Then he says "The main job is to wake the American people up and if we get closed out it will be proof positive that they are not very anxious for the American people to know what they're doing." Who is "they"? The Fed does not vote, it has no legislative initiative. It is the creation of Congress, and has reporting responsibilities already from the Humphrey-Hawkins Act of 1977. �The chair is on the Hill twice a year, and will be next month. �You got a question, Representative? �Ask it.

�

The comment seems positively conspiratorial. �

I recall this behavior from another Texas congressman, Henry Gonzales, who retired in 1998. �Indeed, so too was Wright Patman, another longtime critic at the Fed. �U.S. central banking has always had this tension between the U.S. Midwest and farm interests and the money centers on its coasts. �Think back to the "cross of gold" speech of William Jennings Bryan in 1896. �It riles up populist anger and has historically been used by politicians who thrive on populism, particularly those from Texas. �The only difference this time is that the populist is a Republican.

It is ironic that these calls for greater transparency at the Fed are pointed against Ben Bernanke, who for all his other flaws has been the most open chairman of the Fed in history.�

So it is interesting to me that this whole debate has been over getting exposure for Rep. Paul and his war on the Fed. �One wonders why the other 200+ co-sponsors of this legislation have signed on.