Kentucky Senator Rand Paul has carried on his father’s torch by recently demanding an audit of the Federal Reserve.
Initially started by Congressman Ron Paul, Audit the Fed has gained increased popularity over time.
Now, Senator Rand Paul is spearheading this cause in the U.S. Senate.
After President Donald Trump called out Fed policy on Twitter, the Kentucky Senator responded, “IT SHOULD BE GETTING AUDITED.”
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Paul has been a long-time proponent of a Fed audit, and in January he reintroduced legislation to task the General Accounting Office to look at the central bank’s books.
In 2016, the Senate passed Paul’s bill. The House also approved the bill twice, but the White House and Fed have remained in opposition to any audit.
Rand Paul is taking cues from his father Ron Paul who has repeatedly called for the Fed to be abolished. After the 2008 financial crash, Ron Paul shifted his focus towards legislation focusing on a Fed audit. So far, the bills have languished in Congress.
On Wednesday, President Trump attacked the Fed over recent stock-market numbers that have raised speculation about the U.S. entering a recession. He told reporters before a speech for veterans in Kentucky:
The Federal Reserve has let us down.
Trump added, “They missed the call. They raised it too fast. Too high.”
The Fed cut interest rates by a quarter of a percentage point last month, marking its first interest rate cut since 2008. However, Trump has criticized the Fed for hiking rates by a quarter point seven times throughout 2017 and 2018.
Trump told reporters on Wednesday:
They did quantitative tightening. They shouldn’t have done the tightening — and they should not have raised it.
Trump concluded, “We could have had some raises, but nothing like they did.”
The Fed’s existence has been one of economic instability and the enablement of non-stop government growth. America’s fiat money experiment can only last so long.
The least our elected officials could do is conduct an honest audit of one of the most powerful institutions in America. From there, sound money advocates can build coalitions to ultimately abolish the Fed and usher in a new era of competing currencies.