U.S. Sens. Todd Young (R-IN) and Rand Paul (R-KY) introduced a bill that would effectively audit the Federal Reserve banking system.
The Federal Reserve Transparency Act would require a full audit of the Federal Reserve’s operations and increase congressional oversight of its decision-making.
“I support this effort to provide more transparency to the American people and more insight into how the Federal Reserve operates. This bill is a common-sense step towards good government,” Young said.
Specifically, 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 the law being enacted. Further, the GAO would be required to report its findings to Congress within 90 days of completing the audit.
“No institution holds more power over the future of the American economy and the value of our savings than the Federal Reserve,” Paul said. “It’s long past time for Congress to stop shirking its duty and hold the Federal Reserve accountable.”
In addition to Sens. Young and Paul, the bill is sponsored by U.S. Sens. Marsha Blackburn (R-TN), Jim Risch (R-ID), Ted Cruz (R-TX), Rick Scott (R-FL), and John Barrasso (R-WY).