Rand’s Audit the Fed Wins New Respect

The Marriner S. Eccles Federal Reserve Board Building - Washington, DC
The Marriner S. Eccles Federal Reserve Board Building – Washington, DC

The Hill is reporting Sen. Rand Paul’s “Audit the Fed” bill is gaining momentum:

“The ‘Audit the Fed’ movement has grown from an oddball pet project of former Rep. Ron Paul (R-Texas) into legislation that was passed with broad bipartisan majorities in the House two Congresses running, before stalling in Democratic-led Senates,” notes The Hill, which calls the prospect of Congress passing the measure “more real than it has ever been before.”

The Hill, and presumably pro-Fed Democrats, are particularly perturbed by the fact that one Democrat, Hawaii’s Sen. Mazie Hirono, has signaled support for the bill, with an argument based not so much on objections to its policies as support for more transparency: “While the Fed must make its monetary policy decisions based on data, not on politics, we owe it to Hawaii’s middle-class families, small businesses, and others that suffered so much to give them a full accounting of those actions,” Sen. Hirono said in a statement.

Paul Dupont is a legislative assistant at American Principles in Action.