Today, Congress is scheduled to vote on the Federal Reserve Transparency Act, commonly referred to as the “Audit the Fed” legislation (H.R. 24/S. 264), introduced by Senator Rand Paul of Kentucky.
In a December 2015 press release announcing today’s vote on the Audit the Fed legislation, Sen. Paul expressed his concern that the Federal Reserve is “operating under a cloak of secrecy” and “the American people have a right to know exactly how Washington is spending their money.” Sen. Paul hopes the legislation would end the Fed’s unchecked authority and control over U.S. financial markets and the economy.
The bill introduced by Sen. Paul would direct the Government Accountability Office (GAO) to commence and complete an audit of the Fed’s Board of Governor’s and of the Federal Reserve Banks within 12 months of enactment. The bill provides that the findings of the audit are to be reported to Congress within 90 days of completion, and also provides for a repeal of existing limitations on such an audit.
Sen. Paul’s bill currently has 34 co-sponsors in the Senate and 185 in the House. Today’s vote will be a positive first step in ensuring government accountability in one of the country’s most important sectors.
Americans for Tax Reform urges lawmakers in the House and Senate to support Sen. Paul’s “Audit the Fed” legislation in order to preserve the government’s financial accountability to the American people, and ensure the integrity and transparency of the Federal Reserve.
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