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Audit the Fed In Better Position To Clear Congress in 2015

by Jane Susskind, published

Amidst a nationwide outbreak of measles, Kentucky U.S. Senator Rand Paul (R) made headlines this week for his controversial defense of a parent's right to choose whether or not to vaccinate their child.

What’s gone relatively unnoticed by the mainstream media, however, is his most recent effort to audit the Federal Reserve. Introduced last week, the Federal Reserve Transparency Act of 2015 would allow the Government Accountability Office to audit the Board of Governors of the Federal Reserve System and Federal Reserve banks.

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," the potential 2016 presidential candidate said in a statement. - U.S. Senator Rand Paul (R-Ky.)

Additionally, it would allow for the review of the Federal Reserve's monetary policy discussions that have been legally exempt from a GAO audit since 1978.

If passed, this bill will come as welcoming news to Americans, who overwhelmingly favor auditing the Fed and making the results available to the public. 

As reported by The Hill, the bill already has 29 co-sponsors, including two other potential presidential contenders, U.S. Sens. Ted Cruz (R-Texas) and Marco Rubio (R-Fla.). Senator Mazie Hirono of Hawaii is the lone Democratic supporter. She touted the need for greater transparency in a statement, arguing that it "will increase the American public’s confidence in the Fed rather than diminishing it."

Similar bills previously passed the House but stalled in the Senate. As reported previously on IVN, former Senate Majority Leader Harry Reid was the "one and only obstacle preventing an audit the Fed bill from passing Congress.” 

With the Republicans controlling both the House and the Senate, it looks likely that the audit the Fed movement may make its way to President Obama’s desk in 2015. 

Photo Credit: Elena Scotti/The Daily Beast

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