Ron Paul writes, “Audit the Fed recently took a step closer to becoming law when it was favorably reported by the House Committee on Oversight and Government Reform. This means the House could vote on the bill at any time. The bill passed by voice vote without any objections, although Fed defenders did launch hysterical attacks on the bill during the debate as well as at a hearing on the bill the previous week.” Unfortunately, “There can be no doubt that, as the audit bill advances through the legislative process, the Fed and its allies will ramp up both public and behind-the-scenes efforts to kill the bill. Can anyone dismiss the possibility that Janet Yellen will attempt to ‘persuade’ Donald Trump to drop his support for Audit the Fed in exchange for an ‘accommodative’ monetary policy that supports the administration’s proposed spending on overseas militarism and domestic infrastructure?”
Dr. Paul recounts the many instances throughout history where the nominally “independent” Federal Reserve has actually collaborated with the Executive Branch to craft monetary policy that accommodates the economic policies of the party in power.