No matter the status of Ron Paul’s Presidential campaign, his status as a motivator of economic reform and oversight is one massive step closer to being cemented. Today the bipartisan House Oversight Committee voted unanimously to move Ron Paul’s “Audit the Fed” bill forward and perform a full audit of the Fed by the Government Accountability Office, including its monetary policy deliberations. The bill will reach the floor of the Senate sometime in July.
Anyone who is familiar with Ron Paul knows that The Federal reserve has long been one of his greatest sources of discontent. From its status as a non-government entity that controls all of the U.S. money supply, to its closed-door policy concerning transparency in any way as to what it is doing with that money and its undermining of the value of the American dollar due to rampant printing of the dollar to flood the market and bail out banks, the Fed has made no allies in Ron Paul. He has tried many, many times during his 30 year career to finally get answers and to gain government control over this god-like entity, and now he may finally succeed.
Chairman of the House Oversight Committee, Rep. Darrell E. Issa was quoted as saying, “Clearly the Fed must be made too big to fail, and too big to fail requires a considerable amount of oversight.”
While we libertarians would argue that nothing is too big to fail, even the Federal Reserve, we’ll take this audit and hope that so much corruption is uncovered that its power will be severely diminished.
Ron Paul’s continued efforts to bring the Fed under control bring the old commercial for Tootsie Pops to mind. “Old Mr. Owl,” a child asks, “how many licks does it take to get to the center of a Tootsie Pop?” In this situation, however, it’s all of us asking Dr. Paul how many licks it takes to get to the center of The Fed. To my count (and according to this Wikipedia page of Ron Paul’s bill sponsorship history plus recent bills), the total tally is twelve. Hopefully this will be the last time this particularly ill-tasting lolly has to be licked.
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