Ron Paul Wants Scrutiny of the Federal Reserve

Written by:
C Costigan
Published on:

One of the most spoken about bill being proposed on the House floor these days is co-sponsored by Texas Republican Ron Paul and opposed by Democratic chairman of the Financial Services Committee, Barney Frank.  Both men are considered strong allies for the online gambling industry.  Ironically, both men co-sponsored a bill that looked to overturn current prohibition for online gambling.

"He's a libertarian," Frank said of Ron Paul in an interview with "And he's actually one of the honest one's who really want to help low income people and when it comes to interfering with people's freedoms."

Paul's bill, co-sponsored by Rep. Alan Grayson (D-Fla.), would add new audits of the Federal Reserve, which has come under increased criticism and scrutiny from lawmakers since the financial crisis.

According to, Paul has been a fervent critic of the Federal Reserve for decades, but his effort to increase audits of the Fed gained more than 300 co-sponsors in the House this year as public opinion soured on government bailouts for financial firms.

Ron Paul was a former US Presidential candidate who shocked many by winning double digits in caucuses held both in Iowa and Nevada during the primaries.  In some states he beat the eventual GOP candidate John McCain.   He was also one of the few politicians to state there was a recession long before the previous administration admitted to one.

"I think the numbers are all fudged and I think the government's deceived us.," Paul told's own Jenny Woo.  "If they talk about inflation, they always say that inflation is much less then it really is; they deny us certain numbers, like how fast the money supply is growing.  So there's a lot of deception going on."

Frank does not anticipate any changes to the current measure being passed through the House floor.

Christopher Costigan, Publisher 

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