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.

  • teresa

    ABSOLUTELY AGREE! ~ The American people must keep sight of what the Feds are doing- No more secrets or back door deals.

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  • roboturner777

    run for President!

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  • Uwiluz60

    I think if the Fed. ever had a real audit…The dollar would bring down the world economy in days…The dollar will have to go back to a true backing slowly as J.F.K. had plans for…The Fed. could never have the power they have had for almost the last 100 years..But where we are now an honest audit would be total panic..We all know how they now back our dollar, lets not let the cat out of the bag to quick !

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  • Mike D

    Ron Paul you are a genius. You speak the plain truth, and have more common sense than any politician Republican or Democrat. I as other college students, are upset at the utter lack of common sense in Washington. I would be described as a democrat, but you have won me over. I would just like to let you know that you can get the “young” vote, just base your campaign on truth and common sense; We will vote for you.

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  • edarotag84

    No More Goldman Sachs nor JP Morgan Chase people in our Government!

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  • RedOnyxProductions

    I am really glad Ron Paul finally has a chance to take down the Fed. This couldn’t of come at a better time. Ron Paul, a true patriot!

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  • TheRawMama

    It’s time for NESARA- down with the Fed!

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  • 79merkus

    If the comments posted here by you religious nutjobs is any indication of what Ron Paul represents you can count me out. You guys are the reason he will never be in office if you take this delusional talk of prophecies to his campaign.

    Seriously, you people are scary.

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  • Freedomremoved

    I support Ron Paul. But the powers that be are very powerful and we are headed for doom! Who is more powerful then God, who holds governments in His hand? We need to repent and pray for God to change our situation. If you think this is false and we as Americans do not repent and pray then these things will continue. Period.

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  • MidasTitus

    Just as Paul will do with his overseeing position, it reminds us that we should always question the things in which “everyone agrees.” Foreign aid, undeclared wars, war on drugs, inflation vs deflation… all of these have had a resurgence in public scrutiny. Thank you Dr. Paul.

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  • TheMass33

    Ron is so cool.

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  • fluff125

    Ron, make a statement on the shooting. NOW. Strike while the iron is hot.

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  • SteveXnycperformance

    /watch?v=YTBPQJ84V40

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  • NicosMind

    The Fed is politically independant
    The chairman is selected by the president
    The transparancy of theFed will ruin the politically selected chairman from acting independantly. We should let them continue this facade and destroy the US economy.
    Yours sincerely, Ben Shalom Bernanke

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  • infastructureFissure

    LEGALIZE COMPETING CURRENCIES

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  • msungs

    Ben “Bubbles” Bernanke at the Federal Reserve as “Federal” as Federal Express and “Owe”bama haven’t found this video yet to give it a dislike.

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  • aragornsargonath

    What does he mean by competing currencies? I thought it was completely legal for each state to make and print their own currency or is he referring to something else like not using the dollar as the world’s currency?

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  • faegrrrl

    Keep fighting your way up Ron!!
    We’re behind you all the way!
    Thank you for being honest!
    Thank you for HELPING!!!

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  • luettem

    What america still does not understand is this. EVERY member of Congress, House, Senate are ALL members of the Council of Foreign Relations, and ALL take orders from them. There is no president in office for years not placed their by the NWO, and there wont be. Rep. and Dems are little more then a two headed snake, with adequate stages fights to control the masses. Too little, and way too late-honest people are snuffed, or families threatened. Wake up

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  • goldcurrent1

    END the FED, Repeal: Patriot Act, Obamacare!

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