The Paul family has a special relationship with the Federal Reserve “Bank” and it continues with Rand Paul’s Audit the Fed rhetoric. From Wonkblog:
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Rand Paul has either uncovered one of the biggest scandals in the history of this country, or just invented a new conspiracy theory.
I’ll give you one guess which it is.
The backdrop is Paul’s “Audit the Fed” bill, which is really an intimidate the Fed bill. The fact is, the Dodd-Frank financial reform already audited the Fed’s past emergency lending, and requires it to disclose any such future lending, too. Not only that, but the rest of the Fed’s balance sheet is already audited by the Government Accountability Office, the Office of the Inspector General, and independent private auditors. That’s not good enough for Paul, though, who also wants to “audit” the Fed’s monetary policy decisions. Basically, he wants Congress to look over the Fed’s shoulder and second-guess whether it should have raised rates or bought bonds.