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Published On: Fri, Feb 6th, 2015

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

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 HillFisher 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.”

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About the Author

- Writer, Co-Founder and Executive Editor of The Global Dispatch. Robert has been covering news in the areas of health, world news and politics for a variety of online news sources. He is also the Editor-in-Chief of the website, Outbreak News Today and hosts the podcast, Outbreak News Interviews on iTunes, Stitcher and Spotify Robert is politically Independent and a born again Christian Follow @bactiman63

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