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26 May, 2010 07:06

Thorough supervision of the Federal Reserve is vital – US Senate nominee

As the US reels in the wake of economic downturn, Senate candidate Rand Paul has called for more supervision of the Federal Reserve.

The Republican nominee, who recently won the Kentucky primary, says increased transparency is vital.

Dr Rand Paul has called for more oversight of America’s central bank – the Federal Reserve – saying it could help prevent future financial turmoil.

“We need to have transparency in what’s going on at the Fed. During the crisis about a year ago, the Federal Reserve bought two trillion dollars worth of assets. Now you might say buying assets is good. Well if you buy your assets out of your savings it’s good, but the Federal Reserve bought these assets out of simply creating two trillion dollars worth of new money. And so I think it’s dangerous to our monetary system that it could cause devaluation or crisis for our currency.”

Dr Paul also claims a small group of individuals is currently making all the money at the expense of other US taxpayers.

“I also think that private individuals are making money out of the transactions that the Federal Reserve is involved with and we US taxpayers deserve to know if someone is making hundreds of million dollars buying and selling new US assets. We need to know who they are and what are they paying for these assets, and if this being done honestly.”