It's Time to Audit the Fed

January 8, 2015

The transparency of the United States Government is fundamental to our Republic. Unfortunately, the institution that has the greatest influence on our economy, the Federal Reserve (Fed), operates behind closed doors and is inaccessible, even to members of Congress.

For instance, the Government Accountability Office (GAO), responsible for investigations on behalf of Congress, is prohibited from conducting a full audit of the Fed. While Congress does receive an annual audit of the Fed’s financial statements, the GAO is prohibited from investigating the Fed’s agreements with foreign governments and other central banks, discount window and open market operations; and Federal Open Market Committee directives.

That is why I am a cosponsor of Audit the Fed, which will allow the GAO to conduct a complete audit of the Fed and provide Congress the information needed to establish oversight of this powerful entity.

I urge my colleagues to join Rep. Thomas Massie (KY-4) and my fellow cosponsors in pushing for H.R. 24, the Federal Reserve Transparency Act of 2015. With the purchasing power of our nation’s currency at risk, the Fed can no longer be permitted to operate in the shadows.