Senator Rand Paul introduces ‘Audit the Fed’ bill
Following in the footsteps of his father, retired Congressman Ron Paul, Kentucky Senator Rand Paul has introduced the bipartisan Federal Reserve Transparency Act of 2013, (S.209) aka the “Audit the Fed” bill.
The younger Paul’s bill calls to eliminate restrictions on Government Accountability Office (GAO) audits of the Federal Reserve and mandating the Fed’s credit facilities, securities purchases, and quantitative easing activities would be subject to Congressional oversight.
“The Fed’s operations under a cloak of secrecy have gone on too long and the American people have a right to know what the Federal Reserve is doing with our nation’s money supply,” Sen. Paul said. “Audit the Fed has significant bipartisan support in Congress and across the country and the time to act on this is now.”
Ron Paul’s legislation, H.R. 459, passed the House in the 112th Congress by a margin of 327-98.
Senator Paul’s version of “Audit the Fed” currently has 19 bipartisan co-sponsors in the Senate.
Earlier this year, Georgia Republican Rep. Paul Broun reintroduced “Audit the Fed” legislation, which currently has at least 100 co-sponsors.
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