In the midst of the financial crisis, the American public has seen the vast power that the mysterious Federal Reserve banking system holds over not just the American but global economy. In what began as a seemingly dismissed campaign by “fringe groups,” the Federal Reserve Audit Bill has brought a full investigation into the nature of operations of a company who has not answered to anyone for decades into the national debate.
While the auditing the Federal Reserve was once an idea only pushed by people like Ron Paul and groups like the John Birch Society, a Paul sponsored bill has now cleared its first major hurdle in the House of Representatives and is that much closer to becoming law.
The bill, which is also sponsored by Democratic-Socialist Senator Bernie Sanders of Vermont in the Senate, would have the government audit the Federal Reserve, make public their findings, and recommend possible reforms.
Though the Federal Reserve was originally created to serve as the national bank of the United States, it has since become an entity that lies on the border of the public and private sector yet does not answer to any side. Although the Federal Reserve is audited annually, the findings are not released to the public nor do the audits go as deep as the one that the bill would create.
While the bill has gained a vast amount of bipartisan support in the House of Representatives, it currently has well over 300 co-sponsors, it will receive very heavy resistance from a very powerful force.
The bill already saw resistance from Democrats who receive much of their campaign funds from financial institutions like Barney Frank in its Finance Committee vote, it will encounter even more of this in the Senate and ultimately in Obama.
The despite the mass appeal of this bill, it will likely not pass the Senate because it will likely never get out of a committee. More so, President Obama would likely not sign such a bill because he is surrounded by advisors who worked their way up through the financial sector that this would expose and is also heavily financed by the financial sector.