‘Audit The Fed’ Bill Passes House GOP Oversight Committee
Rep. Thomas Massie (R-Ky.) and Sen. Rand Paul (R-Ky.)’s “audit the Fed” bill is alive and well. It now may have legs, also.
Historically, Senator Paul has had major difficulties passing the bill. Back in March, Paul attempted to slip the bill through in the text of a major bank deregulation bill.
That effort failed.
But yesterday, the bill passed the House GOP Oversight committee, which is a decent step in a direction that could test President Trump’s “drain the swamp” rhetoric.
Thomas Massie announced the bill’s preliminary passage on Twitter, where he included both President Trump and Steve Forbes.
Thank you @SteveForbesCEO ! My Audit the Fed bill passed our House @GOPoversight committee this Congress. Now America waits for @SpeakerRyan to schedule a floor vote in the House. @realDonaldTrump has said he supports our Audit the Fed bill. #auditthefed https://t.co/P6E3nPzqYD
— Thomas Massie (@RepThomasMassie) August 9, 2018
Massie’s adulation of Forbe’s August 8th Tweet rehighlighted a Forbes article that condemned the state of the Federal Reserve. The article, titled, “We’ll Never Know How Bad The Federal Reserve Is,” was used by Forbes to put fuel in Rand Paul’s fire. Paul is one of the originators of the “audit the Fed” concept.
— Steve Forbes (@SteveForbesCEO) August 8, 2018
President Trump could play a vital role in passing what would be a historical bill. Trump was largely critical of Central Banks during his campaign. But it may well be Trump’s 2020 Presidential run that will be heavily reliant on his economic achievements, that pull Trump more to the side of Massie and Paul.
Trump recently complained about the Central Banks during a CNBC interview. His complaints stem from the Central Banks raising interest rates, which often create a lag on an economy (intentionally, often).
“I’m not thrilled, because, you know, we go up, and every time you go up, they want to raise rates again. And I don’t, you know … I am not happy about it,” Trump said. “You know, last year — and for years — we’ve been losing $150 billion with the EU nations, with the European Union, and they’re making money easy and their currency is falling, and China, their currency is dropping like a rock. And our currency is going up, and I have to tell you, it puts us at a disadvantage.”
President Trump would love nothing more than a Fed audit that would stifle the Fed’s ability to raise interest rates and slow down the fast and furious “Trump economy.”
The logic is likely a strategic point not lost on Paul. Or for that matter, Massie, who noted Trump’s potential support for such a groundbreaking, Libertarian bill.
Back in March, Paul stated that he believes Trump will indeed, sign the Audit The Fed bill.
If Trump were to sign the bill, his campaign pitch of “draining the swamp” would certainly contain a lot more merit and authenticity.
Trump could play the Fed Reserve by pretending to support the bill as a way to gain leverage over the Fed, but if decides to truly support the bill, the “real swamp” would most certainly become unsettled. The repercussions of aligning yourself with such a bill politically could be grave. The Federal Reserve is the most powerful global elite mafia this world has ever seen.
The problem in all of this is Paul Ryan, who is as deep of a swamp member as any. He’s unlikely to allow this bill to come to vote.
Photo by Gage Skidmore
Author: Jim Satney
PrepForThat’s Editor and lead writer for political, survival, and weather categories.
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