Ahead of last night’s Republican Debate, Sen. Ted Cruz (R-TX) is the latest Republican to surge behind Donald Trump. There’s a good chance that there’s one question that won’t be asked tonight by the moderators which is, “Why did Cruz miss a very important vote this past week on a bill he co-sponsored?”
This is a Reality Check you won’t see anywhere else.
“I’ve got deep concerns about the Federal Reserve. The first thing that I think we need to do is audit the Fed and I am an original co-sponsor of Congressman Ron Paul‘s (R-TX), “Audit the Fed” legislation.”
Those words from Cruz, only two months ago, during the CNBC debate. Cruz has been surging in his run for Republican nomination and in the midst of his pursuit of votes in New Hampshire, Cruz missed a very important vote this week.
This week, the Senate voted on whether or not Congress should audit the actions of the Federal Reserve Bank.
Paul was the original author of the bill and Cruz was the co-sponsor. Senate Democrats blocked Paul’s legislation. Had it passed, that would have increased Congressional oversight of the Central Bank, including requiring it to get audited by the Government Accountability Office. The Federal Reserve Transparency Act of 2015 needed 60 votes to move forward.
Cruz was a no show and it was defeated with a 53-44 vote. While his presence would not have changed the outcome, the principle of voting to audit the Fed is a big one. Why? Well to understand that, you have to understand how the Federal Reserve Bank works.
To begin with, it is a private bank that serves as the exclusive bank of the U.S. Government. It was created by Congress, however, the Federal Reserve does not answer to Congress. The President himself also doesn’t have direct oversight. The Fed regulates financial institutions, manages the nation’s money, has incredible influence over the economy to raise and lower interest rates. In fact, they are the only entity able to do so.
That’s why 53 Senators voted to audit the Fed. Among presidential candidates voting to audit were: Sen. Bernie Sanders (I-VT), Sen. Marco Rubio (R-FL), who has missed more votes than any presidential candidate all year, but did make it back to vote to audit the Fed and of course, Paul who is the bill’s sponsor. Yet co-sponsor of the bill Cruz, did not.
“If you look at a single mom buying groceries, she sees hamburger prices going up nearly 40 percent, she sees her cost of electricity going up, she sees her health insurance going up and loose money is one of the major problems. We need sound money and I think the Fed needs to get out of the business of trying to juice our economy and simply be focused on sound money and monetary stability, ideally tied to gold,” stated Cruz at the GOP debate at the end of October.
What you need to know is that there are millions of Americans who agree with that statement—that the Federal Reserve, by ordering round after round of quantitative easing (QE1, QE2, QE3, QE-infinity), by ordering the printing of trillions of dollars of U.S. currency, and by playing with the economy, has made the wealth of this country much weaker.
Which is all the more reason why it is puzzling that Cruz would skip a vote on such an important bill about which he seems to speak so passionately. A bill that arguably could have made a huge impact on this Nation’s future, that was skipped for one extra day of campaigning?