Congress Debates the Federal Reserve: Reform or Abolish?

Congress Debates the Federal Reserve: Reform or Abolish?

By Alex Newman

The New American

May 9, 2012

In a rare moment of bipartisan unity, lawmakers and economists on both sides of the aisle largely agreed on two points: The Federal Reserve System as it stands is hurting America and something must be done to stop it. Just what exactly needs to happen, however, was the subject of considerable debate during a Subcommittee on Domestic Monetary Policy hearing Tuesday chaired by sound-money advocate and GOP presidential contender Rep. Ron Paul (R-Texas).

Dr. Paul, of course, has become famous around the world for his tireless efforts to audit, expose, and abolish the central bank. He even published a best-selling book in 2009 entitled End the Fed, a title that has become a rallying cry for millions of Americans angry about the institution’s multi-trillion-dollar bailouts, market manipulations, corruption, and debasement of the currency.

The subcommittee hearing, entitled “The Federal Reserve System: Mend It or End It?”, examined a range of different proposals to reform the nation’s monetary system — it was supposed to look at six different options emanating from both parties. One of the measures on the agenda was Congressman Paul’s own “Federal Reserve Board Abolition Act,” legislation to dismantle the central bank and restore sound money based on market principles.

“More and more people are beginning to understand just how destructive the Federal Reserve’s monetary policy has been. I hope that this hearing will kick start a serious discussion on the need to rein in the Fed,” Chairman Paul said in a statement about the event. “A hundred years is far too long for Congress to have taken a hands-off approach. The Fed continues to reward Wall Street banks while destroying the dollar’s purchasing power and driving up the cost of living for average Americans. This reckless behavior must come to an end.”

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2 Responses to Congress Debates the Federal Reserve: Reform or Abolish?

  1. Cromwellsheart says:

    Any look at the manipulation of metal prices this past month shows one thing. Abolish. Things are running away from them, their control is getting tenuous. Funny but the Old Lady of Thread
    Needle Street is dithering over whether to print more this week. Given European events and a simmering Germany, well maybe, just maybe, they see their time is up.

  2. freedom2fascism says:

    Lincoln paved the way for the 100 year reign of this evil nationalized banking beast. Time for at least 100 years w/o a banking cartel. Abolish.

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