By Robert Wenzel
So much for President Donald Trump ending the Fed or even auditing it.
The President has just nominated Jerome "Jay" Powell to head the Federal Reserve following the expiration of Janet Yellen's term on February 3, 2016.
Powell has operated his entire career inside the top levels of the establishment.
In 1979, Powell moved to New York City and became a clerk to Judge Ellsworth Van Graafeiland of the United States Court of Appeals for the Second Circuit. From 1981 to 1983, he was a lawyer with Davis Polk & Wardwell, and from 1983 to 1984, he worked at the firm of Werbel & McMillen.
Most noteworthy for those who have supported Ron Paul's Audit the Fed bill, on February 9, 2015, at the Catholic University of America, Columbus School of Law in Washington, D.C., Powell devoted an entire speech to attacking the bill.
I am concerned about several troubling proposals that would subject monetary policy to undue political pressure and place new limits on the Fed's ability to respond to future crises. My remarks will address three such proposals. The first goes by the somewhat misleading name of "Audit the Fed," and would subject the Federal Reserve's conduct of monetary policy to unlimited congressional policy audits
With this Trump nomination, the establishment remains fully in control and it is clear the Fed will continue to do whatever it can to keep Ron Paul's thoughts and ideas on monetary policy outside the halls of Congress
Reprinted with the author's permission from EconomicPolicyJournal.com