Dallas Fed chief responds to Rand Paul’s ‘Audit the Fed’ bill
Late last month, Kentucky Republican Senator Rand Paul reintroduced the bipartisan Federal Reserve Transparency Act of 2015.
Rand Paul on Senate floor/Video Screen Shot
Known widely as “Audit the Fed,” the bill calls to eliminate restrictions on Government Accountability Office (GAO) audits of the Federal Reserve and mandate that the Federal Reserve’s credit facilities, securities purchases, and quantitative easing activities would be subject to Congressional oversight.
Paul is picking up after his father, former Texas Congressman Ron Paul who has been calling for an audit of the Federal Reserve for years.
“A complete and thorough audit of the Fed will finally allow the American people to know exactly how their money is being spent by Washington. The Fed’s currently operates under a cloak of secrecy and it has gone on for too long. The American people have a right to know what the Federal Reserve is doing with our nation’s money supply. The time to act is now,” Sen. Paul said.
The legislation has some 30 co-sponsors.
The reintroduction of the bill drew criticism from the head of the Dallas Fed, Richard Fisher. In an interview with The Hill, Fisher said, “Who in their right mind would ask the Congress of the United States — who can’t cobble together a fiscal policy — to assume control of monetary policy?”
To this Sen Paul responded, “[The Fed] will say and do anything to keep their business hidden from the American people.”
