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Don’t Be Fooled by the Federal Reserve’s Anti-Audit Propaganda

March 10, 2015

Don’t Be Fooled by the Federal Reserve’s Anti-Audit Propaganda

In recent weeks, the Federal Reserve and its apologists in Congress and the media have launched numerous attacks on the Audit the Fed legislation. These attacks amount to nothing more than distortions about the effects and intent of the audit bill.

Fed apologists continue to claim that the Audit the Fed bill will somehow limit the Federal Reserve’s independence. Yet neither Federal Reserve Chair Janet Yellen nor any other opponent of the audit bill has ever been able to identify any provision of the bill giving Congress power to dictate monetary policy. The only way this argument makes sense is if the simple act of increasing transparency somehow infringes on the Fed’s independence.

This argument is also flawed since the Federal Reserve has never been independent from political pressure. As economists Daniel Smith and Peter Boettke put it in their paper “An Episodic History of Modern Fed Independence,” the Federal Reserve “regularly accommodates debt, succumbs to political pressures, and follows bureaucratic tendencies, compromising the Fed’s operational independence.”

The most infamous example of a Federal Reserve chair bowing to political pressure is the way Federal Reserve Chairman Arthur Burns tailored monetary policy to accommodate President Richard Nixon’s demands for low interest rates. Nixon and Burns were even recorded mocking the idea of Federal Reserve independence. 

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“Audit The Fed” Bill Gains Momentum, Yellen Starts Damage Control | Zero Hedge

January 1, 2015

“Audit The Fed” Bill Gains Momentum, Yellen Starts Damage Control | Zero Hedge.

After years of being blocked by Democratic leader Harry Reid, The Washington Times reports, the Senate will finally get a chance next year to vote on legislation to force a broad audit of the Federal Reserve’s decision-making. Ron Paul’s flagship legislative efforts have been picked up by his son and now has the backing of the leader of the new Republican majority, Sen. Mitch McConnell, whose office says the legislation will earn a floor vote. While the bill is not a sure thing, it appears to have The Fed worried as Reuters reports, Yellen and other Fed officials are lobbying Capitol Hill to drop the audit push.

As The Washington Times reports,

After years of being blocked by Democratic leader Harry Reid, the Senate will finally get a chance next year to vote on legislation to force a broad audit of the Federal Reserve’s decision-making.

Once championed in Congress by former Rep. Ron Paul, the push to force the country’s central bank to undergo a full audit has been picked up by his son, Sen. Rand Paul, and others, and has the backing of the leader of the new Republican majority, Sen. Mitch McConnell, Kentucky Republican, whose office says the legislation will earn a floor vote.

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