Submitted by Office of Sen. Todd Young
Young
U.S. Senators Todd Young (R-Ind.) and Rand Paul (R-Ky.) have reintroduced the Federal Reserve Transparency Act, or the “Audit the Fed” bill, to 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,” Sen. Young said. “This bill is a common-sense step towards good government.”
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.
“No institution holds more power over the future of the American economy and the value of our savings than the Federal Reserve,” Sen. Paul said. “It’s long past time for Congress to stop shirking its duty and hold the Federal Reserve accountable.”
In addition to Senators Young and Paul, U.S. Senators Marsha Blackburn (R-Tenn.), Jim Risch (R-Idaho), Ted Cruz (R-Texas), Rick Scott (R-Fla.), and John Barrasso (R-Wyo.) also introduced the legislation.
Click here to read the full text of the bill.