Rand Paul Blocking A Budget Bill And A FED Nomination

Rand Paul Blocking A Budget Bill And A FED Nomination

U.S. Senator Rand Paul (R-Ky.) is in the spotlight once again. For some (like for the author of this post), he is taking a stance against fiscal irresponsibility and the failures of a central banking system. However, most normal people see Paul’s latest display of rebellion from the establishment as a threatening one.

To be more specific, Paul is risking a government shutdown by threatening a “no” vote against a GOP spending bill that would increase spending by $400 billion. Consequently, the positioning from Paul comes at a cost: a government shutdown.

As the events of late January showed, the government is on a shutdown course due to the Congressional failures of all sides to identify the risks of overspending taxpayer dollars.

“I ran for office because I was very critical of President Obama’s trillion-dollar deficits. Now we have Republicans hand-in-hand with Democrats offering us trillion-dollar deficits,” Paul said. “I can’t in all good honesty and all good faith just look the other way because my party is now complicit in the deficits.”

“This is the most important debate we will have in the year over spending, and no amendments are allowed,” Paul added.

Paul is trying to get an amendment that he drafted that restores budget caps on federal spending attached to the spending bill. Until a deal is made, Paul could shut down the federal government in the name of fiscal responsibility wake-up calls.

On another front, Paul could potentially be the harbinger of failure over a confirmation vote for a new member of the Federal Reserve’s Board of Governors.

Carnegie Mellon University economist Marvin Goodfriend, a Trump nomination for a vacant seat on the FED’s board, could lose his chance at serving because of Paul’s particular worries regarding the nominees track record.

The Wall Street Journal notes that Paul took issue with Goodfriend’s previously documented support for tracking cash as it leaves financial institutions by using a magnetic strip. Plus, Goodfriend has opined in academic work that charging withdrawal and deposit fees at financial institutions. Suffice it to say; former Rep. Ron Paul, the father of the junior Senator from Kentucky, has been a vocal opponent to most centralized banking mechanisms.

Goodfriend’s nomination was split 13-12 as it goes to the floor for a final vote in the coming days.

What are your thoughts? Tell us in the comments below!