US Federal Reserve

Literally nothing is going to happen here. Let's not pretend Congress will actually pass a Rand Paul bill that simply requests for the Federal Reserve to be audited. After all, they're the central bank for the world now, rigging markets and fixing rates almost on demand. There are a lot of people with a lot of questions for the Fed -- an entity who presides over an unlimited balance sheet and the power to both print fiat currency at will and to increase the amount of interest it charges the U.S. government.

Controversial legislation to subject the Federal Reserve’s monetary policy powers to outside scrutiny is getting new life in Washington. Rep. Thomas Massie (R-Ky.) and Sen. Rand Paul (R-Ky.) have re-introduced legislation to “Audit the Fed,” after a similar effort stalled in the last Congress. The Hill reports that the proposal, which has been vocally opposed by Federal Reserve Chairwoman Janet Yellen, faces its best odds ever of becoming law.

With the dust settling on the December FOMC Minutes, the one recurring theme, even though he wasn't explicitly named, was Donald Trump and specifically the still "uncertain" impact his fiscal policies will have on the economy.

Campaign for Liberty Chairman Ron Paul issued the following statement regarding the introduction of the Audit the Fed bill in the Senate by Senator Rand Paul (KY) and in the House by Representatives by Thomas Massie (KY-04):

Ron Paul Statement on Audit the Fed

I applaud my son Senator Rand Paul and my friend Representative Thomas Massie for their leadership on the important issue of auditing the Federal Reserve. Audit the Fed is the type of change the American people demanded when they went to the polls last November.

Having been pursued, unsuccessfully, many times by his father in previous years, today Senator Rand Paul, together with Rep. Thomas Massie re-introduced legislation to “Audit the Fed", after a similar effort stalled in the last Congress.