It really is amazing how Ron Paul almost single-handedly brought the Federal Reserve issue to the mainstream of American politics. Wolf Tichter at Business Insider wrote on Monday:
You just have to admire Ron Paul for his tenacity and non-flip-flopping straightforwardness–a breath of fresh air in the putrid morass of Washington–even if you disagree with his policies. And while he still can, before retiring from Congress, he is slugging at the Fed again.
This time, as Chairman of the House Financial Services Subcommittee on Domestic Monetary Policy and Technology. The committee, which has oversight authority over the Fed, will convene on Tuesday to weigh six bills to “Reform or Abolish” the Federal Reserve, including his Federal Reserve Board Abolition Act. From the press release:
“More and more people are beginning to understand just how destructive the Federal Reserve’s monetary policy has been. I hope that this hearing will kick start a serious discussion on the need to rein in the Fed,” said Chairman Paul. “100 years is far too long for Congress to have taken a hands-off approach. The Fed continues to reward Wall Street banks while destroying the dollar’s purchasing power and driving up the cost of living for average Americans. This reckless behavior must come to an end.”
While his efforts to abolish the Fed have been fruitless, he scored a huge victory–after years of trying, and being shunted aside by members of Congress–when his legislation to slap the Fed with an audit was included in the Dodd-Frank Act. It made possible not just one but two audits of the Federal Reserve System by the Government Accountability Office (GAO).
Though limited in scope, they nevertheless allowed a few rays of sunshine to pierce the Fed’s plantation shutters and illuminate some of the shenanigans, including octopus-like conflicts of interests that twisted their arms around everything during the multi-trillion-dollar bailout mania between 2007 and 2009.
Moving forward, the dangerous policies of the Federal Reserve continue to be recognized as a root cause of our financial crisis.