Ron Paul: Audit the Fed! No More Bailouts!


www.RonPaul.com – 05 Audit the Fed! No More Bailouts! by Ron Paul It doesnt come as too much of a surprise that the measure to audit the Fed is coming under continuous fire from the central bank and its cronies. For the first time since the Federal Reserve was created nearly a century ago they have hired an actual lobbyist to pound the pavement on Capitol Hill. This is a desperate effort to hang on to the privilege of secrecy and lack of accountability they have enjoyed for so long. Last week showed they are getting their moneys worth in the Senate. At the very last minute, on the floor of the Senate, supposed compromise language was agreed to and substituted in the Sanders Amendment to the financial reform bill. This language was acceptable to the administration, committee leadership and to the Fed. The trouble is, while it is better than no audit at all, it guts the spirit of a meaningful audit of the most crucial transactions of the Fed. In fact, rather than still calling the Sanders amendment an audit, maybe it should instead be called more of a disclosure at this point. The new language of the Sanders amendment requires a one-time disclosure from the Fed of 13(3) facilities, foreign currency swaps and mortgage-backed securities. Basically, their sins of the past would be revealed and Americans would know more about who got bailed out by the Fed and under what terms. This would be good, but its not nearly enough. Taxpayers are sick and tired of bailing out privileged