There has been one member of Congress that has been willing to stand up to the Federal Reserve more than any other, and now that it has been revealed that Barack Obama’s “financial reform” plan would give the Federal Reserve almost dictatorial power over the U.S. economy, Ron Paul is hopping mad.

On MSNBC the other day, Ron Paul was not shy about telling the nation that the U.S. government should not be handing massive new powers to the institution most responsible for creating this current financial mess. In fact, Ron Paul told MSNBC that he believes that the Federal Reserve is already more powerful than Congress…..

“The regulations should be on the Federal Reserve. We should have transparency of the Federal Reserve. They can create trillions of dollars to bail out their friends, and we don’t even have any transparency of this. They’re more powerful than the Congress.”

The truth is that the Federal Reserve is about as “federal” as Federal Express is. The Federal Reserve is a private bank that is designed to maximize profits for the elite international central bankers that own it.

The most frightening thing is that they are accountable to nobody. Alan Greenspan and Ben Bernanke have reinforced this point repeatedly in media interviews and in front of Congress.

In fact, when Congress asked the Fed where all the bailout money went, the Fed told Congress that they did not have to answer.

And now Obama wants to give them massive new powers?

Obama’s plan would give the Federal Reserve unprecedented regulatory power over virtually every sector of the U.S. economy, and would allow the U.S. government, in conjunction with the Fed, to take over any company they want if they feel that there is “a threat” to the financial system.

Ron Paul understands that the Federal Reserve is at the very heart of America’s financial problems. During the same MSNBC interview, he diagnosed the current situation brilliantly…..

“Too much regulations to begin with, so they give it more. The Federal Reserve creates the problem, so we give them more power. It’s fiat money that’s the problem, so we allow them to double the money supply – you can’t solve the problems that way. That’s like saying you can take care of a drug addict by just giving them more drugs.”

Below you can see the entire interview. It is probably one of the best Ron Paul interviews that has appeared on the mainstream news…..

But now even other members of Congress are starting to speak out against the Federal Reserve. Senator Chris Dodd recently said that giving the Federal Reserve more power is like rewarding a son with a “bigger, faster car right after he crashed the family station wagon”.

But Timothy Geithner, who ran the New York Federal Reserve until he became Treasury Secretary, is vigorously defending the plan to give huge new power to the Fed, and is arguing that the Fed will not need any oversight as they exercise these new powers as it is “very important” that the Federal Reserve “preserve its independence”.

In other words, the Federal Reserve wants almost total control over the entire U.S. economy, but wants to be accountable to absolutely nobody.

Does that sound like a good plan to you?

That is why it is so important to support Ron Paul’s bill to audit the Federal Reserve (H.R. 1207). The Federal Reserve Transparency Act, as it is called, now has over 200 co-sponsors in the House of Representatives, and recently it was reported that it will move out of committee to be debated by the full House of Representatives. However, a similar bill is reportedly being severely watered down in the U.S. Senate.

The fact is that the Federal Reserve needs to be audited. If Ron Paul’s bill passes, the private bank that creates and regulates all U.S. currency will be forced by law to open its books for the first time since 1950.

That is almost 60 years ago.

It is time for the American people to learn what is going on at the financial institution that controls all of our economic lives, and it is time for the American people to learn what happened to all of the trillions in bailout money.

But the Federal Reserve will not let this happen without a fight. They have vast resources and tremendous power at their disposal, and they aren’t going to let someone like Ron Paul upset their apple cart so easily.

Let us hope that Ron Paul is victorious in this fight so that the American people can finally get a true idea of what his really going on at the Federal Reserve.