On January 3, 2013 Congressman Paul Broun, Jr. (R-GA) introduced HR 73, The Federal Reserve Board Abolition Act. The thrust of the legislation is to "abolish the Board of Governors of the Federal Reserve System and the Federal reserve banks, to repeal the Federal Reserve Act, and for other purposes." It looks like Ron Paul's consistent cries for dealing with the Federal Reserve have not fallen on deaf ears, nor has the idea dissipated from elected representatives since he left office.
This piece of legislation was not the only one to be introduced. House Bill HR 77, the Free Competition in Currency Act of 2013, was also introduced by Rep. Broun. This legislation seeks "to repeal the legal tender laws, to prohibit taxation on certain coins and bullion, and to repeal superfluous sections related to coinage."
But Broun wasn't about to stop there. He also help in pushing two other pieces of legislation: HR 24, the Federal Reserve Transparency Act of 2013, which is put forth "To require a full audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks by the Comptroller General of the United States," and HR 33, the Audit the Fed Act of 2013, which purpose is "To amend title 31, United States Code, to reform the manner in which the Board of Governors of the Federal Reserve System is audited by the Comptroller General of the United States and the manner in which such audits are reported."
All of these pieces of legislation are very similar to those proposed by former Congressman Ron Paul.
The Federal Reserve is a huge problem from America and this is not some recent news. It has been going on since the early 20th century.
Brookes began by stating that "conservatives need to understand that without basic monetary reform there is no way to balance the U.S. budget, with or without tax increases and budget cuts, and even with the most optimistic GNP growth projections." He then offered a 3 part solution:
(1) "the nation must return as quickly as possible to gold-based money and debt" (Heritage's Policy Review published another piece endorsing a return to the gold standard as a key component of balancing the budget, in the next issue, by the late Congressman, HUD Secretary and Vice Presidential candidate -- Jack Kemp, My Plan To Balance The Budget, Spring 1986)
(2) we should allow "free exchange of gold and silver, both public and private, setting up a parallel monetary system on a free market basis, allowing the public to choose," (Heritage's Policy Review published another piece endorsing the idea of Hayekian currency competition or privatization, also in the next issue -- Richard W. Rahn, Time To Privatize Money?, Spring 1986) and
(3) "the Federal Reserve would be phased back to its original role as a bank-owned clearing house, thus eliminating its huge and costly presence in the money markets where its open market operations now run as high as $1 trillion a year."
With all of the talk about the "fiscal cliff" and raising the debt ceiling yet again, it is clear that the problems of the Federal budget and debt, and especially the cost of servicing the Federal debt, have certainly not gotten any better since Warren Brookes's [sic] solutions were published (and ignored) in 1986.
So far we have seen that Washington is not serious about the fiscal cliff or the debt ceiling. So now, we'll see how serious they are about dealing with the Federal Reserve. So far, each of the bills have been referred to committee. It would behoove us to inform our representatives about these pieces of legislation and to push them through committee for a vote on the House floor.
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