The Edmond Sun

April 25, 2014

Federal Reserve needs an audit, Senate candidates say

James Coburn
The Edmond Sun

EDMOND — EDITOR’S NOTE: This is one of a series of stories covering the Republican debate for the U.S. Senate race to fill the unexpired term of retiring U.S. Sen. Tom Coburn.

State Sen. Randy Brogdon called for an audit of the Federal Reserve at a recent Oklahoma City debate for U.S. Senate candidates to fill the vacancy being left by retiring U.S. Sen. Tom Coburn.

The Republican debate was presented by the Oklahoma Conservative Political Action Committee. Brogdon was joined by Congressman James Lankford and former state House Speaker T.W. Shannon.

“Politicians continue to shirk their responsibility and hand it off to unelected governing bodies that should not even be there,” said Brogdon, 60, of Owasso.

Shannon agreed that an audit of the Federal Reserve is in order while adding that the federal government should adhere to the U.S. Constitution.

“Ninety percent of our problems could be fixed if we would get rid of 90 percent of the federal government,” Shannon said.

More importantly, elected officials need to go to Washington, D.C., to represent Oklahoma values and balance the budget, said Shannon, 36, who lives in Lawton.

Lankford is on record pushing for an audit of the Federal Reserve to improve transparency. He does not approve of President Barack Obama’s appointment of Janet Yellen as Federal Reserve chairwoman, he said.

“I would pick someone different like Esther George,” said Lankford, 46, of Edmond.

George is president and chief executive officer of the Federal Reserve Bank of Kansas City. She is trying to turn off the money supply being produced by the feds, he said.

“She lines up with conservative principles on how the money supply should be done,” Lankford said.

Additionally Lankford said Congress should remove the Federal Reserve’s mandate to increase employment, he said.

“That should not be the responsibility of our monetary system, to be able to tinker with our money going up and down to quote-unquote create jobs,” Lankford said.

Companies create jobs. Employment is not created by a select group of Federal Reserve officials, Lankford added.

Other Republican U.S. Senate candidates for the unexpired term include Jason Weger, 31, of Norman; Kevin Crow, 46, of Chickasha; Eric McCray, 33, of Tulsa; and Andy Craig, 41, of Broken Arrow.

The three Democrats contenders for U.S. Senate include state Sen. Connie Johnson, 61, of Oklahoma City; Patrick Hayes, 39, of Anadarko; and Jim Rogers, 79, of Midwest City.

One Independent candidate, Mark Beard, 54, of Oklahoma City is also running for the Senate seat. He will automatically head to the Nov. 4 general election ballot.

Voters will nominate their party’s candidates on June 24 for the statewide primary election. A runoff primary election is set for Aug. 26. The general election is scheduled for Nov. 4. | 341-2121