GOP leadership in the House of Representatives announced that legislation to thoroughly audit the secretive Federal Reserve, a wildly popular measure pushed by Rep. Ron Paul (R-Texas) for decades, will come up for a floor vote in July. Honest-money advocates and pro-transparency activists celebrated the news as a historic opportunity to rein in the central bank, which has come under heavy fire — especially in recent years — for debasing the U.S. dollar, manipulating markets, and showering big banks with trillions in bailouts.
The legislation, H.R. 459, already has over 225 co-sponsors in the House including an impressive roster of senior Democrats and Republicans, some of whom chair important committees. In the Senate, however, a similar bill has only about 20 co-sponsors so far, forcing Audit-the-Fed activists to wage a massive campaign aimed at exposing Senators who refuse to support transparency at the shadowy central bank. Polls in recent years revealed that four out of five Americans support auditing the Fed.
“The Fed has proven it cannot be trusted and must be audited. While the banksters’ dangerous schemes have been going on for years, the bailouts exposed the trillions being stolen from the American people,” noted Sen. Rand Paul (R-Ky.), a sponsor of the Senate legislation and the son of Congressman Ron Paul. “It is time to Audit the Fed. Time to shine a bright spotlight on the largest theft in American history.”
But victory in what Sen. Paul called this “vital effort to rein in the Federal Reserve” will not be easy, he noted. The establishment is already fighting back hard against the plan in an effort to shield the controversial institution from public scrutiny. And as the battle heats up, the Fed and its supporters will not give up easily.
“As we enter this critical time, we have an unprecedented chance to finish this fight and finally hold the Fed accountable for all it has done to wreck our economy and endanger our nation,” Sen. Paul concluded. “Don’t let this opportunity slip away.”
Experts and economic analysts have long said that if citizens understood what was really going on behind closed doors at the privately owned central bank, a tsunami of outrage would almost certainly force politicians to shut down the Fed and restore honest money once and for all. Even a watered-down audit, passed as part of the broader Dodd-Frank financial-reform bill, exposed blatant conflicts of interest among top Fed officials as well as some $16 trillion in Fed bailouts to big banks around the world.
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