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July 10, 2014

The Honorable Jeb Hensarling

Financial Services Committee Chairman
United States House of Representatives
Washington, DC 20515


I wanted to thank you personally for holding a hearing on Legislative Proposals to Reform the
Federal Reserve on its 100-year Anniversary this week. For too long, the Federal Reserve has
been able to operate shrouded in secrecy, and its long past time for Congress to reassert its
prerogative in exercising strict oversight of the Federal Reserve.

I am sadly disappointed however with the GAO audit provision included in H.R. 5018, Mr.
Huizenga and Mr. Garretts Federal Reserve Accountability and Transparency Act.

The way this legislation is currently written, the audit provision provides no guarantee a full
audit of the Federal Reserve System will ever occur, and instead seeks to use the audit as an
enforcement mechanism for the Fed pursuing Congress so-called rule-based monetary policy.
Whereas H.R. 24, the Federal Reserve Transparency Act, in no way interfered with monetary
policy, and instead provided Congress with necessary oversight power to understand what the
Federal Reserve is doing, this legislation seeks to put Congress in control of monetary policy.

As I wrote in a statement I submitted to the committee today as testimony, those who understand
the Austrian School of Economics recognize this does little to address the fundamental problems
with the Federal Reserves monopoly over the nations money supply.

If the Committee is truly committed to real monetary policy reform, the first step is to provide
the public with complete transparency of the Federal Reserves actions so Congress may find
out, without restriction, what they are doing to our money. I would ask that you schedule H.R. 24
for a markup as a standalone bill and refer it to the House floor for swift passage before the
August recess. Time is running short.

Please dont hesitate to contact me if youd like to discuss the issue further.

For Liberty,

Ron Paul

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