WASHINGTON, D.C. – The Federal Reserve plays an enormous role in the national and global economy due to it’s unmatched influence on monetary policy through out the world. This quasi-governmental central bank operates under a cloak of secrecy when it comes to just what goes into the myriad bail outs, stimulus programs, and financial engineering projects that gird the world’s biggest economy.
Sen. Rand Paul (R-KY) think Americans deserve a peak behind the curtain, and will file legislation later this week to accomplish just that.
This week I’ll introduce my “Audit the Fed” bill, which would authorize the first-ever thorough audit of the Federal Reserve System, as an amendment to the financial reform legislation. Read more here: https://t.co/jkMHne5JuK pic.twitter.com/NfgO6tXHut
— Senator Rand Paul (@RandPaul) March 5, 2018
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More than tax cuts, regulatory reform, corporate earnings, or jobs reports, the Fed is the single most responsible party for the direction of the stock market via their interest rate setting and various asset purchase programs. As much as the Fed is largely behind the lofty stock and bond markets of the day, it will also, and inevitably, be the cause of the next market crash.
Paul wants to lift the veil:
“While we have made great strides in reviving our economy through curbing overzealous regulation and cutting taxes, lasting prosperity will escape us if we do not hold the enabler of big government and our astronomical national debt accountable. It’s time for the Senate to side with the American people by removing the shackles on congressional oversight and lifting the Fed’s veil of secrecy. It’s time for us to pass Audit the Fed.”
With such an enormous impact on the financial livelihoods of Americans’ 401(k)’s and banks lending practices, it is beyond time we had transparency at the central bank.
Read more about the bill here.