Federal Reserve Transparency
One of my first actions in the U.S. Senate was to introduce legislation allowing for a full audit of the Federal Reserve. This legislation, S. 202 The Federal Reserve Transparency Act of 2011, is a Senate version of similar legislation long-championed by and introduced this session in the House of Representatives by my father, Congressman Ron Paul of Texas.
The Federal Reserve Transparency Act of 2011, will eliminate the current audit restrictions placed on the Government Accountability Office (GAO) and mandate a complete audit of the Federal Reserve to be completed by a firm deadline, finally delivering answers to the American people about how their money is being spent by Washington.
We must take a critical look at the Fed's monetary policy decisions, discount window operations, and a host of other things, with a real audit - and not just pay lip-service to the idea of an audit. At a time when we're seeing great volatility in small Euro-zone economies like Greece, Portugal, and Ireland, it is more crucial than ever that we have real transparency at our own central bank.