Senator Rand Paul highlights the Federal Reserve’s significant financial operations, particularly its payment of $186 billion in interest on reserve balances to banks in 2024, a practice that has escalated since the 2008 financial crisis when the Fed began paying interest to control inflation, but now benefits wealthy banks globally, including foreign ones, at the expense of American taxpayers.

Paul’s criticism extends to the Fed’s lack of transparency and accountability, as he argues that the Fed’s secrecy is a deliberate strategy to avoid political scrutiny, despite its immense influence over the U.S. economy and its role in adding nearly $5 trillion to the national debt through actions during the COVID-19 pandemic, such as printing money and purchasing government-backed securities.

Senator Rand Paul references legislative efforts, including the reintroduction of the “Audit the Fed” bill and the End the Fed’s Big Bank Bailout Act, which aim to increase transparency and end the Fed’s practice of paying interest on reserves, gaining bipartisan support and reflecting growing public and political pressure for reform, as evidenced by comments from U.S. Treasury Secretary Scott Bessent questioning the Fed’s effectiveness and mission.

What do you think? How many billions must be stolen before US acts?