2016 Republican presidential candidate and real estate mogul Donald Trump took to Twitter on Monday to criticize rival candidate and Sen. from Texas Ted Cruz for his decision to skip a key vote on legislation that would allow Congress to audit the Federal Reserve.
It is so important to audit The Federal Reserve, and yet Ted Cruz missed the vote on the bill that would allow this to be done.
— Donald J. Trump (@realDonaldTrump) February 22, 2016
In January, the bill colloquially referred to as Audit the Fed appeared for a vote before the full Senate for the first time in history, and, though a majority of senators voted in favor, some Senate Democrats effectively blocked the legislation with a filibuster, raising the threshold of votes needed to pass the bill to 60.
Every Senate Republican voted in favor of the bill except Senator from Tennessee Bob Corker, who opposed the bill, and Sen. Ted Cruz, who did not show up to vote that day despite having long advocated in favor of a Federal Reserve audit.
Democratic presidential candidate and Sen. Bernie Sanders broke party ranks and voted in favor of Audit the Fed along with Republicans.
Audit the Fed is considered the signature piece of legislation of former Republican Congressman Ron Paul’s entire political career. The latest iteration of the bill was introduced in the Senate by his son, Senator Rand Paul (R-Ky.). As such, support for the bill is deeply and viscerally ingrained in the Republican Party’s libertarian and Tea Party wings.
The Guardian’s Ben Jacobs wrote, “By skipping the vote on auditing the Fed, Cruz [risked] jeopardizing some of the credibility he has built in this faction of the Republican party. Auditing the Federal Reserve has long been an animating cause of Paul and his supporters and it has taken on major symbolic significance.”
Ted Cruz says he is for Auditing the Fed, but when the Senate voted on Rand's bill, Ted was nowhere to be found.
— Ron Paul (@RonPaul) January 12, 2016
After Cruz missed the vote, he sent an email to conservative commentator Glenn Beck, which read, “I strongly support auditing the Fed. Indeed, I was an original co-sponsor of Ron Paul’s Audit the Fed bill. Unfortunately, it was clear early on that yesterday’s vote wasn’t going to succeed (it fell 7 votes short). And, at the same time that the vote was scheduled, I had longstanding commitments to be in New Hampshire — for a Second Amendment rally, and a 1500- person State of the Union town hall. If my vote would have made a difference in it passing, I would have cancelled my campaign events to be there. Because the vote was not going to succeed, I honored my commitments to be with the men and women of New Hampshire.”
Audit the Fed supporters argue that the nation’s central bank needs an audit because it operates under too much secrecy and is failing at its mission of keeping the U.S. dollar stable. Opponents of the bill say that the Federal Reserve needs to maintain independence to prevent monetary policy from being politicized by Congress.
“The Federal Reserve’s inflationary policies distort the economy, creating bubbles, which in turn create a booming stock market and the illusion of widespread prosperity. Inevitably, the bubble bursts, the market crashes, and the economy sinks into a recession,” said Ron Paul in 2015, articulating a chief complaint of Fed opponents. Paul believes the Fed should be abolished and that interest rates and dollar values should be set by the market.
In January, Ben Swann released a Reality Check segment, seen below, that highlighted the fact that Cruz declined to vote on “such an important bill about which he seems to speak so passionately.”
Sen. Ted Cruz missed a very important vote this week on a bill he co-sponsored, to Audit the Fed. It happened just as we all learned that his ties to big banks may run deeper than previously thought.Learn more: http://truthinmedia.com/reality-check-ted-cruz-doesnt-vote-audit-fed-took-personal-loan-campaign-goldman-sachs/
Posted by Ben Swann on Thursday, January 14, 2016
For more 2016 election coverage, click here.