The Federal Reserve is a misnamed sketchy operation. There is a book and a YouTube video called “The Creature From Jekyll Island” that explains the dirty tricks involved in the creation of the Federal Reserve and its true purpose. The Federal Reserve is neither federal nor a reserve. Auditing the fed is a really good idea that the fed has avoided for years.
On Monday, Hot Air posted an article quoting CNBC:
Treasury Secretary Scott Bessent on Monday suggested a review of the Federal Reserve that would go beyond the current controversy over building renovations and look at its overall function.
“What we need to do is examine the entire Federal Reserve institution and whether they have been successful,” Bessent said during an interview on CNBC’s “Squawk Box.” “Has the organization succeeded in its mission? If this were the [Federal Aviation Administration] and we were having this many mistakes, we would go back and look at why has this happened.”
The article also quotes Senator Rand Paul:
Dr. Rand Paul (R-KY) has reintroduced the Federal Reserve Transparency Act, famously known as “Audit the Fed” legislation to require a full audit of the Federal Reserve’s operations and increase congressional oversight of its decision-making. In conjunction with the bill’s reintroduction, Senator Paul also released the latest edition of his Waste Report, which exposed the Federal Reserve’s $600 million cost overrun on renovations to its Washington, D.C. headquarters—now projected to cost taxpayers $2.5 billion in total. The report underscores the lack of transparency and accountability at the Fed, which remains exempt from a full audit by Congress or the Government Accountability Office.
“No institution holds more power over the future of the American economy and the value of our savings than the Federal Reserve,” said Dr. Paul. “It’s long past time for Congress to stop shirking its duty and hold the Federal Reserve accountable.”
“It is Congress’ duty to hold the Fed accountable,” said Senator Marsha Blackburn (R-TN). “For too long, the Federal Reserve has operated behind closed doors while making decisions that impact the American economy. Throughout my service in Congress, I have worked to audit the Fed, and this legislation is necessary to shine a light on the Fed’s operations and provide transparency to Congress and American taxpayers.”
The year 1913 was a horrible year for the Democratic Republic of America. That year gave us the federal income tax, the federal reserve, and the direct election of U.S. Senators. All three of those things need to go away.