Audit the Fed: The Time Has Come

By: Michael Clayton

With Sen. Rand Paul announcing his intention to place a hold on the nomination of Janet Yellen to be the new Federal Reserve Chairman unless he gets a vote on his Audit the Fed bill, the moment we have been waiting for may have finally come. S.209 and H.R.24, The Federal Reserve Transparency Act of 2013, would “require 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.” Of course, the hope is that with the passage of this bill, the American people would be given sufficient evidence to finally see that the Fed is doing irreparable harm to the economy of the United States and the rest of the world. Although an audit is far from the final result we wish to see in our battle against the corrupt Fed, it is without a doubt the first step toward enlightening the American people of its treachery.

As The Washington Times recently reported:

“Paul’s legislation would open up the Fed to congressional auditors; a step that Federal Reserve officials believe could politicize the central bank’s independence. That leaves aside the question, has this secretive organization always acted in the best interests of the nation? No.

Perhaps more Congressional oversight is a step in the right direction. The Fed holds more power over the economy than Congress or the White House, which is why the Federal Reserve Transparency Act is even being considered.”

Now, we all know that an Audit in and of itself is not going to solve every problem we have.  However, an Audit is a necessary step to advance the cause of restoring sound monetary policy.  Perhaps even members of Congress could learn a thing or two. After all, Ron Paul has said that, “Many of the people who are supposedly in charge of monitoring the system are surprisingly ignorant about even the most basic aspects of how the system works.” The majority of Americans would without a doubt say they are in the dark about Fed policies just as much, even the ones who oppose it. The few people who do have a limited understanding of the Fed know its devastating role in crippling our country’s economy. Through artificially lowering interest rates, debasing the currency, and enabling massive spending, the Fed is a tool of tyrannical government and does not belong in a free society.

Since Campaign for Liberty’s inception in 2008, we have led the fight for an audit of the Federal Reserve. Now, we feel like we have a unique opportunity to get a vote on this extremely important legislation. This is why I urge you, if you haven’t already, to sign our Audit the Fed petition today.


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