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.


  • frankiegmh

    Monetary subcommittee? Who was the previous chair? Why was Ron not already on the committee? Is it a new commity? Why isn’t he taking over the House Financial Services Commity? Was he not the ranking Repulican member while Barney Frank was the chair? Are they just trying to find something for him to chair because the leadership didn’t want to give him the HFSC Chairmanship?

  • LibertyMike1

    1 dislike? Jamie Dimon must have watched this video!

  • Robert Wecker

    Please make a serious run in 2012. I am tired of the same “less of the evils” conversations. I want great representation. It is what we Americans deserve. If this country goes under and we have to become survivalists, what skills do the politicians have that would be needed? Come ask me to feed you with that doubletalk politician drivel. I will send you on your way. The FED and the government have had their time at the taxpayers teat! Time to cut them off. Audit the FED and term limits for ALL politicians. We need a third party (not the so called tea partiers, they are rebranded republicans). If the democrats want to give handouts, let them use their own very vast fortunes. Prosecute and jail ALL politicians that have cheated on their taxes, just like us ordinary Americans would be. No more free benefits at the taxpayers expense. That is for both government workers and freeloaders just waiting in the handout line. Our forefathers never meant for there to be lifelong politicians. Representatives were to create laws, and then go back home and live under them. You have my attention Dr. Paul. What are you going to do with it.

  • StrandEvent

    I have tried to sign the petition for Dr. Ron Paul on that web site for two days now and when I get to the page everything freezes and forces me to shut down my browser. If you are having the same problem give this the thumbs up!!! BTW – Check this out: breitbart [.tv] /george-soros-time-for-us-to-get-used-to-new-world-order/

  • New ‘cartoon’ video telling the history of the Federal Reserve. A must watch. Also, The Secret of OZ on YouTube and go and see the movie INSIDE JOB

  • tj

    I voted for him in 1988 knowing he had no chance of winning…now, after 2008’s campaign, after last spring’s Rasmussen poll placed him even w/ Oboma, and after he makes a fool of BErnanke for all to see, Ron Paul is as much a frontrunner as anyone in the USA including the President… effort should at least be made…tj

  • DenverWhite

    I’ve liked Ron Paul for a long time (from Houston) and I am glad there is Ron Paul. Having said that I can’t say I agree with all of this. Are you reflecting our sensible sentiment or are we simply cheering you on and your own thought process. How much is tempered by our opinion, us, the public?

  • 411American

    Global government disassemble y Ron is half right less government “world government ” People are ready the riots and chemicals had started we are use to war why not fight for our home land on our home land – End the FED /IMF reduce the Government to a non violence state.

  • AngryMuppet2012

    we must get as many as we can to register republican.,so we can vote in primary elections in 2012.,if he loses primary.,we are in trouble



  • Klaffveinz

    The man that stood up against the inter-intra national bankers.

  • numba1stunna4269

    We need your candidacy in 2012!!!!!

  • prek2phd

    Ron/Rand 2012!

  • john5246

    Look it doesn’t matter if he runs a loses in 2012, the 08 campaign was a huge success in my opinion, it really got the message out there for freedom and liberty.

    Just remember this guys, if we lose our liberty here, we have nowhere to go. This is the last bastion for freedom!

  • 411American

    Careful Ron you make sense and it can be silenced as it was done with JFK and his executive order 11110 that was silenced by the FED

  • brad238899

    Dr. Paul you’re my hero. Keep fighting the good fight!

  • ETThExtraTerrestrial

    Go sign the petition ya Weasels…she’s right around 5,400 in the first 48 hrs. so come on !!!

  • How2Draw

    Why is our country able to continue this charade. It’s very frightening that our dollar has lost 98% of its purchasing power yet we continue to use the dollar as if it has value. Are we all crazy or something. I guess as long as everyone ignores the problem the problem doesn’t exist?

  • Revolutionhasbegun1

    He’s awesome I can’t wait until they claim this Jared guy was because of Ron Paul wanting honest money.

  • garrethdavis

    an incredible man i fear for his life