Rand Paul To Introduce “Audit The Fed” Amendment To Banking Bill
On Monday, Senator Rand Paul(R-KY) announced he will introduce his “audit the fed” bill as an amendment to the Economic Growth, Regulatory Relief, and Consumer Protection Act. The Senate Banking bill will be voted on this week but, Rand Paul wishes to add an amendment to the Banking Bill that he calls “audit the fed” which plans to authorize the first real audit of the Federal Reserve system. This would come as an amendment to Financial reform legislation.
Senator Rand Paul is a well known small government advocate and has been a supporter of auditing the Federal Reserve system since his election. In 2016, Senator Paul introduced the Federal Reserve Transparency Act that gained a great deal of support from Republicans and some Democrats/independents including Bernie Sanders (I-VT). Unfortunately, the bill fell short of the 60 votes needed to pass after Democratic leaders of the Senate shut it down.
Senator Paul said, “While we have made great strides in reviving our economy through curbing overzealous regulation and cutting taxes, lasting prosperity will escape us if we do not hold the enabler of big government and our astronomical national debt accountable. It’s time for the Senate to side with the American people by removing the shackles on congressional oversight and lifting the Fed’s veil of secrecy. It’s time for us to pass Audit the Fed.”
This new “audit the fed” bill would make some serious changes to transparency within the Federal Reserve. The legislation would amend Section 114B of Title 31 of the U.S. Code to allow the GAO to fully audit transactions with foreign banks, governments of foreign countries, and nonprivate international Financing. They may also audit any decisions or actions on monetary policy, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations. This audit also includes transactions made under the direction of the Federal Open Market Committee(FOMC).
Any government entity that lacks transparency holds the potential to become corrupt so, we need transparency within the Federal Reserve as a check on their ability to inflate and do other nefarious things. Our Government is based on a system of checks and balances and having a government agency with little to no checks is arguably unconstitutional. Especially when we are talking about an agency that controls something as important as the money supply, we must know what they are doing in order to keep a check on them.
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