Cruz Joins Rand in Support of ‘Audit the Fed’ Bill

A bill subjecting the Federal Reserve to a more thorough audit process has finally hit the Senate floor—and Rand Paul and Ted Cruz have jumped all over it. The Federal Reserve Transparency Act of 2015, reintroduced to the Senate a week ago, would allow the Government Accountability Office (GAO) to audit the agency, therefore creating oversight over the Federal Reserve. “The Federal Reserve needs to fully open its books so Congress and the American people can see what has been going on.  This is a crucial first step to getting back to a more stable dollar and a healthy economy

Federal Reserve Doesn’t Like Paul’s “Audit the Fed” Bill

In a shocking twist Wednesday night, Federal Reserve Vice-Chair Stanley Fischer decided that the Fed really shouldn’t be audited by Congress. Strangely, Fischer made his impassioned plea for the political immunity of America’s central bank…to Canada. Speaking at the Canadian embassy in Washington, Fischer criticized the audit the Fed legislation backed most prominently by presidential candidate Sen. Rand Paul, R-Ky. Paul’s Fed audit, and separate legislation backed by Republicans on the House Financial Services Committee, would “reflect an effort by the Congress to influence the Fed’s policy decisions,” Fischer warned. He did not mention Paul or any other lawmakers by

Christie Slams Fed for Zero Interest Rates, Calls for Audit

New Jersey Governor Chris Christie sat down with Fox Business’ Maria Bartiromo this week, where he condemned U.S. monetary policy under the Obama administration.  Christie said the Federal Reserve’s zero interest rate policy has left America with “nothing in the toolbox” in case of another U.S. recession, and criticized the President for pressuring the Fed to continue it.  He also called for an audit of the Federal Reserve to restore the trust that has been strained after “several rounds of Quantitative Easing.” You can watch the interview below (Christie’s Fed comments start around 3:50): CHRISTIE: What I think we’re going

Ted Cruz Hits a Grand Slam: The Dollar Should Be “Ideally Tied to Gold”

Financial reporter Rick Santelli — who triggered the Tea Party movement — put a profound question to Sens. Ted Cruz and Rand Paul in the CNBC presidential economic debate. Santelli’s key question was about the impact of the Fed on job creation and economic growth. His question and the answers were a highlight of a very fine, informative debate. Sen. Cruz hit a grand slam: Senator Cruz, in his answer, featured his original co-sponsorship of Audit the Fed. Even more impressively, Cruz featured his original co-sponsorship of the Centennial Monetary Commission, a crucially important piece of legislation to restore high

“It’s The Economy, Stupid!” Time For CNBC To Grill Candidates On Monetary, Tax, Trade Policy

At last, we mere voters might get to watch a debate that will focus on the two top issues that virtually every poll places at the top of our concerns: jobs and the economy.  Earlier debates have only lightly brushed on these matters. This is a great pity. Time for CNBC to give us a gold standard presidential debate with questions that matter. As I wrote in my Forbes.com column “Here’s What’s Likely To Hurt the Republicans in 2016” last April: “It’s the economy, stupid!”  The weirdest thing about the onrushing 2016 presidential cycle is the scarcity of a GOP economic

Bernanke Blasts Rand Paul Back

The Fed is touchy these days.  No wonder, with economic growth lagging and the tools of monetary policy failing to do what the Fed probably can’t do: spur economic growth. So Ben Bernanke, former Fed chief, is blasting Rand Paul in blistering terms (for the Federal Reserve) for proposing a minor “Audit the Fed” bill: “This is very deceptive — this bill is very deceptively titled,” Bernanke said during a discussion at Nasdaq’s Times Square headquarters to promote his new book, “The Courage to Act.” Bernanke suggested the bill wasn’t about increasing transparency so much as giving lawmakers more control

High Praise for Rand Paul’s Challenge of Ben Bernanke to Debate

The Libertarian Republic has this to say about Senator and presidential candidate Rand Paul’s recent challenge of Ben Bernanke to debate: Ben Bernanke, who recently called Senator Rand Paul and those like him “know-nothings” because they wish to audit the Federal Reserve and question the central bank’s manipulation of the price of money. So let’s get this straight: seek more information, transparency, and discourse from one of the most powerful and privileged institutions in the world and you will be called ignorant and unwilling to learn. It appears the former Federal Reserve Chairman prefers condescension over open debate. Who would

Looking for Growth in All the Wrong Places

We’ve officially moved into the part of the campaign where candidates tell us their grand vision for America.  Donald Trump, moving on his promise to “make America great again,” challenged other Presidential candidates to put forward their ideas for helping workers and moving America forward.  Chris Christie and Jeb Bush obliged: There’s a long way to go on the campaign trail — and many more policy details yet to emerge. Trump challenged his GOP competitors to lay out their job and business plans in a message on Facebook this week, although he himself has been thin on specifics, especially when it