WASHINGTON, D.C. – U.S. Senator Rand Paul (R-KY) has reintroduced the “Federal Reserve Transparency Act,” commonly known as the “Audit the Fed” bill, to promote transparency in the operations of the Federal Reserve. This legislation, if passed, would enable Congress to have full access to the Federal Reserve’s activities, which significantly impact the American economy and individual savings.
Dr. Paul emphasized the critical need for Congress to exercise its responsibility and hold the Federal Reserve accountable, stating, “No institution holds more power over the future of the American economy and the value of our savings than the Federal Reserve.”
The bill has garnered support from various organizations and their leaders, who advocate for greater transparency and oversight of the Federal Reserve. Dr. Ron Paul, Chairman of the Ron Paul Institute, highlighted the need for government transparency, stating, “We cannot live in liberty without government transparency.”
Today I reintroduced #AuditTheFed! No institution holds more power over the future of the American economy and the value of our savings than the Federal Reserve. It’s long past time for Congress to stop shirking its duty and hold the Fed accountable. https://t.co/IqcRhmDLbz
— Senator Rand Paul (@SenRandPaul) January 10, 2024
David Williams, President of the Taxpayers Protection Alliance, expressed support for the legislation, noting its potential to enhance transparency and congressional oversight of the Fed’s significant economic role. Jeffrey Tucker of the Brownstone Institute and Adam Brandon of FreedomWorks echoed similar sentiments, emphasizing the need for oversight of the Federal Reserve’s decisions and their impacts on the economy and the American people.
Stephen Moore of the Heritage Foundation pointed out the Federal Reserve’s “trillion-dollar decisions” and the importance of congressional spending and taxing powers in maintaining democratic accountability. George Landrith, President of Frontiers of Freedom Institute, supported the bill’s emphasis on accountability, transparency, and checks and balances.
Proud to cosponsor Rand Paul’s bill to audit the Fed. Americans deserve to know who is messing with their money. https://t.co/DgNWo5Rcza
— Mike Lee (@SenMikeLee) January 10, 2024
The legislation proposes that the nonpartisan, independent Government Accountability Office (GAO) conduct a comprehensive audit of the Federal Reserve’s Board of Governors and reserve banks within one year of the bill’s enactment. The GAO would then report its findings to Congress within 90 days.
Currently, the bill is co-sponsored by Senators Todd Young (R-IN), Mike Lee (R-UT), Ted Cruz (R-TX), Mike Braun (R-IN), Jim Risch (R-ID), Chuck Grassley (R-IA), Roger Marshall (R-KS), John Barrasso (R-WY), Marsha Blackburn (R-TN), and Rick Scott (R-FL).
The “Audit the Fed” bill seeks to repeal existing statutory restrictions that limit comprehensive audits of the Federal Reserve, thereby allowing the GAO to fully investigate various aspects of the Federal Reserve’s operations, including foreign transactions, monetary policy decisions, and communications related to these actions. This initiative aims to ensure that the Federal Reserve operates transparently and is accountable to taxpayers.