Fed News Friday: Father Son Duo, Ron and Rand Paul Take on the Fed in the House and Senate with twin Federal Reserve Transparency Acts of 2011
February 3rd, 2012
Photo: Gage Skidmore
Thanks to the one-time only, and limited Dodd-Frank audit of the Federal Reserve, we already know that some pretty glaring conflicts of interest exist at the Fed and that it loaned $16 trillion at low no interest to big banks at the height of the financial crisis, a lot more than the comparatively paltry $700 billion bailout publicly authorized by Congress. But U.S. Congressman Ron Paul, and now his son, U.S. Senator Rand Paul (R-TX and R-KY, respectively) are at it again, working hard to make sure the American people get to know the Fed’s deeper and darker secrets, the ones that didn’t even make it into the limited Dodd-Frank audit, the ones that I can only imagine must be worse than the $16 trillion robbery that you and I will be paying for until our dying day with dollars that are going to lose their value and purchasing power at an accelerating rate because of all this.
Why worse? Because the Fed and its apologists protest any further scrutiny so vehemently. At this point, I think I’d probably believe transcripts that go “BEN BERNANKE: Okay everybody. It’s just us in here now. Let’s morph back into our reptilian form and confer in the tongue of our native planet.” I mean how else do you top a $16 trillion theft? Okay, maybe the reptile thing is a little over-the-top, but if we get a full, top-to-bottom audit of the Federal Reserve, I think I’m fully ready to learn that the Fed makes its decisions like this or something. Interested yet? You should be. The crime of the centuries has already been exposed and with a full top-to-bottom audit of America’s central bank, we might just learn that the more secret stuff is even more juicy, we may just expose an even bigger crime so the media can ignore that too! This is where Ron and Rand Paul come in…
With the Federal Reserve Transparency Acts of 2011, (H.R. 459 in the House, and S.202 in the Senate) Ron and Rand Paul are sponsoring bills that will require the Federal Reserve to open the windows and let in the bright, sterilizing sunlight of public scrutiny. The big news is: Ron Paul’s bill has 199 co-sponsors in the U.S. House of Representatives; that’s just 19 away from a majority of representatives! In the U.S. Senate, Rand Paul’s bill has 19 co-sponsors. Interestingly, they’re all Republicans. This isn’t a partisan rant, but it does seem odd that Senate Democrats would pass up on the opportunity to create more transparency and do some deeper investigation into the largest private corporation in the world. Don’t Democrats like being tough on corporate corruption, greed, and secrecy?
Introduced in both chambers of Congress on January 26th of last year, here’s what the bills would do according to their official summaries:
“Directs the Comptroller General to complete, before the end of 2012, an audit of the Board of Governors of the Federal Reserve System and of the federal reserve banks, followed by a detailed report to Congress. Repeals specified limitations on such an audit.”
Be aware of the Fed! Audit the Fed! End the Fed!
Baby steps 
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