U.S. Senator Marsha Blackburn (R-Tenn.) joined Senator Rand Paul (R-Ky.) and several of their Senate colleagues in introducing the Federal Reserve Transparency Act, famously known as “Audit the Fed” legislation, to require a full audit of the Federal Reserve’s operations and increase congressional oversight of its decision-making:

“It is Congress’ duty to hold the Fed accountable,” said Senator Blackburn. “For too long, the Federal Reserve has operated behind closed doors while making decisions that impact the American economy. Throughout my service in Congress, I have worked to audit the Fed, and this legislation is necessary to shine a light on the Fed’s operations and provide transparency to Congress and American taxpayers.”

“No institution holds more power over the future of the American economy and the value of our savings than the Federal Reserve,” said Senator Paul. “It’s long past time for Congress to stop shirking its duty and hold the Federal Reserve accountable.”

BACKGROUND

The Federal Reserve Transparency Act would require the independent Government Accountability Office (GAO) to conduct a complete audit of the Board of Governors and the Federal Reserve Banks within one year of enactment and to report its findings to Congress within 90 days of completing the audit.

The legislation was also co-sponsored by Senators Todd Young (R-Ind.), Jim Risch (R-Idaho), Ted Cruz (R-Texas), Rick Scott (R- Fla.), and John Barrasso (R-Wyo.).

Click here for bill text.