Paul, Bernanke: The Final Showdown?
July 17, 2012 by Sam Rolley
Wednesday will mark an important moment for anyone who has come to question the shady operations and perceived benefit to American economic policy of the Federal Reserve in the past few years because of Representative Ron Paulâ€™s (R-Texas) crusade against the central bank.
This will likely mark the last time that the soon-to-retire Congressman and chairman of the House Financial Services Committee will have an opportunity to lecture Fed Chairman Ben Bernanke during a committee meeting.
Paul said he wants to remind Bernanke of the same message heâ€™s been pushing during his entire legislative career.
â€śItâ€™ll be hard to think up anything brand new other than reiterating my concerns over the last 30 years,â€ť he told The Hill in an interview.
When Paul took over as chairman of the Financial Services Committee he opted to take an approach that would make the Fed a central issue and a household name with many Americans rather than simply issuing subpoenas for information from the central bank. The lawmaker began to call in economists and scholars to point out the flaws in the Fedâ€™s monetary policy, which served more to teach Congress about other options for American monetary policy.
Paul has managed to bring together both Republican and Democratic lawmakers in criticizing the central bank, and he has created an outpouring of public support for more scrutiny from members of his own liberty movement and the Occupy Wall Street crowd. His bill for a comprehensive audit of the Fed is also moving, thanks in part to its 271 co-sponsors; it will likely be passed by both Congressional chambers.
Below are some of Paulâ€™s most educational exchanges with Bernanke (in no particular order):
Is gold money?
Why would some people not support a Fed audit?
How has the Fed impacted the value of money?
Maybe your theories are wrong.
The only question now: Who, if anyone, will continue to fight to hold the Federal Reserve accountable in Paulâ€™s absence?