... the Federal Reserve Accountability and Transparency Act of 2014.” H.R. 5018 would, as Mr. Taylor describes it in his Web log, require the Fed to adopt a “rules-based policy.” The Fed would make the rules. It would then have to submit them to Congress, and be transparent about whether it is following them. ...
... The measure is all the more significant for the fact that it is part of the wider ferment going in in the 113th Congress over monetary policy. ... Among measures we’re watching:
Centennial Monetary Commission Act, or H.R. 1176, which is being nursed by the chairman of the House-Senate Jooint Economic Committee, Congressman Kevin Brady, to examine monetary policy since the creation, a century ago, of the Federal Reserve;
Sound Dollar Act, or H.R. 1174, another Brady project, which would, among other things, including on the Open Market Committee more presidents of the regional Federal Reserve Banks, get tougher with the International Monetary Fund, and focus monetary policy on price stability;
Free Competition in Currency Act, H.R. 77, which was introduced by a Republican of Georgia, Paul Broun, and would codify Nobel laureate Friedrich Hayek’s idea of the deantionalization of money by ending legal tender status of United States fiat scrip and open the system to privately-issued competing currencies, and end any tax arising from the spending of gold or silver;
Sound Money Promotion Act, S. 768, offered by Senator Mike Lee of Utah, would exempt from taxation any gold and silver coins declared to be legal tender by either the federal government or any state government, extending nationally the most radical monetary measure to be enacted anywhere in recent years, the Utah Sound Money Act, which makes gold and silver coins legal tender in the Beehive State and removes state taxes arising from spending them.
Federal Reserve Transparency Act, or S. 209, offered by Senator Rand Paul, renews the drive to audit the Federal Reserve launched by the senator’s father, Ron Paul, to audit the Federal Reserve. His father’s measure passed the House by an overwhelming bipartisan vote in 2012 and is being offered by Mr. Broun in the lower chamber in the 113th Congress as H.R. 24.
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