Republican platform adds resolution to audit the Federal Reserve

From San Francisco Chronicle.

Excerpt:

 The Republican Party platform promises to replace what it criticizes as President Barack Obama’s debt-swollen entitlement society with “a roaring job market to match a roaring economy.”

The platform reflects the influence of presidential candidate Mitt Romney, offering as the remedy for the nation’s economic ills a familiar recipe of low taxes, light regulation, expanded oil drilling and free enterprise. It vows to reduce personal and corporate taxes, repeal Obama’s health-care law, promote small businesses and avoid taxpayer bailouts of troubled financial institutions.

The 62-page roadmap, approved by a voice vote of the delegates yesterday at the party’s national convention in Tampa, Florida, promotes expanded trade and accuses the Obama administration of “a virtual surrender” to commercial rival China. The Asian country is stealing American trade secrets, manipulating its currency to make its exports cheaper, and hampering U.S. firms trying to sell to Chinese customers, the Republicans say.

Republicans call for banks to be “well-capitalized” and pledge to repeal the 2010 Dodd-Frank financial-regulation law.

Along with major economic policy shifts, the Republicans vow to transform the size and scope of government. Trillion- dollar annual budget deficits and mounting debt are harming job growth, they say. “The massive federal government is structurally and financially broken,” the platform says.

[…]Echoing a longtime demand of libertarian Representative Ron Paul of Texas, the platform calls for an annual audit of the Federal Reserve. And it proposes a commission to investigate “possible ways to set a fixed value for the dollar,” a reference to a potential revival of the gold standard.

The campaign document labels Fannie Mae and Freddie Mac, government-sponsored mortgage financiers, as “a primary cause of the housing crisis because their implicit government guarantee allowed them to avoid market discipline and make risky investments.”

That view, though widely held among conservatives, has been rejected by the Federal Reserve and three of the four Republicans on the government commission that investigated the 2008 financial meltdown.

Note that both Mitt Romney and Paul Ryan support auditing the Federal Reserve.

Presumptive Republican nominee Mitt Romney called for increased transparency at the Federal Reserve Monday, voicing his strongest support yet for an audit of the country’s central banking system.

“The answer is yes to that, very plain and simple,” Romney responded, when asked by a supporter at a New Hampshire town hall whether it was time to audit the Fed. “The Federal Reserve should be accountable. We should see what they’re doing.”

The mark aligns Romney with a growing cadre of conservatives championing an audit of the Federal Reserve, a group led by Romney’s primary opponent Ron Paul and his acolytes. Earlier this month,Paul’s “Audit The Fed” bill passed the House of Representatives with overwhelming bipartisan support.

After taking a more measured stance on the issue during the Republican primaries, Romney has slowly moved to embrace a Federal Reserve audit as support for the issue grows with voters across the political spectrum. Romney’s new running mate, Wisconsin Congressman Paul Ryan, has been a vocal critic of the central banking system, and is listed as one of 268 co-sponsors of Paul’s bill. 

Romney has also said that he will not reappoint Ben Bernanke if he is elected. I think that Ron Paul supporters should be able to decide who to support in the general election based on this information.

One thought on “Republican platform adds resolution to audit the Federal Reserve”

  1. “I think that Ron Paul supporters should be able to decide who to support in the general election based on this information.” Really? Did you watch the convention? Have you seen how they treat us?

    Like

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