As reported by The Hill, multiple Federal Reserve Presidents have started publicly attacking "Audit the Fed" which was introduced by Kentucky Senator Rand Paul last month. (But remember, the Fed must not be audited to remain "independent" from partisan politics).
Ron Paul's former legislative aid on monetary policy, Paul-Martin Foss, has an excellent article on the Federal Reserve attacking Audit the Fed over at the Carl Menger Center for the Study of Money and Banking.
As Paul-Martin writes,
Mr. Fisher has also forgotten that the Constitution grants Congress the power to “coin Money, regulate the Value thereof, and of foreign Coin…” Notice that it is only Congress that has the power to regulate the value of the coinage, not the Executive Branch, and not an unelected agency such as the Federal Reserve. If Mr. Fisher has a problem with that, he is welcome to push for a Constitutional amendment to change that.
The Constitution also does not give Congress the power to emit bills of credit. Nor is Congress therefore allowed to delegate that non-existent power to an Executive Branch agency such as the Fed. Not that pesky things like laws have ever stopped the Fed from doing what it feels like doing.
The Federal Reserve is clearly getting scared by all of the support for Audit the Fed. Sign your petition to your legislators and tell them to support Audit the Fed!
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PDFTags: Audit the Fed, Campaign for Liberty, Rand Paul, Federal Reserve