End the Fed, by Rep. Ron Paul (R, TX): on Government Reform


Bernie Sanders: Introduced Federal Reserve Transparency Act with Ron Paul

When Fed Chair Ben Bernanke refuses to give us information about the trillions of dollars of credit that he recently passed out in the bailout process because that would be "counterproductive," he is really saying, "It's none of your business."

He may well be protected by the law, but he is in defiance of the Constitution. The courts, under today's circumstances, will never rule that the Federal Reserve Bank chairman must reveal the information that the Congress or the people seek.

One thing I have noticed in studying the issue is that the more power the Fed has gained, the greater the secrecy they demand. Transparency is currently a hot issue in Congress because the people have awoken and have sent a message. This is not a conservative or liberal issue; it's not a Republican or Democratic issue. It is pervasive, across the political spectrum.

I introduced a Federal Reserve audit bill the Federal Reserve Transparency Act, HR 1207, which Bernie Sanders introduced in the Senate.

Source: End the Fed, by Rep. Ron Paul, p.174-175 Sep 29, 2010

Ron Paul: Paper money makes Congress believe it has no spending limit

Most members of Congress are not automatically hostile to gold or even to the abolition of the Fed. Their attitude is more one of surprise that anybody would even consider it. At the same time, I've never heard a member express support for paper money on grounds that it facilitates the expansion of the state. Most don't see the connection at all.

What the Fed and paper money have done for Congress is lead legislators to believe that there are no limits on what they can spend, on what they can propose, and what they can accomplish. They really do behave like college student on spring break who are using their parents' credit card with no limit. But they would hit the roof is the card were ever declined.

The point is, unless one has a strong love of liberty, ignorance regarding money is not something that most members of Congress regret. This ignorance is what allows conservatives and liberals alike to spend, borrow, tax, and inflate to finance their various programs, both foreign and domestic.

Source: End the Fed, by Rep. Ron Paul, p.114-115 Sep 29, 2010

Ron Paul: Introduced Federal Reserve Transparency Act with Sen.Sanders

When Fed Chair Ben Bernanke refuses to give us information about the trillions of dollars of credit that he recently passed out in the bailout process because that would be "counterproductive," he is really saying, "It's none of your business."

He may well be protected by the law, but he is in defiance of the Constitution. The courts, under today's circumstances, will never rule that the Federal Reserve Bank chairman must reveal the information that the Congress or the people seek.

One thing I have noticed in studying the issue is that the more power the Fed has gained, the greater the secrecy they demand. Transparency is currently a hot issue in Congress because the people have awoken and have sent a message. This is not a conservative or liberal issue; it's not a Republican or Democratic issue. It is pervasive, across the political spectrum.

I introduced a Federal Reserve audit bill the Federal Reserve Transparency Act, HR 1207, which Bernie Sanders introduced in the Senate.

Source: End the Fed, by Rep. Ron Paul, p.174-175 Sep 29, 2010

  • The above quotations are from End the Fed, by Rep. Ron Paul.
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