Grace Wyler digs up some great quotes from the 90s. I don’t necessarily disagree with Reid’s new stance (the point of the Fed is that it’s an independent agency; having money supply controlled by a purely political agency like Congress would be potentially more devastating for Austrians), but the hypocrisy is pretty thick.
But Reid hasn’t always been opposed to a central bank audit. In fact, the Nevada Senator has himself introduced legislation to audit the Federal Reserve, and co-sponsored several bills to increase transparency at the central bank in the 1990s, according to government transparency watchdog Govtrack.
“I have sponsored legislation every year that would call for an audit of the Federal Reserve system. I offer that amendment every year, every year it gets nowhere,” Reid says. “I think it would be interesting to know about the Federal Reserve. I think we should audit the Federal Reserve — it’s taxpayer’s money that’s being used there. But we don’t do that.”