RON PAUL: The Federal Reserve Should Be Put On Notice

SPRINGFIELD, Virginia– Today, 53 Senators stood with the American people and against the big banks and Wall Street by voting in favor of Audit the Fed, S. 2232.

Senator Rand Paul introduced the legislation in November 2015 using Rule XIV, allowing the bill to escape the Senate Banking Committee’s stranglehold on Audit the Fed, placed there by an unholy alliance of Fed apologists like Senators Elizabeth Warren (D-MA) and Bob Corker (R-TN).

S. 2232 was cosponsored by 24 Republicans in the Senate and would have removed the four exemptions the Federal Reserve currently receives from GAO audits.

“While I am extremely disappointed with the outcome of the vote, this vote ought to put the Federal Reserve on notice. With the American people firmly on our side on Fed transparency, and momentum shifting our way in recent Congresses, the Federal Reserve will not be able to continue operating in secrecy from the people’s representatives much longer,” said Campaign for Liberty Chairman Dr. Ron Paul.

“The American people understand that we should not cede control of our economy and our prosperity to a small, unelected group of central planners. The average American, unlike big-spending politicians and crony capitalists, do not benefit from the Fed’s policies,” continued Dr. Paul.

“Once again, Rand is leading the way in the U.S. Senate by continuing the push for Audit the Fed, and I urge him and his colleagues to keep pursuing Audit the Fed until it passes both chambers and is signed by the President.”

“Now that a majority of the Senate is on record supporting Audit the Fed, Campaign for Liberty will continue our fight to bring transparency to the Federal Reserve,” said C4L President Norm Singleton.

“Today’s vote is just the beginning and Campaign for Liberty will not rest until Audit the Fed is signed into law. Federal Reserve secrecy will end one day and Campaign for Liberty will continue fighting every day to ensure that transparency comes sooner rather than later.”

About Audit the Fed

Currently the GAO is prohibited by law from auditing four areas of the Federal Reserve:
•    transactions for or with a foreign central bank, government of a foreign country, or no private international financing organization;
•    deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations;
•    transactions made under the direction of the Federal Open Market Committee; or
•    a part of a discussion or communication among or between members of the Board and officers and employees of the Federal Reserve System related to clauses (1)–(3) of this subsection.

Audit the Fed removes these four exemptions and is supported by nearly 75 percent of the American people.

Congressman Thomas Massie (R-KY) introduced “Audit the Fed” in the 114th Congress on January 6th, 2015. The bill currently has 185 bipartisan cosponsors.

Ron Paul’s Audit the Fed bill, H.R. 459, gained 274 cosponsors and passed the House of Representatives in the 112th Congress on July 25, 2012, by an overwhelming three-fourths majority of 327-98 after a nationwide grassroots mobilization effort led by Campaign for Liberty.  The legislation called for a “full audit of the Board of Governors of the Federal Reserve System and the Federal Reserve banks by the Comptroller General of the United States.”

Congressman Paul Broun (R-GA) reintroduced Dr. Paul’s Audit the Fed bill in January 2013 as H.R 24, “The Federal Reserve Transparency Act of 2013,” in the 113th Congress.  The bill, which was cosponsored by 224 Representatives, passed the House of Representatives on September 17, 2014, by a vote of 333-92.

Senator Rand Paul (R-KY) introduced companion legislation in both the 112th and 113th Congresses, which gained 37 and 32 cosponsors, respectively.  Then-Senate Majority Leader Harry Reid refused to allow Audit the Fed to be brought to the floor in either Congress for a vote despite repeatedly calling for an audit of the Federal Reserve throughout his career.