Sunday, September 28, 2014

New York Sun: Audit the Fed Bill to Gain Support in the Senate?

This New York Sun article raises the question of whether Senator Rand Paul and Senator Elizabeth Warren might join forces to try and get the Senate to pass the audit the Fed bill.

Below are a few quotes. We will see if this goes anywhere in the Senate.

"Could a political marriage of Rand Paul and Elizabeth Warren finally open up the question of the Federal Reserve? We ask because of the call this week by Senator Elizabeth Warren for hearings into the allegations aired on National Public Radio that the New York Fed has been treating the banks it supervises with kid gloves. Those allegations were the result of an investigation that NPR reported in league with another liberal news service, Propublica. It happens that Mrs. Warren’s call came but ten days after the House passed the Federal Transparency Act."

"Yet Reuters reports that the legislation “is expected to meet a fate similar to its predecessor’s: death in the Democratic-controlled Senate.” Could that be turned around? The entry of Mrs. Warren into this fray makes us wonder whether there might be some hope that — as happened in the House, where the measure originally had tough sledding — Democrats and Republicans could come together. Particularly since a logical partner on this measure would be Ron Paul’s son, Senator Rand Paul, who has had a companion measure to the House bill before the Senate for some time."

"No less a figure than the greatest of the modern Fed chairmen, Paul Volcker, has called for a New Bretton Woods. The chairman of the Joint Economic Committee of the Congress has called for a centennial review of where the Fed stands at the start of its second century. An audit of the Fed would be just the place to start, beginning with an audit of the New York Fed."

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