Kentucky Republican Sen. Rand Paul, continuing a campaign launched by his father, Texas Rep. Ron Paul decades ago, is promising to hold up Obama administration nominees to the Federal Reserve unless a program to audit the massive money machine moves forward.
â€śAs the Senate debates the Federal Reserve Board nominees, there is no more appropriate time to provide Congress with additional oversight and scrutiny of the actions and decisions of the central banks. Therefore, I request that my bipartisan legislation, S. 209, the Federal Reserve Transparency Act, be scheduled for an up or down vote concurrently with nominees to the Federal Reserve Board of Governors,â€ť Paul wrote.
â€śMy bill calls to eliminate all restrictions placed on Government Accountability Office (GAO) audits of the Federal Reserve. The Fedâ€™s credit facilities, securities purchases, and quantitative easing activities would also be...
David Brooks wrote: ....While losing the popular vote in five of the last six presidential elections, the flaws of this mentality have become apparent. First, if opposing government is your primary objective, itâ€™s hard to have a positive governing program.
As Bill Kristol pointed out at the National Review event, the G.O.P. fiercely opposed the Dodd-Frank financial regulation law but never offered an alternative. The party opposed Obamacare but never offered a replacement. John Podhoretz of Commentary added that as soon as Republicans start talking about what kind of regulations and programs government should promote, they get accused by colleagues of being Big Government conservatives.