One of the most important campaign promises made by President Donald Trump was to finally audit the Federal Reserve. 74 percent of American citizens want to audit the Fed, according to the latest poll from Rasmussen.
“Bringing back the gold standard would be very hard to do, but, boy, would it be wonderful,” Trump said back in November 2015. “We’d have a standard on which to base our money.”
In the House, Congressman Thomas Massie (R-KY) is the sponsor of the Federal Reserve Transparency Act of 2017 that has advanced past the committee stage with bipartisan support. In order to “make America great again,” we need to reign in the Fed because as Massie said in an interview, “The Fed has not done well managing the value of the dollar. The power to coin money and regulate the value thereof exists with Congress. The dollar lost more than 95 percent of its value since we’ve created the Federal Reserve in 1913.” This is an invisible tax on every American citizen.
Meanwhile, Senator Rand Paul (R-KY) has introduced Senate Bill 16 that already has a majority mandate. In a press release from the Senators office he notes that “on January 12, 2016, a bipartisan Senate majority voted 53-44 in support of Audit the Fed. No institution holds more power over the future of the American economy and the value of our savings than the Federal Reserve.”
Nonetheless, Paul adds, “Fed Chair Janet Yellen refuses to be fully accountable to the people’s representatives. The U.S. House has responded to the American people by passing Audit the Fed multiple times, and President-elect Trump has stated his support for an audit. Let’s send him the bill this Congress.”
“The American public deserves more insight into the practices of the Federal Reserve,” Massie elaborates. “Behind closed doors, the Fed crafts monetary policy that will continue to devalue our currency, slow economic growth, and make life harder for the poor and middle class. It is time to force the Federal Reserve to operate by the same standards of transparency and accountability to the taxpayers that we should demand of all government agencies.”
If the legislation is signed into law by President Trump, it would require the nonpartisan, independent Government Accountability Office (GAO) to conduct a thorough audit of the Federal Reserve’s Board of Governors and reserve banks within one year of the bill’s passage and to report back to Congress within 90 days of completing the audit.