Sanders says he’ll vote to Audit the Fed

As Senate Majority Leader Mitch McConnell of Kentucky moved it in line for a test vote Tuesday, Democratic presidential hopeful Sen. Bernie Sanders of Vermont said he hoped to make it to the Capitol in time to vote in favor of Sen. Rand Paul’s Audit the Fed bill.

Sanders has long been an advocate of a Federal Reserve audit and worked with former Rep. Ron Paul on the original audit legislation similar to the version the younger Paul (R-Ky.) is currently sponsoring.

In a New York Times op-ed last month, Sanders explained why lawmakers need to take a closer look at Fed policies, writing:

The recent decision by the Fed to raise interest rates is the latest example of the rigged economic system. Big bankers and their supporters in Congress have been telling us for years that runaway inflation is just around the corner. They have been dead wrong each time. Raising interest rates now is a disaster for small business owners who need loans to hire more workers and Americans who need more jobs and higher wages. As a rule, the Fed should not raise interest rates until unemployment is lower than 4 percent. Raising rates must be done only as a last resort — not to fight phantom inflation.

What went wrong at the Fed? The chief executives of some of the largest banks in America are allowed to serve on its boards.

With high-profile Democrats poised to block any Audit the Fed progress in the Senate, Paul’s legislation still faces an uphill battle despite multiple successful runs in the House.

And even if it did pass, President Obama vowed to veto Fed audit legislation as recently as November, when a similar House bill passed.

Still, Sanders’ high-profile in the Democratic primary means his support could bring broader public backing to an audit of the nation’s central bank.

Despite being a mammoth political improbability (and that’s an understatement), it also kind of makes you wonder what kind of good a Paul/Sanders or Sanders/Paul White House could do for the nation.

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