Saw this via memeorandum:
Paul’s legislation, popularly known as the “Audit the Fed” bill, has drawn 244 cosponsors, ranging from Ohio’s John A. Boehner , the conservative Republican floor leader, to Michigan’s John Conyers Jr. , the liberal Democratic chairman of the Judiciary Committee. Some Democrats have even picked up on Paul’s rhetoric. “It’s time to yank the shroud off the Fed and shine some light on these events,” New York Democrat Edolphus Towns , chairman of the Oversight and Government Reform Committee, said at a hearing last week about the shotgun marriage between Bank of America and Merrill Lynch last fall to stave off the latter’s collapse.
Paul’s efforts have only gained in political significance since the Obama administration unveiled its proposal to give the Fed new powers over the financial regulatory system.
Now, it wouldn’t surprise me if Paul’s desire is to go much farther than simply auditing the Fed (translation, I’m too lazy to google whether or not he wants to get rid of the Fed), but can anyone give me a reason why we shouldn’t audit the Fed? And why haven’t we been doing that all along?