Rep. Ron Paul (R-TX) is making it his mission to increase oversight of the Federal Reserve and force an audit of the nation's central bank. Paul has for years asserted that the Fed, which by design is independent of the federal government, was corrupt and that its monetary policy would drive America to ruin by debasing the dollar.
He has sought to abolish the Fed entirely, but because that almost certainly would never fly in Congress is now attempting to get the Government Accountability Office to have full power to audit the central bank’s operations -- a measure the Fed bitterly opposes.
Former Federal Reserve Board Governor Frederic Mishkin debates the issue with Gluskin-Sheff economist David Rosenberg and CNBC senior economics reporter Steve Liesman.
