The Hill reports:
Several senior House Democrats warned that passing a bill from Rep. Ron Paul (R-Texas) requiring a full audit of the Federal Reserve Board's monetary policy decisions will allow Congress greater leverage to put political pressure on these decisions, which they said would cause serious problems in the U.S. and global financial markets.
The Federal Reserve Transparency Act, H.R. 459, was expected to come up for a vote Wednesday, and seemed poised for passage given its 270 cosponsors, including nearly four dozen Democrats. Nonetheless, many Democrats used the Tuesday floor debate to warn about the chances that Congress might use the audit to politicize monetary policy decisions.
What's the establishment afraid of?
"To say that we should have secrecy and say that it's political to have transparency… well, it's very political when you have a Federal Reserve that can bail out one company and not another company," Paul said. "That's pretty political.
"I think when people talk about independence and having this privacy of the central bank means they want secrecy, and secrecy is not good," Paul added. "We should have privacy for the individual, but we should have openness of government all the time, and we've drifted a long way from that."
The banking cartel can't be too happy with Ron Paul's words.
