Massie: Audit the Fed
September 2014 floor remarks: Massie makes the case to audit the Federal Reserve. The argument has not changed.
Original by Office of Rep. Thomas Massie on YouTube ↗ · Is this yours? Claim credit →
Transcript
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- Mr Speaker I rise rise today in support of my friend and colleague Congressman Paul Brown's Federal Reserve transparency act otherwise known as
- audit the FED our mutual friend and predecessor Congressman Ron Paul first introduced this bill back in 1983 his often lonely voice and
- courageous efforts to shed light on the secretive and harmful actions of the Federal Reserve have finally paid off over 30 years later in July of 2012
- congressman Paul's audit the FED bill passed the House of Representatives by an overwhelming vote of 327 to 98 sadly it has yet to receive a vote in the
- Senate as Congressman Ron Paul stated here on the house floor in 2011 in words that remain current and relevant today
- in 2014 quote throughout its nearly 100-year history the Federal Reserve has presided over the near complete
- destruction of the United States dollar since 1930 the dollar has over 98% of its purchasing power aided and embedded
- by the federal reserve's loose monetary policy how long will we as Congress stand idly by while hardworking Americans see their savings eaten Away
- by inflation only big spending politicians and politically favored Bankers benefit from inflation since its Inception the Federal Reserve has always
- operated in the shadows without sufficient scrutiny of or oversight of its operations while the conventional excuse is that this is intended to
- reduce the fed's susceptibility to political pressures the reality is that the FED acts as a foil for the government when whenever you question
- the FED about the strength of the dollar they will refer you to the treasury and vice versa the Federal Reserve has on the one hand many privileges of
- government agencies while retaining benefits of private organizations such as being largely insulated from Freedom of Information Act requests the Federal
- Reserve can into agreements with foreign central banks and foreign governments and the GAO is prohibited from auditing these agreements why should a government
- established agency whose police force has the federal law enforcement powers and whose notes have legal tender status in this country be allowed to enter into
- agreements with other foreign powers and foreign banking institutions with no oversight particularly because the FED has operated swap lines with foreign
- central banks and provided hundreds of millions of dollars of bailouts to foreign commercial Banks the fed's negotiations with the European Central Bank the bank of international
- settlements and other foreign institutions should face increased scrutiny most especially because of their significant effect on foreign policy given the currency crisis in
- Europe and the prospect of the Fed propping Up foreign governments or bailing out American Banks invested in European debt this issue is of
- especially pressing concern Congressman Ron Paul's words are even more true today thank you Congressman Ron Paul's
- words are even more true today than they were then and that's why I urge my colleagues to vote in favor of this bill it's time to force the Federal Reserve
- to operate by the same standards of transparency and accountability to the taxpayers that we should demand of all government agencies thank you and I
- yield back
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