Sen. Rand Paul reintroduces legislation to require audit of Federal Reserve, increase Congressional oversight

Kentucky U.S. Senator Rand Paul, R-Bowling Green, has reintroduced the Federal Reserve Transparency Act, also known as "Audit the Fed" legislation, to require a full audit of the Federal Reserve's operations and increase Congressional oversight of its decision-making.

In conjunction with the bill's reintroduction, Senator Paul also released the latest edition of his Waste Report, which exposed the Federal Reserve's $600 million cost overrun on renovations to its Washington, D.C. headquarters—now projected to cost taxpayers $2.5 billion in total. The report underscores the lack of transparency and accountability at the Federal Reserve, which remains exempt from a full audit by Congress or the Government Accountability Office.

"No institution holds more power over the future of the American economy and the value of our savings than the Federal Reserve," said Dr. Paul. "It's long past time for Congress to stop shirking its duty and hold the Federal Reserve accountable."

Several other Senators have announced their support of the measure.

"It is Congress' duty to hold the Fed accountable," said Sen. Marsha Blackburn, R-Tenn. "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."

"Idahoans deserve to know what the Federal Reserve is doing to our nation's economy," said Sen. Jim Risch, R-Idaho. "Congress must hold the Fed accountable and pull back the curtain on the actions of this unelected Washington establishment."

"I support this effort to provide more transparency to the American people and more insight into how the Federal Reserve operates," said Sen. Todd Young, R-Ind. "This bill is a common-sense step towards good government."

The legislation is also cosponsored by Senators Ted Cruz, R-Texas; Rick Scott, R-Fla.; and John Barrasso, R-Wyo.

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.

The full text of the bill is available at www.paul.senate.gov.

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