FOR IMMEDIATE RELEASE:
March 3, 2021
Contact: Press@paul.senate.gov, 202-224-4343
WASHINGTON, D.C. – Today, U.S. Senator Rand Paul (R-KY) reintroduced the Federal Reserve Transparency Act or the “Audit the Fed” bill, to prevent the Federal Reserve from concealing vital information on its operations from Congress. The bill currently has 6 cosponsors.
“Audit the Fed is a widely supported grassroots movement that aims to shake up the Washington establishment’s spending addiction,” said Dr. Paul. “It is by far time Congress passes this legislation to hold the Federal Reserve accountable to the people’s representatives.”
This legislation would require the nonpartisan, independent Government Accountability Office (GAO) to conduct a thorough audit of the Federal Reserve’s Board of Governors and reserve banks within one year of the bill’s passage and to report back to Congress within 90 days of completing the audit.
Audit the Fed would amend section 714b of Title 31 of the U.S. Code to allow the GAO to fully audit:
- Transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization;
- Deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations;
- Transactions made under the direction of the Federal Open Market Committee; or a part of a discussion or communication among or between members of the Board and officers and employees of the Federal Reserve System related to clauses (1)-(3) of this subsection.
Representative Thomas Massie (R-KY-4) has reintroduced companion legislation, H.R. 24, in the U.S. House.
You can read the Federal Reserve Transparency Act HERE.