The Federal Reserve Board has many vacancies, the New York Sun observes today, but Kentucky Sen. Rand Paul is threatening to delay appointments to the board unless the Senate permits a vote of his proposed Federal Reserve Transparency Act, the legislation championed by his father, former Rep. Ron Paul.
The Sun writes: "The Federal Reserve fears this audit. It fears the private businesses. It fears the Congress that is its creator. It claims that an audit of the kind the House wants would interfere with its 'independence.' What independence? The staff of the Sun dissolved the entire text of the United States Constitution in a chemical solvent and then put the solution through a Hamilton-brand high-speed, rotary separator. Yet we were unable to detect even a particle of a requirement that monetary policy be independent of the Congress of the United States. ...
"There is no need to rush to fill the board of the Fed. Better for Congress to look to the substance and see what share of the blame the Fed itself deserves for the Great Recession that destroyed the presidency of Barack Obama, stranded millions without work, and forced us into retreat overseas."
The Sun's editorial is headlined "The Dwindling Fed" and is posted here:
http://www.nysun.com/editorials/the-dwindling-fed/88707/
