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Congressman Thomas Massie has put forth a bill to conduct a congressional audit of the Federal Reserve’s monetary policy. On Tuesday, it was approved by the House Committee on Oversight and Government Reform after less than half an hour of debate, reports Rare.
Rare contributor Julie Borowski, who is also a contributor to the Libertarian Republic, explained that the bill would provide needed transparency to an institution that’s long been shrouded in mystery. The Federal Reserve implements monetary policy and interest rates, but for decades it has kept much of its operational policies secret. While the Fed is subject to GAO audits, it refuses to disclose the inner workings of its financial and monetary policies, publishing transcripts of policy meetings only after five years.
Massie’s bill directs the Government Accountability Office (GAO) to complete, within 12 months, an audit of the Federal Reserve Board and Federal Reserve banks with respect to monetary policy, international financial transactions, transactions made under the direction of the Federal Open Market Committee and discussions “among Federal Reserve officers, board members and employees regarding any of these matters,” explained Borowski.
With Senator Rand Paul having already introduced identical legislation in the Senate, and the added signalling of support from President Trump, this bill appears to have a real shot at becoming law.
“No institution holds more power over the future of the American economy and the value of our savings than the Federal Reserve, yet Fed Chair Yellen refuses to be fully accountable to the people’s representatives,” said Paul a few months ago reports Rare. “The U.S. House has responded to the American people by passing ‘Audit the Fed’ multiple times, and [then-] President-elect Trump has stated his support for an audit. Let’s send him the bill this Congress.”
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