News Release

Economists Opposing Fed Audit “on Payroll”

The Los Angeles Times reports: “Ron Paul wins a key battle in war to open Fed’s books.”

Huffington Post senior congressional correspondent Ryan Grim writes: “As the debate over an audit of the Federal Reserve intensifies in the House, one camp is trotting out eight academics that it calls a ‘political cross section of prominent economists.’ … But far from a broad cross-section, the ‘prominent economists’ … are in fact deeply involved with the Federal Reserve. Seven of the eight are either currently on the Fed’s payroll or have been in the past.”

Author of the new book Deception and Abuse at the Fed, Auerbach said today: “The Federal Reserve sends money to academia and creates a terrible conflict of interest. If you talk about the Federal Reserve, you should not be on its payroll.”

An excerpt of Auerbach’s book is available online.

Auerbach is a professor of public affairs at the University of Texas at Austin. He was an economist with the House Committee on Financial Services.

For more information, contact at the Institute for Public Accuracy:
Sam Husseini, (202) 347-0020; or David Zupan, (541) 484-9167