WASHINGTON, D.C. – U.S. Senator Rand Paul today reintroduced the Federal Reserve Transparency Act of 2015, widely known as “Audit the Fed,” taking steps to place it directly on the Senate Legislative Calendar. The bill eliminates restrictions on Government Accountability Office audits of the Federal Reserve and mandates that the Federal Reserve’s credit facilities, securities purchases, and quantitative easing activities be subject to congressional oversight. Sen. Paul originally introduced the legislation for the 114th Congress in January 2015.
Rule XIV allows Audit the Fed to be placed directly on the Senate Legislative Calendar so that the legislation can be called up for immediate consideration.
“Today, I reintroduced my legislation to conduct a complete and thorough audit of the Federal Reserve and am seeking a vote soon. The Fed operating under a cloak of secrecy has gone on for far too long. The American people have a right to know exactly how Washington is spending their money. The time to act is now,” Sen. Paul said.
Cosponsors of the Federal Reserve Transparency Act of 2015 include: U.S. Senators Mitch McConnell (R-KY), Kelly Ayotte (R-NH), John Barrasso (R-WY), Roy Blunt (R-MO), John Boozman (R-AR), Shelley Capito (R-WV), John Cornyn (R-TX), Mike Crapo (R-ID), Ted Cruz (R-TX), Steve Daines (R-MT), Cory Gardner (R-CO), Chuck Grassley (R-IA), Dean Heller (R-NV), Johnny Isakson (R-GA), Mike Lee (R-UT), Rob Portman (R-OH), James Risch (R-ID), Marco Rubio (R-FL), Tim Scott (R-SC), Pat Toomey (R-PA), and David Vitter (R-LA).
Click HERE to read the Federal Reserve Transparency Act of 2015 in its entirety.