The BIG Issue if the GOP Takes the Senate

Most Americans are viewing the midterm elections through the prism of social issues (Gay Marriage, Abortion, Discrimination, etc.)

These issues, regardless of the intense emotions surrounding them, directly affect a relatively small percentage of the US population.

The bigger issue for the US is how a GOP Senate would impact the Federal Reserve.

The Fed runs the US economy. Every American who eats food or uses energy or has a US Dollar in their bank account is directly affected by the Fed’s actions.

The current Fed is run by the very liberal Janet Yellen, who believes firmly in wealth redistribution. Yellen proudly considers herself and her policies to be liberal.

However, the Yellen Fed may soon be facing increased scrutiny and oversight.

In July of 2014, two GOP Congressmen introduced a bill that would require the Federal Reserve to follow the Taylor Rule regarding interest rates. While the details of this rule are not worth delving into at this time, the key ideas are that:

1) Interest rate policy would no longer be subject to the whims of Fed officials.

2) The Fed and its policies would be regulated by Congress for the first time in history.

In September, just two months later, the GOP-controlled House passed an “Audit the Fed” bill.

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