Will Trump Reaffirm His Support For Auditing The Fed?
“Audit the Fed” may become reality after all. Rep. Thomas Massie (R-KY) and Sen. Rand Paul (R-KY) have brought back legislation to “Audit the Fed” and it could successfully be passed. The chances for the bill are very likely as many Republicans and President Trump are all on board with figuring out what the Federal Reserve has done with the money they have been producing and redistributing all these years.
“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,” said Senator Paul. The Kentucky Senator and his supporters should feel very optimistic about getting President Trump’s signature on the legislation considering Trump supported auditing the Federal Reserve during his 2016 Presidential Campaign as he tweeted:
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
Opponents to the legislation such as former Federal Reserve Chairwoman Janet Yellen argue that it would prevent the Federal Reserve from seeking “unpopular but necessary” measures intended for the good of the economy and subject the Fed to unwarranted political pressure. Plus despite Trump’s favoritism towards auditing the fed, his pick to lead the Federal Reserve Jerome Powell says he’s also against auditing the Fed, “I do, and I’ll tell you why,” Powell said to the Committee. “Congress has chosen to shield monetary policy from a policy audit from the GAO, [Government Accountability Office]”
He also added, “That has been a wise choice made to show respect for the independence of monetary policy. A GAO audit would be a way for Congress to insert itself into the making of monetary policy on a meeting-by-meeting basis.”
Despite such criticism of the bill, it has passed several times through previous congresses and with bipartisan support including the likes of Senators Bernie Sanders (I-VT) and Tammy Baldwin (D-Wis). Democrats refused to bring it to the Senate when they were in power and it was even rejected in 2016 despite the GOP winning the majority in the Senate.
Up to this point, getting a GOP-led Congress to pass “audit the fed” legislation has just been another episode of not committing to the promises they campaigned on. Now that Congress is led by a President who is open to signing the bill into law, supporters of the bill will hope that he will urge the Republicans to finally pass the legislation.
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