In an interview Monday with host Ameera David on RT, former United States House of Representatives member Ron Paul (R-TX) noted that the biggest resistance to his effort to require an audit of the Federal Reserve is rooted in the desire to shield the Fed’s international activities from scrutiny.
Paul explains in the interview focused on the Federal Reserve:
[An audit of the Federal Reserve] would especially reveal the international transactions that go on. When I worked on this in Washington, that was where the greatest resistance was: ‘No, you can’t reveal our negotiations with other central banks, the World Bank, and what we do with governments.’ Who knows what we’re doing, because we are very much involved in worldwide politics, and we have an empire to deal with, and we can channel funds in a certain way through the Federal Reserve. So they wouldn’t be able to do that if you had a true audit of the Fed.
Watch the complete interview here:
Paul, while in the House, introduced legislation that would require an audit of the Federal Reserve. Via an amendment proposed by Paul and fellow House member Alan Grayson (D-FL) in the Financial Services Committee, much of Paul’s audit legislation was included in the Dodd-Frank Wall Street Reform and Consumer Protection Act that passed in the House of Representatives. However, the bill that was ultimately enacted in 2010 included instead a significantly restricted form of the audit language that originated in the US Senate. In 2012, Paul’s audit the Fed bill — the Federal Reserve Transparency Act (HR 459) — passed in the House by a vote of 327 to 98. The Senate, however, took no action on the bill.
Paul does not want to stop with just auditing the Federal Reserve. Paul, who founded the Ron Paul Institute for Peace and Prosperity after leaving the House, advocates for the abolition of the Federal Reserve. Read more about this advocacy in Paul’s book End the Fed.