Rand Paul reintroduced his “Federal Reserve Transparency Act” to the Senate on Wednesday.
Affectionately known as “Audit the Fed,” the bill would “prevent the Federal Reserve from concealing vital information on its operations from Congress.”
Rand Paul (Getty Images)
“No institution holds more power over the future of the American economy and the value of our savings than the Federal Reserve,” Paul added in a statement accompanying the bill’s reintroduction, “yet Fed Chair Yellen refuses to be fully accountable to the people’s representatives.”
“The U.S. House has responded to the American people by passing Audit the Fed multiple times, and President-elect Trump has stated his support for an audit. Let’s send him the bill this Congress.”
Republican Kentucky Rep. Thomas Massie, who introduced “companion legislation” to the House on Wednesday, stated, “The American public deserves more insight into the practices of the Federal Reserve.”
Thomas Massie and Rand Paul (Getty Images)
“Behind closed doors, the Fed crafts monetary policy that will continue to devalue our currency, slow economic growth, and make life harder for the poor and middle class,” he continued. “It is time to force the Federal Reserve to operate by the same standards of transparency and accountability to the taxpayers that we should demand of all government agencies.”
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