Bowling Green Today

The Senate is set to vote on U.S. Senator Rand Paul's "Audit the Fed" legislation, which aims to bring transparency and accountability to the Federal Reserve. The legislation, also known as the Federal Reserve Transparency Act, seeks to prevent the Federal Reserve from concealing vital information on its operations from Congress.

Currently, the Federal Reserve operates in secrecy, claiming the need for independence from political influence. However, this lack of transparency has raised concerns about accountability. As Dr. Rand Paul stated, "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 need for transparency and oversight of the Federal Reserve became apparent during the financial crisis when it was revealed that the Fed had lent over $16 trillion to domestic and foreign banks. This substantial amount of lending, which could potentially lead to high levels of inflation, should not be kept hidden from the public.

Dr. Ron Paul, Chairman of the Ron Paul Institute, also expressed his support for the Federal Reserve Transparency Act, stating, "Whenever the U.S. government demands secrecy, our reaction should be, 'what are they hiding?' For too long, the Federal Reserve has operated in the shadows. We cannot live in liberty without government transparency."

Jeffrey Tucker, President of the Brownstone Institute, emphasized the importance of transparency, stating, "The central bank in a free society should be transparent to the people. Dr. Paul's Federal Reserve Transparency Act begins this, and it is the least we can demand."

The Senate vote on Dr. Paul's "Federal Reserve Transparency Act" comes at a crucial time, as government accountability and transparency are essential for a well-functioning democracy. As George Landrith, President of Frontiers of Freedom Institute, pointed out, "Government works best when it is accountable, its operations transparent, and checks and balances are in place."

Adam Brandon, President of FreedomWorks, highlighted the need for oversight of the Federal Reserve, stating, "After printing trillions of dollars, the groupthink at the Fed led them to spread absurd claims that inflation would be 'transitory.' Sen. Paul's amendment will provide much-needed oversight for this unaccountable entity."

The Audit the Fed amendment proposed by Dr. Paul would require the Government Accountability Office (GAO) to conduct a comprehensive audit of the Federal Reserve's Board of Governors and reserve banks within one year of enactment. This audit would cover transactions with foreign central banks, monetary policy decisions, and discussions among Federal Reserve officers, board members, and employees.

Americans deserve to be informed about the practices of the Federal Reserve, as its decisions can have a significant impact on our currency and economic growth. It is time for the Federal Reserve to operate in a transparent and accountable manner. The Audit the Fed legislation is a crucial step towards achieving this goal.

Since his election to the Senate in 2010, Dr. Rand Paul has been a leading advocate for transparency and accountability, particularly with regards to the Federal Reserve. He has introduced his legislation to Audit the Fed multiple times, receiving bipartisan support in the Senate. In 2016, a majority of the Senate voted in favor of holding the Fed accountable.

As the Senate prepares to vote on Dr. Rand Paul's "Audit the Fed" legislation, the American people eagerly await a more transparent and accountable Federal Reserve.

To learn more, click on this link: https://www.paul.senate.gov/senate-to-vote-on-dr-rand-pauls-audit-the-fed/