{"id":2158829,"date":"2024-01-25T08:40:02","date_gmt":"2024-01-25T13:40:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-only-real-way-to-track-government-spending-is-to-audit-the-fed\/"},"modified":"2024-01-25T08:43:35","modified_gmt":"2024-01-25T13:43:35","slug":"the-only-real-way-to-track-government-spending-is-to-audit-the-fed","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/the-only-real-way-to-track-government-spending-is-to-audit-the-fed\/","title":{"rendered":"Audit the Fed to track government spending accurately"},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fthe-only-real-way-to-track-government-spending-is-to-audit-the-fed%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2158829&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><div class=\"article-content\">\n<h2>Shining a Light on the Secretive Federal Reserve<\/h2>\n<p>Imagine a financial\u2064 behemoth at the \u2064center of the biggest economy on the planet. It\u200c secretly pulls the strings of America\u2019s fiscal destiny, and the consequences of its actions ripple\u200d through\u200c the \u2064lives of countless individuals,\u2063 yet its inner workings are almost entirely unknown and not subject to any form of checks or \u200dbalances. This is not \u2063the plot of a dystopian novel but the current reality of America\u2019s Federal \u200cReserve system.<\/p>\n<p>Now is the time to \u2062bring this financial giant into \u200cthe light. Auditing the Federal Reserve is a fiscal necessity and a congressional imperative. That is why I have reintroduced the Federal\u2064 Reserve Transparency Act\u200d as my first legislation of\u2064 2024.<\/p>\n<blockquote>\n<p>In 2011, one of my first actions as a U.S. \u200bsenator was\u2064 to \u200dreveal the operations of this secret, unaccountable institution by introducing the Federal Reserve Transparency Act. \u200bThis\u2064 act, widely known as &#8220;Audit \u2063the Fed,&#8221; \u200cechoes \u200ba long-championed initiative spearheaded in the House of Representatives by my father, Congressman Ron Paul, R-Texas, and represents \u200ba crucial step \u200btoward accountability and fiscal sanity.<\/p>\n<\/blockquote>\n<p>Year\u2062 after year, I continue to fight for \u200ccomplete and \u2063persistent audits of the Federal Reserve. In 2023, I forced a vote \u2063on my Federal Reserve Transparency\u2064 Act as an amendment to the Senate\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/overturning-roe-definitively-proved-the-culture-war-is-worth-fighting\/\" title=\"Overturning Roe Definitively Proved The Culture War Is Worth Fighting\">bloated spending bill<\/a>.\u2062 This initiative garnered the support of\u2064 more than 40 senators across party lines. With several \u2063of \u200dmy fellow senators as cosponsors,\u200c I recently reintroduced Audit the Fed once \u200bmore as a standalone piece of legislation.<\/p>\n<p>Though I have received criticism from both sides of \u200cthe aisle \u200carguing \u200dthat Audit the Fed would compromise\u2062 the Federal Reserve\u2019s autonomy, transparency and oversight of every government institution is imperative and \u200dought to be a bipartisan objective.<\/p>\n<p>My \u2062efforts to oversee and shed light on our financial institutions\u200b have <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/oversight-chairman-comer-brought-in-over-1-1-million-last-quarter\/\" title=\"Chairman Comer raked in .1M+ last quarter.\">widespread grassroots support<\/a>, \u2062including students, mothers,\u2062 fathers, \u2062and\u2064 American citizens who worry \u2063about our nation\u2019s prosperity and how\u2062 they will care for their families. The Fed\u2019s relentless lending and bailout strategies cast doubts on \u2062our economic outlook and contribute to the shaky economic \u200cfundamentals this\u2062 nation has had since the \u200bpandemic.<\/p>\n<blockquote>\n<p>A\u2063 startling statistic from the <a href=\"https:\/\/storebrands.com\/attest-consumers-struggle-afford-food#:~:text=In%20its%20new%20report%20titled,staying%20loyal%20to%20one%20supermarket.\" target=\"_blank\" rel=\"noreferrer noopener\">study<\/a> \u201cFacing Up to Food Insecurity\u201d\u200c by\u200b Attest, a <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/texas-poll-beto-orourke-trails-gov-greg-abbott-by-five-points-in-general-election\/\" title=\"Texas Poll: Beto O'Rourke Trails Gov. Greg Abbott by Five Points in General Election\">market research company<\/a>, shows that \u2064a worrying 59.5 percent of Americans struggle just to buy food. An <a href=\"https:\/\/www.cbsnews.com\/news\/inflation-households-need-extra-11400-these-states-its-even-higher\/\">analysis<\/a> of recent government figures from the Joint Economic Committee shows that the typical American family now \u200cneeds an additional $11,434 per year to sustain\u200c the\u200c lifestyle they had in January \u200c2021, right before inflation surged to the highest levels seen \u2062in 40 years.\u200b The inflationary \u200bconsequences of the Fed\u2019s actions are transforming\u2062 basic needs \u2064into unattainable luxuries.<\/p>\n<\/blockquote>\n<p>Supporting the Federal Reserve Transparency Act offers Congress an opportunity\u2062 to rally around the Audit-the-Fed movement and show Americans that their hardships \u200cduring our \u200bcurrent economic crisis have not\u200b gone unnoticed.<\/p>\n<p>While Congress was the body that \u2062established the Fed and assigned a portion of its monetary\u200b policy powers, &#8220;independence&#8221; has become \u200csynonymous with &#8220;secrecy.&#8221; Enacting Audit the Fed would finally deliver answers to the American people about how Washington is \u2064spending their money.<\/p>\n<blockquote>\n<p>When the Dodd-Frank Act mandated \u200da one-off audit of the Fed\u2019s \u2063proceedings, the Government Accountability Office\u2019s (GAO) partial audit revealed that during the 2007 financial crisis, the Fed had lent\u2064 more than $16 trillion to foreign and domestic banks. This audit excluded certain key considerations of the Fed\u2019s <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/listen-elon-musk-presses-robinhood-ceo-about-gamestop-fiasco-restricted-trading\/\" title=\"LISTEN: Elon Musk Presses Robinhood CEO About GameStop Fiasco, Restricted Trading\">decision-making process<\/a> such as \u2062transactions with \u2063foreign banks or countries; \u200cdeliberations, decisions,\u2064 or actions on policy matters; transactions under the Federal Open Market Committee; and discussions and communications among Federal Reserve officers.<\/p>\n<\/blockquote>\n<p>Fast\u2062 forward \u200bto the 2020\u2062 pandemic, and the\u200c Fed\u200d added to our fiscal nightmare by printing billions of dollars out of thin air, providing big money to industry\u200c favorites, and \u2062adding nearly \u200d$5 trillion to its\u200b balance sheet, the largest in \u2062our history. Even the Fed itself admitted\u200c that &#8220;stimulus&#8221; throughout the pandemic \u200dwas \u200ca key cause of the rampant inflation experienced by the \u2064American economy.<\/p>\n<p>The Federal Reserve Transparency Act is designed to eliminate the obstacles that currently prevent the GAO from examining the Federal Reserve. The legislation advocates for\u2063 Congress to have oversight \u200dover all the Federal Reserve\u2019s activities, including its discussions, deliberations, and rationale behind monetary policy decisions.<\/p>\n<p>With \u2064my reintroduction\u200c of Audit the Fed, Congress will have another opportunity to ensure the Federal Reserve\u2019s operations are accountable\u200b and transparent.<\/p>\n<p>The Fed\u2019s \u2063persistent \u2063cycle of \u2063money printing\u200b and lending without any form\u200c of meaningful oversight may be the cause of many of our economic hardships, such as the struggle\u200b of many Americans to afford food.<\/p>\n<p>The American people have a right to see behind the veil\u2064 of\u2062 secrecy at \u2064the Fed. \u200cI will continue to do what I can\u2063 to lift that veil. I urge my fellow senators to join me.<\/p>\n<\/div>\n<hr class=\"wp-block-separator\"> <\/p>\n<h2> What are the consequences of the Fed&#8217;s actions on everyday Americans \u2062and why is scrutiny and oversight necessary<\/h2>\n<p><span>  S making \u2063financial decisions on\u2062 their behalf. It would provide clarity and ensure that the Fed&#8217;s actions\u2064 are accountable and \u2062transparent.<\/p>\n<p>Opponents argue\u200d that \u200dauditing the Fed would compromise its autonomy\u2062 and effectiveness. However, transparency\u2064 does not \u200bequate \u2062to\u200c interference.\u2062 It simply means that \u200cthe\u200b American people have the right to know\u200c how their financial future is being managed.\u200b The Federal Reserve operates with immense power and influence, and it is crucial that this power is subject to scrutiny and oversight.<\/p>\n<p>We\u2063 cannot\u200d deny the impact of the\u200b Fed&#8217;s actions on\u2064 everyday Americans. The inflationary consequences of its policies \u2062have made basic necessities unaffordable\u200d for\u2064 a \u2063significant portion of the population. Families are struggling to\u2063 put food on the\u2064 table, and the cost\u200b of living has skyrocketed.\u200b The Fed&#8217;s relentless \u2063lending and bailout\u200b strategies have only worsened\u2063 the economic instability we face.<\/p>\n<p>By supporting the Federal\u200c Reserve Transparency \u200bAct, Congress can demonstrate\u200b its commitment to \u2064the well-being of the \u2064American people. It can send \u200da powerful message that \u200ctheir struggles are\u200d being acknowledged and that steps are being taken to address the economic crisis \u2062we are \u2062currently facing.<\/p>\n<p>Audit the \u2064Fed is not a partisan issue. It is a \u200dmatter of \u200bfundamental accountability and fiscal responsibility. \u200cIt is a bipartisan objective that should unite lawmakers\u200d from both sides of the\u200b aisle. We need to put\u2063 aside political differences and prioritize the interests of \u2063the\u200b American people.<\/p>\n<p>Auditing\u200b the Federal\u2063 Reserve\u2063 is \u2064long overdue. It is time to shine \u200ca light on the secretive institution that holds so much power\u200d over our economy. By enacting the Federal Reserve \u200cTransparency Act, we \u2063can ensure that the Fed is accountable to the American people and that their financial future is not shrouded in secrecy. Let us come together and bring transparency, accountability, and fiscal sanity to\u2063 our nation&#8217;s monetary policies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Imagine a secretive financial giant controlling America&#8217;s economy, impacting countless lives. Its inner workings remain unknown and unchecked, despite being at the heart of the world&#8217;s largest economy<\/p>\n","protected":false},"author":795,"featured_media":2158830,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[546],"tags":[],"class_list":["post-2158829","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-federalist"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2158829","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/795"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2158829"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2158829\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2158830"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2158829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2158829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2158829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}