Ron Paul: Transparency and Accountability for the Federal Reserve!

Transparency and Accountability for the Federal Reserve

by Ron Paul

Last week, the 112th Congress was sworn in. I am pleased that I will be chairing the Monetary Policy Subcommittee of the Financial Services Committee which has oversight of the Federal Reserve. Obviously, this position will facilitate my efforts to ensure the Fed provides the American people with more information about what they have been doing with and to our money.

Not surprisingly, since my chairmanship was announced, apologists for the Fed have been recycling the old canard about how increased transparency threatens the Fed’s so-called political independence. By ‘independence’ they are referring to the Fed’s ability to greatly impact the economy with virtually no meaningful oversight. We only recently learned that the bankers at the Fed were able to use the latest financial crisis to bail out Wall Street cronies and foreign central banks with billions of dollars that were created and wasted instead of appropriated and voted on by representatives of the people. The Fed and its supporters in the Congress vehemently fought even this small bit of transparency and without this one-time provision in the Financial Reform Act forcing disclosure we would still not have this information.

Indeed, we are in the dark on so much of what the Fed has done. This is extremely dangerous for our country, yet this power and secrecy is defended as some kind of public good, which is patently ridiculous. Our government is based on a system of checks and balances. With no check on the Fed, it is no surprise it has thrown the economy wildly off-balance. The solution is not to reinflate the bubbles the Fed created or to continue to devalue the currency or to throw billions at failing banks and corporations. The solution is to return sanity and freedom to monetary policy. Forcing the entire country to use a medium of exchange that is subject to the whims of elite bankers and their cronies on Wall Street is not sanity. Hoping that an unchecked all-powerful behemoth banking cartel will solve any economic problem is not sanity.

The problems the Fed was originally created to solve now look minuscule compared to the problems it has created. If political independence erodes the purchasing power of the currency by 98%, destabilizes the economy with radical booms and busts, all while increasing unemployment and tipping us ever closer to hyperinflation, perhaps it is time to try a little transparency and accountability instead. Better still, we should try giving the people true economic freedom.

Make no mistake, the Fed is not truly independent of political pressure. Its chair is appointed by the president and it is a creature of Congress. Congress has a duty, albeit a neglected one, to exercise oversight of the Fed. However, even if it was politically independent, it is not independent of the influence of Wall Street. One only has to look at the revolving door between the Fed and the big banks to know that. Disclosure of TARP funds confirm this. It is nothing short of cruel and criminal for Congress to stand idly by while the life savings of Americans are inflated away to nothing. It is high time Congress insists on getting complete information on what the Fed has been doing and for whom.

My hope is that exposing the truth will demonstrate the insanity of the status quo and more people will call for sensible changes, such as legalizing competing currencies.


  • obSCENEoneTW0

    ron you are the man! but could you talk a little louder on your updates please, my computer has shitty speakers.

  • 1kingconan

    Ron paul should have been our president last 50 years 😀 and next 30!

  • HG2013

    We know whats going on, its just a matter of getting together to do all you can about it!

  • weedofdick

    It is really unfortunate that our older generation thinks so poorly of you Mr. Paul. When you didn’t win in 2008, I made a vow. I won’t do nothing, and every little bit counts, so I do what I can to help people understand just how unfairly you’re treated compared to the likes of McCain and Obama. If anyone can give me my future back, it’s you, and you’ve got my vote a hundred times.

  • BeadStallcup

    The voice of truth and reason speaks again! Ron Paul for US President in 2012.

  • DMarksmanLima21

    It’s TIME! Let us go forth and, through non-violent processes, take back our Nation! THE US CONSTITUTION IS ALIVE!

  • ILiveInMyParadise

    Read you’re bible & not your newspaper

  • ghostgate82

    I fear for Dr. Paul’s life after getting this position…
    I just don’t see the Bankers allowing him to have this power.
    May God protect him!

    We need more Ron Paul’s in this world!

  • thotkrime

    Ron Paul ROCKS!!

  • luettem

    The Word of God says the One World Government is coming and there is no petition, no group, nothing that will stop what is coming on the world. This has been put into place Long Ago, and the time to act was also Long Ago. The End of Days, contains, One World Gov. WW Economic Crisis, Nuclear War and far more. The generation that see’s Isreal become a nation again is the last one before Tribulation. The Fed is not US, and never was

  • SweeterThanKisses

    up to usa how far we go backwards,keep adding to the pile,is all..

  • biozamadotcom

    quite good, this one.

  • carcabe

    Go, Ron, go.
    RUN, Ron, RUN!!! in 2012

  • 18wheeler76

    unfortunatly,the fed will never disclose how they are gonna take our country down,all the presidents have allowed the private bank to destroy our country,mr paul i wish you were president,unfortunatly you will never get a fair chance because the rothchilds or rockafellars wont stand for it.u r a true patriot.and thats what they fear the most.

  • campaign4liberty

    Run Ron Run
    Run Ron Run
    Run Ron Run
    Dr. Ron Paul Hope for America!
    info at Liberty Poet and Daily Paul

  • QPWimblik

    The economy cannot get the diversity needed to soak up the excess when the cartels are running the economy and not a competitive free market. The way things are going we are just going to get poorer through inflation causing more economic problems at the bread line and more problems reaching into the middle classes pockets also.

  • sschevypwrbb

    Every Ron Paul supporter, go to RonPaul2012DOTnet!!!!!

    This petition is supported by ronpaulDOTcom

    “Our goal is to gather 100,000 signatures for Ron Paul to run for President in 2012.”

    Nothingizm 3 minutes ago

  • EndTheFedRes

    My name says it all.

  • Nothingizm

    Every Ron Paul supporter, go to RonPaul2012DOTnet!!!!!

    This petition is supported by ronpaulDOTcom

    “Our goal is to gather 100,000 signatures for Ron Paul to run for President in 2012.”

  • 79merkus

    Skip the pleasantries and start the subpoenas for the information you need.