On Tuesday, Senator Rand Paul (R-Ky.) offered the Federal Reserve Transparency Act of 2013, also known as "Audit the Fed.” The bill would eliminate restrictions on Government Accountability Office (GAO) audits of the Federal Reserve. Additionally, the bill would give Congress oversight of the Fed's credit facilities, securities purchases, and quantitative easing activities.
"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," Paul said in a statement. "Audit the Fed has significant bipartisan support in Congress and across the country and the time to act on this is now."
There may be hope that the people’s representatives may actually finally wrest the reins of federal fiscal policy away from the unelected, unaccountable governors of the Federal Reserve.
As of the time of writing, Senator Paul's bill, S. 209, has 18 cosponsors in the Senate, including one Democrat, Mark Begich of Alaska.
Earlier this year, a companion measure was offered in the House of Representatives by Representative Paul Broun (R-Ga.) and currently has 117 cosponsors.
When it comes to dragging the policies and procedures of the Federal Reserve into the sunshine of congressional oversight, Rand Paul comes by it honestly, via fatherly influence.
As recounted on RonPaul.com:
For the past 30 years, Congressman Ron Paul has worked tirelessly to bring much-needed transparency and accountability to the secretive bank. And in 2009 and 2010 his unfaltering dedication showed astonishing results: HR 1207, the bill to audit the Federal Reserve, swept the country and made the central bankers shudder at their desks. The bill passed as an amendment both in the House Financial Services Committee and in the House itself.
Then, in 2012, his final year in the House, Congressman Ron Paul reintroduced the Audit the Fed bill (H.R. 459), which passed the House 327-98.
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