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Rep. Paul on Efforts to Make the Fed More Transparent

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    Rep. Ron Paul, (R-Texas), on efforts to pass the “Audit the Fed” bill.

  • Duration 6:46
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All retiring at the end of this term after a long long.

Time of service had his last showdown with Federal Reserve Chairman Ben Bernanke yesterday here's a clip.

The very first -- up.

Is transparency.

And for us to know we have a right to go -- you may be.

Correcting your social least I'm sure you believe -- -- But maybe I should be top of the congress that we should stand up and say yes we -- -- to know.

Congress is expected to vote Ron Paul's audit the Fed -- next week congressman Ron Paul joining us now.

From Capitol Hill teacher is -- your last face off with Ben Bernanke.

Let's be a little disappointing -- you -- -- -- in those sessions.

For all the -- did the work you did on the Fed and you have as as much influences you probably could possibly hope to get.

On the Fed it in your position in congress of the past couple years.

Did you did you make any progress are you satisfied that you changed the Fed in some way to make the more accountable.

I think so I think they've responded.

At least superficially.

We get it more information they respond to lawsuits and and that's been helpful.

And there was some demands from.

Dodd-Frank bill.

The chairman now has press conferences.

I think it's mostly superficial we're not -- getting down into the nitty gritty.

Of knowing what happens and how how the deals are made in how they -- -- companies and.

What happened that would fifteen trillion dollars you know in emergency and what they might be doing now with.

Currency swaps -- what they plan to do it appears.

An ongoing crisis in Europe south.

Though we're making progress.

But you know as far as the -- in general is concerned we've made tremendous progress outside.

We haven't made as much progress here in Washington but because there's so many people outside -- washing your -- here I think this is the reason we're gonna have a vote on the bill next week.

And the -- was -- audit the Fed but let me just play devil's advocate here congressman you talk about more transparency.

I remember covering Alan Greenspan's Federal Reserve and there was nothing you got basically nothing except the statement -- and that was it.

Now they -- the news conferences to his credit that has really been driven by Ben Bernanke.

What else do you want to see if there was one thing that they said all right you get to pick you get one thing you want to know about the Fed won't reveal what what is that what.

Thing do you see that is really of import at this point to everybody who's watching.

I would say it's the correspondents and negotiation of deals made overseas.

And that is what they cling to the most of and Bernanke claims that he needs independents that what he wants to secrecy he says he'll be chaos -- we now.

It even my bill I think it's rather -- it has nothing to do with monetary policy.

In his claim and we'll have all -- Ramifications.

That we will immediately change how he acts now it would be the embarrassment -- we knowing what he does and how we talk to other countries.

Other central banks who gets bail now and why they do it.

That he would be it will not be immediate various delay in getting this information.

So why yes there would be a change that we have a responsibility to know this.

Especially when you talk and that many trillions of dollars his budget is much bigger than what -- I just doesn't.

It's -- -- you mentioned the correspondence with what happens overseas because quite recently of course with Barclays -- -- -- scandal we have -- questions of what happened between the New York fed which of course part of the big Federal Reserve.

And Barkley spank it appears.

That the New York fed if not encouraging low -- rates in a way that might have been against the law were at least acknowledging that -- -- was doing that -- is is there going to be any action taken.

About the New York fed because of this.

All that remains to be seen I doubt -- too much will happen but boy I think your point is very important.

Because I think if they knew -- we would have access to all these records.

They would be more transparent and they -- -- say well we can do all this Wheeling and dealing and planning.

I mean that is the job of the -- They see -- so so important and -- fixing interest rates mean they fixed rates so the economic principles identical.

2 banks in central banks whether it's leave Libor or whether it's overseas overnight rates here in this country it has the -- economic consequences.

And I think an audit if the other -- -- deal had been in place we would have -- a lot sooner about this and maybe he would never have occurred in there would have been no negotiations.

Going on between.

The.

The banks in our Federal Reserve we'd be remiss if we didn't ask you before you go -- you'll be heading to the Republican National Convention you're encouraging your delegates to still go looking at Mitt Romney.

A lot of people are saying he hasn't put forth -- jobs plan that has any real opportunity to really change things here.

How do you feel about him as a Canada.

Well compared to know.

The value you know he's he's certainly.

Offers different things than the current president.

That.

I think the current conditions in this country make you refer anybody no matter what because the conditions.

Are in terrible shape they've been developing in this manner in this direction for many many decades -- -- who is to be president they are going to happen.

Very very tough job because you have to were were reversed an entire way of thinking god no more deficits and less spending and change in foreign policy.

Change in our monetary policy so it's going to be a major -- -- -- anybody will you vote for Mitt Romney.

I'm I'm not -- not made -- decisions.

-- by the way your friend Peter -- was just -- saying we are going -- -- recession.

You think so too.

Yeah -- if you took if you look at these many many people unemployed -- -- go by the statistics.

Williams you know I'm not private -- you know -- -- center employs some of them -- -- a depression and out where invention where much worse.

Then this statistic shows one -- I -- I hear from my young people that.

I like to come to my rally say well at least you're telling the truth and I don't believe what government tells them they don't believe that what they tell about.

How well we're doing in Afghanistan they don't believe.

That the government tells them correctly how much inflation there is or how serious the economic problems 24 years of service congressman -- -- -- thank you.

And by the way has made service was delivering babies 1000 babies were delivered by this doctor are you gonna go to deliver more babies in Texas.

It would it would be finally gets what they didn't argue with me as much as a politician -- -- -- -- doctor right.

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