“An organization entrusted with daily decisions that affect the value of Americans’ paychecks and the value of their retirement savings, an organization whose mission has morphed into facilitating the bail out of foreign banks, folks, this is an organization that requires a full audit and full oversight from the elected body that created it.” - U.S. Rep. Thomas Massie (R-Ky.)
During a hearing before the House Oversight Committee Thursday, lawmakers discussed H.R. 24, the "Federal Reserve Transparency Act." The bill is another attempt to get a full audit of the Federal Reserve and its banks.
U.S. Rep. Thomas Massie (R-Ky.), a top co-sponsor of the bill, argues that the American people demand transparency and a "programatic audit needs to be completed in order for Congress to understand what the Fed does and why the Fed does it."
Audit the Fed has been brought before multiple sessions of Congress, and has even passed the U.S. House of Representatives twice.
First brought to the House floor by former U.S. Rep Ron Paul (R-Texas), audit the Fed passed the House in the 112th Congress with a veto-proof majority. Massie notes that it also passed in the following session with an even larger majority, 333-92.
In order for a bill to pass with such large majorities, it needs huge bipartisan support from House members in the Republican and Democratic parties. However, each time an audit the Fed bill passed the House it would stall in the Senate, even though it continues to have broad support in the upper chamber as well -- from independent Sen. Bernie Sanders to Republican Sen. Rand Paul.
Now, Audit the Fed even has support from the president.
The Federal Reserve Transparency Act would require the Government Accountability Office (GAO for short) to conduct a complete audit of the Federal Reserve and its banks within 12 months of the bill's passage. The bill has 93 co-sponsors, 90 Republicans and 3 Democrats.
Learn more and read the full text of H.R. 24 here.