Campaign for Liberty released the following statement from C4L President John Tate after the Senate Banking Committee approved Janet Yellen 14-8 to be the next Chair of the Federal Reserve. The full Senate will take up her nomination in the coming weeks.
“The Federal Reserve’s actions affect the lives of every single American. Allowing the American people full transparency in its operations is not a partisan issue,” said Campaign for Liberty President John Tate.
“Nearly 75 percent of Americans- including (or so he claimed in 2010 while running for re-election) Senate Majority Leader Harry Reid - support a full audit of the Federal Reserve. Even though Harry Reid today deployed the ‘nuclear option’ so he could ram-through Janet Yellen’s nomination with a simple majority, the American people still deserve a vote on bringing transparency to the nation’s most powerful and secretive institution.”
Ron Paul’s Audit the Fed bill, H.R. 459, gained 274 cosponsors and passed the House of Representatives in the 112th Congress on July, 25, 2012, by an overwhelming three-fourths majority of 327-98, after a nationwide grassroots mobilization effort led by Campaign for Liberty. The legislation calls for a “full audit of the Board of Governors of the Federal Reserve System and the Federal Reserve banks by the Comptroller General of the United States.”
Last Congress, Senator Rand Paul (R-Ky) introduced companion legislation, S.202, which gained 37 cosponsors. Senate Majority Leader Harry Reid refused to allow ‘Audit the Fed’ to be brought to the floor for a vote despite repeatedly calling for an audit of the Federal Reserve throughout his career.
Congressman Paul Broun (R-Ga) reintroduced Dr. Paul’s Audit the Fed bill in January of this year as H.R 24, “The Federal Reserve Transparency Act of 2013” in the 113th Congress. The bill currently has 174 cosponsors, including 14 Democrats. Senator Rand Paul has again introduced companion legislation, S. 209, which currently has 27 cosponsors, including one Democrat.
Tags: Audit the Fed, Campaign for Liberty, Rand Paul, Federal Reserve, John McCardell, Harry Reid, Paul Broun