The Fed is not yet dead, but if President-elect Donald Trump grants his executive approval of Sen. Rand Paul’s resurrected “Audit the Fed” bill, the central bank will be closer to its grave than before.
The senator from Kentucky came to Washington, D.C., on his father’s coattails with pledges to fight for liberty against an oppressive federal government. Chief among the federal government’s sins is its manipulation of the U.S. economy courtesy of its control over printing money and setting interest rates. Only since 1913 have Americans been subject to such overt manipulation, and in that period of time have seen their dollars shrink in value, their currency lose actual value by being stripped of precious metal backing, and their country be captured by alien, globalist interests.
Paul has repeatedly introduced his father’s original “Audit the Fed” bill since joining the Senate. It would propose modest regulation of the non-governmental organization – yes, the Federal Reserve is actually not a part of the U.S. federal government – by requiring an audit by the Government Accountability Office.
The bill has passed the House in previous sessions, but stalled in the Senate and would have faced a veto by outgoing President Barack Obama. Under Trump, however, Paul’s “Audit the Fed” bill may face a warm reception at 1600 Pennsylvania Avenue. During the 2016 presidential campaign, Trump decried currency manipulation as a tool used to prop up public perception of Obama. During one of his debates with Hillary Clinton, Trump predicted that when Obama would leave office, the Fed would raise interest rates and trigger economic problems.
The day Obama goes off and he leaves and he goes off to the golf course for the rest of his life to play golf, when they raise interest rates, you’re going to see some very bad things happen.
In fact, the Fed struck earlier than Trump thought, raising interest rates for only the second time since 2008 on Dec. 14, 2016. It has plans to continue to steadily raise them through 2018. Currently Janet Yellen presides over the Fed, but her term ends in February 2018. Trump has already stated that he wants to appoint a Republican to the office.
Given his desire to rev up the economy (which is easier with lower interest rates), his plan to put a new Republican chief in charge of the Fed, and his penchant for politically destroying those who attack him (as he alleged Yellen did during the campaign), could Trump’s support for “Audit the Fed” be in the cards for 2017?
The U.S. House has responded to the American people by passing Audit the Fed multiple times, and President-elect Trump has stated his support for an audit. Let’s send him the bill this Congress.