In a rare moment of bipartisan unity, lawmakers and economists on both sides of the aisle largely agreed on two points: The Federal Reserve System as it stands is hurting America and something must be done to stop it. Just what exactly needs to happen, however, was the subject of considerable debate during a Subcommittee on Domestic Monetary Policy hearing Tuesday chaired by sound-money advocate and GOP presidential contender Rep. Ron Paul (R-Texas). 

Dr. Paul, of course, has become famous around the world for his tireless efforts to audit, expose, and abolish the central bank. He even published a best-selling book in 2009 entitled End the Fed, a title that has become a rallying cry for millions of Americans angry about the institution’s multi-trillion-dollar bailouts, market manipulations, and debasement of the currency.

Rep. Duncan Hunter (R-Calif.) is renewing his push for legislation that would amend how the federal government assesses the U.S. unemployment rate. When calculating national unemployment, the Bureau of Labor Statistics (BLS) currently omits those individuals who have given up looking for work, making the overall joblessness rate appear substantially lower than it actually is.

The statist rulers of the so-called “BRICS” countries — Brazil, Russia, India, China, and South Africa — have been subtly calling for an end to the U.S. dollar’s status as the world reserve currency for years. Now, they are making more moves to turn that rhetoric into reality, proposing a jointly controlled “development” bank and working to sideline America’s already-troubled Federal Reserve Notes in trade by relying more heavily on their own fiat currencies.

As the Federal Reserve came under increasing scrutiny by outraged lawmakers and the public in recent years, it hired a lobbyist to defend its controversial secrecy and produced propaganda-filled comic books aimed at young children. It even sought to develop a tool to spy on concerned citizens over the Internet.

As scrutiny of the Federal Reserve System and public outrage over its actions continue to build, lawmakers on both sides of the aisle are working on proposals that would supposedly rein in the Fed or at least change the way it operates. And a new measure aims to tackle some of the issues head on.