BOISE, Idaho – U.S. Senators Jim Risch (R-Idaho) and Rand Paul (R-Ky.) introduced the Federal Reserve Transparency Act, also known as “Audit the Fed” legislation, to require a full audit of the Federal Reserve’s operations and increase congressional oversight of its decision-making.

“Idahoans deserve to know what the Federal Reserve is doing to our nation’s economy,” said Risch. “Congress must hold the Fed accountable and pull back the curtain on the actions of this unelected Washington establishment.”

“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.”

The Federal Reserve Transparency Act would require the independent Government Accountability Office (GAO) to conduct a complete audit of the Board of Governors and the Federal Reserve Banks within one year of enactment and to report its findings to Congress within 90 days of completing the audit.

Risch and Paul are joined by U.S. Senators John Barrasso (R-Wyo.), Marsha Blackburn (R-Tenn.) Ted Cruz (R-Texas), Rick Scott (R-Fla.), and Todd Young (R-Ind.) in introducing the Federal Reserve Transparency Act.