Former Federal Reserve Bank of New York President Bill Dudley recently penned an op-ed in Bloomberg calling for the Federal Reserve to not take certain actions for fear it might “enable the Trump administration to continue down a disastrous path of trade war escalation, or send a clear signal that if the administration does so, the president, not the Fed, will bear the risks — including the risk of losing the next election.”
In response, Sen. Thom Tillis (R-NC) said he plans to ask the Senate Banking Chairman, Mike Crapo (R-ID), to convene a committee hearing “regarding Fed independence and the danger of this institution taking unprecedented and inappropriate steps to meddle in the presidential election.”
We applaud Sen. Tillis for his call to peek behind the curtain of The Fed, but the simple answer is to move forward on The Federal Reserve Transparency Act (S.148 in the U.S. Senate and H.R.24 in the House) now. We also might take Sen. Tillis more seriously if he was co-sponsoring this Audit the Fed bill. Sen. Tillis has had three opportunities while in the U.S. Senate to support Audit the Fed, yet he has not co-sponsored it ever.
Campaign for Liberty Chairman Ron Paul, the loudest and most out-spoken of the Federal Reserve and their “independence,” appeared on FOX Business News yesterday. Host Charles Payne told Dr. Paul, “you were always ahead of the curve on this.”
And Dr. Paul was clear that “every time they say independence of the Fed, what they’re really talking about is secrecy of the Fed.”
He summed up the feeling of the American people: “I want the activities of the Fed to be revealed.”
For more information about Audit the Fed, click here and be sure to sign your petition to your elected officials.