Thursday, January 5, 2017

Audit the Fed Re-Introduced, With Best Prospects Ever

Facing its best chance of passage ever under the new GOP-controlled Congress and the incoming Trump administration, wildly popular legislation to open up the Federal Reserve's books, known as “Audit the Fed,” was just re-introduced in the 115th Congress. The bill, sponsored by hundreds of lawmakers in the House and the Senate, would force the obsessively secretive and increasingly controversial central bank to submit to a full government audit. But the Fed and its apologists do not plan to allow a real audit without a tough fight.
The legislation, first introduced many years ago by constitutional champion and former congressman Ron Paul (R-Texas), aims to stop the Federal Reserve from concealing vital information about its operations from Congress, lawmakers said. If and when the “Federal Reserve Transparency Act” becomes law, the four-page bill would require a full audit of the Fed's Board of Governors and the privately owned regional Fed banks by the Comptroller General of the United States. In the Senate, the bill is known as S. 16, while in the House it goes by H.R. 24.
“No institution holds more power over the future of the American economy and the value of our savings than the Federal Reserve, yet Fed Chair Yellen refuses to be fully accountable to the people’s representatives,” declared liberty-oriented Senator Rand Paul (R-Ky.; shown on left), the lead sponsor in the U.S. Senate and the son of Fed foe Ron Paul. “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.” 

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