Although the Federal Reserve has remained a non-issue in this election cycle, you can still find a reference to the United States central bank in this year’s Republican Party platform. At least there are still remnants of Ron Paul’s hard work to rein in the Fed. It’s too bad, though, that the GOP doesn’t want to end the Fed.
It has been reported that the initiative to Audit the Fed is in the GOP platform this year.
The 2016 Republican Party draft states that an annual audit of the Fed “would need to be carefully implemented so that the Federal Reserve remains insulated from political pressures and its decisions are based on sound economic principles and sound money rather than political pressures for easy money and loose credit.”
Campaign for Liberty’s Norm Singleton is perhaps right when he wrote Tuesday that “the 55 Republican members of Congress who have yet to cosponsor this bill have absolutely NO EXCUSE for not doing so immediately.”
What’s interesting about this move is that the GOP’s mention of the Fed is far different from the Democrats (SEE: Democrats want to bring diversity to Federal Reserve instead of ending central bank).
The Democrats want affirmative action at the Fed, and even potentially having more government control of the central bank (imagine having Hillary Clinton, Bernie Sanders and Elizabeth Warren determining interest rates and the money supply!).
“We will reform the Federal Reserve so that it is more representative of America as a whole, and we will fight to make sure that executives at financial institutions are not allowed to serve on the boards of regional Federal Reserve Banks or select its members,” the Democratic platform states.
It’s true that the Republican Party overall still has zero clue about the dangers of the Fed. But, hey, at least it’s something, even if that something is quite inconsequential.
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