As of March 28th, 2017, the House gave the green on legislation that would enable a close eye be kept on the Federal Reserve in terms of what happens with the United States’ money—the central bank wasn’t happy about the newfound audit.
Upon nearly 30 minutes of arguing, the House Committee on oversight & federal reformation thumbs upped this Ron Paul-conceptualized bill via vocal voting. Former-House Republican Paul is and has been a scrutinizer of federal, monetary rules and regulations. Prior to the bill’s current position, opposing Democrats and Obama’s outfit ultimately stymied earlier drafts.
According to analysts, this bill will most likely cross the official-law finish line due to Republicans occupying the majority of Congress—and the White House. Kentucky Senator Rand Paul (R.P. Jr.) is paralleling this with a Senate effort.
However, much like the central bank, the Democrats were not feeling it:
“This bill would open the floodgates to political interference in monetary-policy making,” Delegate Eleanor Holmes Norton (D-DC) said.
Representative Carolyn Maloney (D-NY) weighed in with declaring the effort ultimately being an interest-rate inflator, as the legislation would destroy the market’s support of the currently independent central bank. (Don’t they realize even banks make mistakes?)
The Republican rebuttal was the Federal Reserve needs a proverbial leash. “It is ironic that the arsonists that caused the financial collapse are now being given credit…for putting out the fire. Almost every macro-economist concedes in retrospect that [the Fed’s] extended period of easy money led to the financial crisis,” Representative Thomas Massie (R-KY) said.