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Senator Rand Paul explained to Fox News Digital in an interview Tuesday that he supports the elimination of the Federal Reserve on the key condition that the country will stop engagement in deficit spending and instead implement a balanced budget.
But the finances Hawk and son of former US Congressman Ron Paul, a well-known Federal Reserve critic, say he doesn’t expect it to happen.
“I’m looking at the opposition,” he said, “many of the GOPs who previously cared about the deficit under Biden seem to be too concerned about the deficit under Trump.”
Senland Paul: There’s a $186 billion reason why the Fed must be audited
Senator Randpole, R-KY. , Chairman of the Senate Committee on Homeland Security and Government Affairs, Wednesday, January 15, 2025, during a confirmation hearing in Washington, D.C.
“I’m frankly, if Congress wasn’t doing the deficit that they could do without FREB,” he said.
However, he added that a “clearinghouse” system is needed, but it shows that if FED comes out of the photo, the market should allow it to “fill in that space” over time.
Paul believes that free markets – supply and demand should determine interest rates.
“Interest rates are universal prices,” he explained, opining that it is likely “the most prolific price in all of the economy.”
Trump is worried that the Fed is under control rather than firing Powell, the vice-chief of staff says.
It was back in December when the Federal Open Market Committee last decided to reduce its target range for federal fund rates. President Donald Trump is keen to push for interest rate cuts.
However, Paul compared his claim that meat is too expensive to rate cuts, pointing out that Trump should lower prices. The senator noted that most people view such a call as “meaningless” as it relates to consumer goods, but for some reason even conservatives lose their hearts when it comes to interest rates as well,” he said.
The senator said he thinks “What we really want is the Federal Reserve system that is less involved in the manipulation of interest rates.”
The federal government has completely “taken the eye out of the award,” says the economist.
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“There’s no more powerful and secret organization in every government,” Paul said, pushing for bills to audit the Fed.
The proposed law, backed by some of Paul’s GOP colleagues, calls for the US Secretary to audit the Federal Reserve System and the Federal Reserve Board.
He is also pushing measures by left-wing Sen. Bernie Sanders (I-Vt.) including the End the Big Bank Bailout Act, entitled “Fed’s Big Bank Relief Act.”
Alex Nitzberg is a writer for Fox News Digital.
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