Sen. Rand Paul isn’t happy that the Federal Reserve is mobilizing against his legislation that would subject the central bank’s monetary policy decisions to an audit.
“It is alarming that the Federal Reserve, which was granted Monopoly money-making power, is now specifically trying to stop my legislation,” the Kentucky Republican wrote in a column published by the conservative publication Breitbart Tuesday.
“The Fed, with unlimited ability to print money, now prints that money to lobby against congressional oversight,” Paul added. “It is a disgrace and every citizen in the land should rise up and say: We the people are in charge and we demand an audit!”
A number of Federal Reserve officials have cautioned against Congress legislating a new monetary policy audit, as Paul has promoted his legislation. His bill, the Federal Reserve Transparency Act of 2015, has 30 Senate co-sponsors, and Paul has pressed the case for it in Iowa as well as through social media.
In an unusually direct response to congressional action for a central bank official, Federal Reserve Governor Jerome Powell spoke out against Paul’s legislation in speech dedicated to the topic Monday. Powell did not mention Paul by name but called the legislation “misguided.”
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