Kentucky senator Rand Paul has been attempting to push an audit of the Federal Reserve for some time. In a piece written in January of last year for TIME, Paul called the Reserve's meddling in the free market an "unchecked," and "arguably unconstitutional" venture.
His 2016 Federal Reserve Transparency Act received bipartisan support, having been overwhelmingly supported by Republicans, and Vermont Senator Bernie Sanders. However, senate Democrats ultimately shot down the bill.
But now with more Republicans on his side — and reportedly support of President-elect Donald Trump — Paul has reintroduced the Federal Reserve Transparency Act for another attempt at auditing the Fed.
— Senator Rand Paul (@RandPaul) January 4, 2017
“No institution holds more power over the future of the American economy and the value of our savings than the Federal Reserve,” said Sen. Paul, “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.”
“The American public deserves more insight into the practices of the Federal Reserve,” said Rep. Massie. “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. 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.”
Upon the bill's passage, the Government Accountability Office would have one year to audit the Federal Reserve’s Board of Governors and reserve banks, then have 90 days to report its findings to Congress.