Established in 1913, the Federal Reserve System controls our money supply and manipulates our interest rates. Despite Thomas Jefferson’s best warnings that a central bank would be more dangerous than a standing army, the Federal Reserve operates unaccountable to Congress in a shroud of mystery.
With the power to create money – literally out of thin air – and the ability to raise and lower interest rates, the Federal Reserve has more power than most economic organizations in the world.
As they lower interest rates by printing more money, it devalues the currency you currently hold. This leads to an inevitable boom-bust cycle — luring investors into short term projects with long term ramifications.
It’s clear that he Federal Reserve is dangerous. Thankfully, H.R. 459, the Federal Reserve Transparency Act, passed the House with 319 co-sponsors. This Act will make it possible to audit an institution that has created trillions of new dollars in recent years, an important first step toward reining in the powerful and largely unaccountable Federal Reserve.
As your Senator, I pledge to shed light on the Federal Reserve so that all Americans can better understand the dangers of an unsound monetary policy controlled by a central bank.
I’ll work to ensure that sound money and transparency is restored to our monetary system.