On Friday, Sen. Rand Paul (R-KY) announced that he would require a vote on his Federal Reserve Transparency Act before acting on the nomination of Janet Yellen to head the Federal Reserve. “As part of Senate consideration of the Janet Yellen nomination to be Chair of the Federal Reserve, I will request a vote on my bipartisan Federal Reserve Transparency Act, S. 209. The American people deserve transparency from the federal reserve and the federal government as a whole,” Paul said.
Paul has long been a critic of the Federal Reserve. The Federal Reserve Transparency Act was proposed by Rand’s father, Rep. Ron Paul (R-TX). Last year, the elder Paul told Politico, “Compared to before 2008, it’s fantastic. It’s unbelievable. It’s the most discussion there’s been in a 100 years. [In 2012,] even people like Romney and others started saying, ‘Oh yeah, we need to audit the Fed.'” Rand’s spokesperson said then, “It passed the House by an overwhelming margin in the last Congress and Rand feels strongly that it deserves a vote in the Senate.”
The Federal Reserve has long been under fire thanks to the inflationary policies of the Fed under Ben Bernanke and his predecessor, Alan Greenspan.
Ben Shapiro is Editor-At-Large of Breitbart News and author of the New York Times bestseller “Bullies: How the Left’s Culture of Fear and Intimidation Silences America” (Threshold Editions, January 8, 2013). Follow Ben on Twitter @benshapiro.