Positive economic news in recent months point towards an economic recovery. But, excessive government interventions are holding down growth and monetary manipulations threaten to derail any long-term economic stability.

A no-brainer issue that should unite practically everyone is auditing the Federal Reserve. Some may find it hard to believe that the central bank of the United States has never been fully audited. The public and even Congress is left in the dark about what goes on behind closed doors at the Fed. This severe lack of transparency is troubling since the central bank has so much power over the economy and our lives.

In his classic economic text, The Wealth of Nations, Adam Smith had the following to say about collusion: “People of the same trade seldom meet together, even for merriment and diversion, but the conversation ends in a conspiracy against the public, or in some contrivance to raise prices.”

Capitol Hill Update, 9 December, 2013

As pretty much everyone expected, President Obama’s nomination for Federal Reserve chairman is a big-government Keynesian. Many left-wing pundits are applauding the nomination of Janet Yellen, the current Vice Chair of the Board of Governors of the Federal Reserve System. She has held many prominent jobs within the Federal Reserve and politics. 

Sen. Rand Paul’s campaign to get a vote to audit the Federal Reserve as a condition for considering the nomination of Janet Yellen for Federal Reserve chair is gaining support from one Congressman. Rep. Kerry Bentivolio (R-MI) has written a letter in support of Paul’s Federal Reserve Transparency Act, S. 209. 

Sen. Rand Paul is leading an effort to get a vote on auditing the Federal Reserve as a condition for considering the nomination of Janet Yellen for Federal Reserve chair. Sen. Ted Cruz has released a statement supporting this strategy to finally get a vote on auditing the Fed: