Rep. Ron Paul (R-Texas), who is gaining traction with his effort to subject the Federal Reserve to more scrutiny, says he mostly just seeks information.
"I'd like to know who they bail out and why," Paul told The Washington Post.
"I'd like to know how much they pay for securities that they buy. Did they overpay? Why did Goldman Sachs come out well and Lehman Brothers go bankrupt?"
His bill subjecting the Fed to an audit by the Government Accountability Office has support from more than 300 members of Congress and was approved by a bipartisan vote in the House Financial Services Committee.
The audit would cover all of the Fed’s policymaking, including interest rate changes.
Opponents charge that the bill would politicize the Fed, keeping it from taking necessary policy steps, especially rate hikes.
Paul, of course, begs to differ.
“What they're talking about when they say they want no political influence, what they're talking about is they just want secrecy," he said. "Why would they be so nervous about us finding this out? It tells you there's something big going on."
As for the opposing view, “The Fed has done a very remarkable job managing the financial crisis, and the recovery of the financial markets is a testimony to that,” James Glassman, senior economist at JPMorgan Chase, told Bloomberg.
“Of all the things to ‘fix,’ why would we tamper with the one that actually has worked well?”
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