Congressman Rand Paul reintroduced the Federal Reserve Transparency Act, also known as the “Audit the Fed” Bill, as a standalone piece of regulation into the U.S. Senate. The bill seeks to take the lid off what Paul considers to be the “entirely unknown inner workings” of the U.S. Federal Reserve and its operations.
Senator Rand Paul Announces Reintroduction of Federal Reserve Transparency Act
U.S. Senator Rand Paul from Kentucky announced he was reintroducing the Federal Reserve Transparency Act, also known as the “Audit the Fed” bill, into the U.S. Senate. The regulation aims to bring transparency and oversight to the inner workings of the U.S. Federal Reserve, which Paul criticizes as obscure and almost entirely unknown.
In its current form, the bill would repeal the current statutory protections preventing the organization of a full audit of the Board of the Fed and its banks, ordering the U.S. Government Accountability Office (GAO) to scrutinize the Fed’s actions, transactions, and decisions and report to Congress about the findings.
Paul states that the actions of the Federal Reserve have affected countless lives, as the institution rallied to print billions of dollars during the COVID pandemic, providing money to industry favorites under the guise of “stimulus” packages.
Paul explains that the current inflationary problems, which he attributes to the Fed’s actions, have affected the capabilities of Americans to buy food, turning “basic needs into unattainable luxuries.” He stressed:
The Fed’s persistent cycle of money printing and lending without any form of meaningful oversight may be the cause of many of our economic hardships, such as the struggle of many Americans to afford food.
The act, reintroduced on January 11, has the support of Senators Todd Young, Mike Lee, Ted Cruz, Mike Braun, Chuck Grassley, Roger Marshall, John Barrasso, and Marsha Blackburn and is co-sponsored by Senator Jim Risch.
Paul’s bill is the last attempt in a long line of efforts to try to bring transparency and accountability to the Federal Reserve, with his father, Ron Paul, also being one of the biggest supporters of this kind of action.
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