Sen. Rand Paul (R., Ky.) introduced U.S. Senate legislation Wednesday to audit the Federal Reserve while his father, long-time Fed critic Rep. Ron Paul (R., Texas), re-introduced similar legislation in the U.S. House.
“We must take a critical look at the Fed’s monetary policy decisions, discount window operations, and a host of other things, with a real audit–and not just pay lip-service to the idea of an audit,” Sen. Paul said in a statement. “It is more crucial than ever that we have real transparency at our own central bank.”
Sen. Paul said the bill would eliminate the current audit restrictions placed on the Government Accountability Office and mandate a complete audit of the Federal Reserve by a deadline. Sen. Paul joined the Senate as a freshman lawmaker in January. His father, Rep. Paul, has been in the House since 1997 and previously was a member of Congress in the 1970s and 1980s.
Rep. Paul introduced legislation calling for the same audit of the Fed on the House side, which is similar to legislation that he has pushed for as a House lawmaker. As part of the financial regulatory overhaul, Rep. Paul wanted to give congress the power to audit the fed’s interest rate decisions. But the measure never made it in the final version of the bill.
“I was very pleased that so many of my colleagues were willing to stand up for transparency and accountability in government,” Rep. Paul said. “I am optimistic about our prospects for a full and complete audit in the 112th Congress.”
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