ron Paul, the man who literally wrote the book on criticizing the Federal Reserve, issued a statement Wednesday acknowledging the nomination of Janet Yellen, an American economist and professor who currently serves as vice chair of the Board of Governors of the Federal Reserve, to be the top official at the Nationâs central bank.
âMany will make a big deal about the nomination of Janet Yellen to be the next Fed Chair, but the reality is, as long as we tolerate the Federal Reserve System and its flawed monetary policy, there will be no policy change at the Federal Reserve,â said Paul.
âNotably absent from the discussion surrounding the debt ceiling and the government shutdown is the fact that the federal government would not be able to borrow the money it needs to finance its wars, bailouts, and entitlement programs if the Federal Reserve did not continue to buy government debt.
âUntil the issue of the Federal Reserve is addressed, I am not optimistic we will see any true spending reform in Washington. Thankfully, the American people are waking up to what the Federal Reserve has been doing to our money and our economy,â Paul concluded.
Throughout his Congressional career, and especially during the tenure of Fed chairman Ben Bernanke, Paul became known for using his position on House economic committees to issue scathing rebukes and ask tough questions of Fed officials.
Paul also authored legislation to âAudit the Fedâ (H.R. 459), which gained 274 cosponsors and passed the House during the 112thÂ Congress on July, 25, 2012, with an overwhelming three-fourths majority of 327-98. The legislation calls for a âfull audit of the Board of Governors of the Federal Reserve System and the Federal Reserve banks by the Comptroller General of the United States.â
Paulâs son, Senator Rand Paul (R-Ky.) introduced companion legislation in the Senate and garnered 37 co-sponsors, though Senate Majority Leader Harry Reid refused to allow âAudit the Fedâ legislation to be brought to the floor for a vote in that legislative chamber.
Following the elder Paulâs departure from Congress, Representative Paul Broun (R-Ga) reintroduced the House âAudit the Fedâ bill in January as âThe Federal Reserve Transparency Act of 2013â (H.R 24) for consideration by the 113thÂ Congress. The bill currently has 166 cosponsors. Senator Rand Paul (R-Ky) also re-introduced companion legislation this yearâ it currently has 25 cosponsors in the Senate.