Controversial legislation to subject the Federal Reserve’s monetary policy powers to outside scrutiny is getting new life in Washington.
Rep. Thomas Massie (R-Ky.) and Sen. Rand Paul (R-Ky.) have re-introduced legislation to “Audit the Fed,” after a similar effort stalled in the last Congress.
“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,” said Paul.
Under the bill, the Fed’s monetary policy deliberations could be subject to outside review by the Government Accountability Office.
“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,” said Massie.
End the Fed
Auditing the Fed is only a baby step. We need to end the Fed, end fractional reserve lending, and have a free market in currencies and interest rates.
Mike “Mish” Shedlock