Not only should he be commended for the step by Republicans but he should be supported by as many Democrats as possible – which would only be in keeping with the 89 Democrats who contributed to the bi-partisan support of H.R. 459 in 2012 which simply sought to “To require a full audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks by the Comptroller General of the United States, and for other purposes,” the exact same language as Rand Paul’s S.202 — Federal Reserve Transparency Act of 2011.
There is no way to justify opposition to S. 202 and support of H.R. 459. But I wonder – will Democrats still try to find a way?
There are two principled arguments against the Federal Reserve System that any American should entertain subscribing to – one is monetary in nature and the other regulatory.
Republicans and Democrats have diverse points of variance on whether the medium of exchange of this country should be backed by gold or exist as a fiat currency. Fine, as a gold-standard advocate who wants stable money, I don’t mind settling that disagreement at another time. We can bifurcate that temporarily from the regulatory issue.
However, the argument that the Federal Reserve system should be exempt from any kind of audit can only be viewed as benefiting the elite interests of a banking sector that both sides of the aisle should agree enjoys a privileged monopoly only because Congress erroneously (but not permanently) forfeited its Constitutionally mandated authority over the nation’s finances.
Edited by Kowalski, 25 October 2013 - 06:17 PM.