During the 2008 financial crisis, the government rammed through an $800 billion dollar bailout of Wall Street.
The secret force behind Wall Street’s gravy train was the Federal Reserve.
But one piece of legislation could bring the entire system crashing down.
Senator Rand Paul and Congressman Thomas Massie have introduced the Audit the Fed legislation.
Currently the Federal Reserve operates in secret.
Its decisions on printing money are kept hidden from the American public.
And the ability to flood America with fiat currency has only enabled the Big Government print-borrow-tax-and-spend gravy train the Obama administration has operated.
The Senate voted on the legislation last January, but a Democrat filibuster blocked the bill.
However, Audit the Fed has passed the House with over 300 votes in the last two congresses and now – for the first time – the President supports the bill.
It is so important to audit The Federal Reserve, and yet Ted Cruz missed the vote on the bill that would allow this to be done.
— Donald J. Trump (@realDonaldTrump) February 22, 2016
With the support of the President-elect, liberty activists are more confident in the bill’s passage.
“But with more Republicans on his side — and the support of President-elect Donald Trump — Paul reintroduced the Federal Reserve Transparency Act as Senate Bill 16. With the Democrat leadership licking their election wounds and unwilling to oppose something the public has supported by over 70 percent since 2013, the bill looks to pass the Senate and then move on to an easy pass in the House as H.R. 24.
“No institution holds more power over the future of the American economy and the value of our savings than the Federal Reserve,” said Sen. Paul, “yet Fed Chair Yellen refuses to be fully accountable to the people’s representatives.”
“The American public deserves more insight into the practices of the Federal Reserve,” said House sponsor Rep. Massie (R-TN). “Behind closed doors, the Fed crafts monetary policy that will continue to devalue our currency, slow economic growth, and make life harder for the poor and middle class.”
Created in 1913, the Federal Reserve manipulates the money supply and sets interest rates.
Critics argue the central bank is actually an economic central planner.
Financial crises like the housing bubble – which nearly took down the American economy when it burst – are the direct results of the Federal Reserve manipulating interest rates.
The middle class has also been decimated by the Fed’s continual money printing to back up big government.
Inflation has caused American’s paychecks to be stretched to the breaking point as gas, food, and other necessities continue to rise in price due to the Fed flooding cheap money into the system.
But because of the President-elect’s support and the populist movement that helped put him in the White House, supporters of Audit the Fed believe this is their best chance to pass this vital legislation.