North Indy News

U.S. Senators Todd Young and Rand Paul have reintroduced the Federal Reserve Transparency Act, commonly known as the "Audit the Fed" bill. This legislation aims to mandate a comprehensive audit of the Federal Reserve's operations and enhance congressional oversight over its decision-making processes.

Senator Young expressed his support for the initiative, stating, "I support this effort to provide more transparency to the American people and more insight into how the Federal Reserve operates. This bill is a common-sense step towards good government."

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

The proposed act would require an independent audit by the Government Accountability Office (GAO) of both the Board of Governors and all Federal Reserve Banks within one year after enactment. The GAO would then report its findings to Congress within 90 days following completion of their audit.

In addition to Senators Young and Paul, several other senators have introduced this legislation: Marsha Blackburn from Tennessee, Jim Risch from Idaho, Ted Cruz from Texas, Rick Scott from Florida, and John Barrasso from Wyoming.