U.S. Senator Marsha Blackburn (R-Tenn.) has joined Senator Rand Paul (R-Ky.) and other Senate colleagues in introducing the Federal Reserve Transparency Act, also known as “Audit the Fed.” The proposed legislation aims to require a comprehensive audit of the Federal Reserve’s operations and seeks to increase congressional oversight over its decision-making.
“It is Congress’ duty to hold the Fed accountable,” said Senator Blackburn. “For too long, the Federal Reserve has operated behind closed doors while making decisions that impact the American economy. Throughout my service in Congress, I have worked to audit the Fed, and this legislation is necessary to shine a light on the Fed’s operations and provide transparency to Congress and American taxpayers.”
Senator Paul added, “No institution holds more power over the future of the American economy and the value of our savings than the Federal Reserve. It’s long past time for Congress to stop shirking its duty and hold the Federal Reserve accountable.”
The Federal Reserve Transparency Act would mandate that the Government Accountability Office (GAO) conduct a full audit of both the Board of Governors and all Federal Reserve Banks within one year after enactment. The GAO would then be required to report its findings to Congress within 90 days following completion of the audit.
Other co-sponsors of this legislation include Senators Todd Young (R-Ind.), Jim Risch (R-Idaho), Ted Cruz (R-Texas), Rick Scott (R-Fla.), and John Barrasso (R-Wyo.). The bill text is available here.
