Why We Need to Stand With Rand Paul and Edit the Fed
by Kyle F. Brown
Coming up next week is a huge Senate vote on auditing the Federal Reserve. I knew upon joining the Christian Libertarian Movement that I wanted this to be the first issue I was vocal on.
What is the Federal Reserve?
The Federal Reserve is the central bank of the United States and was founded by Congress in 1913. It is known to serve and have 3 major functions. Monetary policy- which is to influence the amount of money and credit in the US economy and of course the actions taken to do these things. Supervision and regulation- which is working in conjunction with other federal and state authorities to ensure that institutions safely manage their operations and provide fair and equitable services to consumers.
Lastly and in my opinion what I feel should be their major focus is financial services- which is providing financial services to depository institutions such as banks credit unions, and savings and loans much like those that banks and credit unions provide their customers. In short, a bank for banks. This all seems to be highly important duties that effect every American citizen, yet for over 100 years the Fed has remain unaudited. There are 12 Federal Reserve banks spread throughout the US which make up the Reserve, ran by 7 Board of Governors appointed by the President and approved by Congress.
What is Audit The Fed?
The Federal Reserve Transparency Act, better known as the “Audit the Fed” bill is a bill described by Senator Rand Paul as 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.” This legislation is supported by nearly 75% of all Americans. This bill was first brought before Congress by Rep Ron Paul (R) of TX and more recently by Rep Thomas Massie (R) of KY in the House and Senator Rand Paul (R) of KY in the Senate. It has recently passed in the House and awaits a vote on January 12th currently having 34 cosponsors.
Why do we need Audit the Fed?
This bill, while some believe will expose a century of corruption and incompetence at the Federal Reserve, at the very least will bring light to our printing and spending habits at the Fed.
I hope to present facts and not be biased in how I present my information but I will divulge my opinions and convictions on the matter in closing. I believe as we have seen over the past 20 years is that our government has become overgrown and too powerful.
I think we as citizens would be naïve to think that the Federal Reserve would be the one exception to the rule. I do think this procedure would expose the corruption in droves and could eliminate wastes and overspending by our government. I think that the Fed being the only entity that can print money in addition to how much they’ve printed and why they’ve printed money leading to the outcome of their actions are abhorrent.
I personally would like not only to audit the Fed but end the Federal Reserve along with a plethora of other Federal agencies such as the IRS, EPA, Federal Board of Education, NASA, just to name a few, I think all of these entities could be ran at the state and local level or ran from the private sector much more efficiently and honestly than a one size fits all approach micromanaged from the federal level. This just scratches the surface of a very convoluted issue but also to look at things like since the Fed’s conception in 1913 the value of the dollar has dropped 90%!!!
They are responsible for creating and bursting financial bubbles. Not to mention since the 2008 financial crisis the Fed’s balance sheet has increased from less than $1 trillion to nearly $4.5 trillion! The level at which money is being printed is unhinged and it’s irresponsible that this all goes unchecked! We are headed for hyperinflation. We’ve nearly completely devalued our dollar! The real question when the Fed is audited and these atrocities are proven and brought to light, what will we the people do? Will we rise up from our slumber and take our country back? Get involved! Call your senator! Vote Rand Paul 2016! Let your voice be heard!
God Bless You All!
-Kyle F. Brown