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Introduce Audit the Fed Bill

WASHINGTON – U.S. Senators Jim Risch (R-Idaho) and Rand Paul (R-Ky.) introduced the Federal Reserve Transparency Act, “Audit the Fed” bill, to prevent the Federal Reserve (the Fed) from concealing vital information on its operations from Congress.

“Idahoans need to know what the Federal Reserve is doing to our nation’s economy. It is well past time Congress hold the Fed accountable and give hardworking taxpayers a closer look at the Washington establishment’s spending problem,” said Risch.

“No institution holds more power over the future of the American economy and the value of our savings than the Federal Reserve,” said Paul. “It’s long past time for Congress to stop shirking its duty and hold the Federal Reserve accountable.”

Senators Todd Young (R-Ind.), Mike Lee (R-Utah), Ted Cruz (R-Texas), Mike Braun (R-Ind.), Chuck Grassley (R-Iowa), Roger Marshall (R-Kan.), John Barrasso (R-Wyo), and Marsha Blackburn (R-Ten.) joined Risch and Paul in introducing the bill. 

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 enactment and to report back to Congress within 90 days of completing the audit.

Audit the Fed would repeal current statutory restrictions that prevent a full audit of the Federal Reserve Board and Federal Reserve Banks. If enacted into law, the bill would empower 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;
  • Discussions or communications among or between members of the Federal Reserve Board and officers and employees of the Federal Reserve System related to the actions listed above. 

Americans deserve to be made aware of the practices of the Federal Reserve, whose decisions can result in high levels of inflation and slow economic growth. It is time the Federal Reserve operates in a manner that is transparent and accountable to the taxpayers.

The Audit the Fed bill is supported by: Ron Paul Institute, FreedomWorks, National Taxpayers Union, Taxpayers Protection Alliance, Frontiers of Freedom Institute, Brownstone Institute, Heritage Foundation, Campaign for Liberty, and Americans for Limited Government.

Full text of the Federal Reserve Transparency Act can be found HERE.

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