Dr. Rand Paul Reintroduces Audit the Fedhttps://www.paul.senate.gov/wp-content/uploads/2024/01/MIR24015.pdfSenator Rand Paul writes in his newsletter:"Recently, I reintroduced the Federal Reserve Transparency Act or the 'Audit the Fed' bill, to prevent the Federal Reserve from concealing vital information on its operations from Congress."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.
"This legislation would require the nonpartisan, independent Government Accountability Office (GAO) to conduct a thorough audit of the Federal Reserve’s Board of Governors and reserve banks within one year of the bill’s enactment and to report back to Congress within 90 days of completing the audit.
"Americans deserve to be made aware of the practices of the Federal Reserve, whose decisions can result in high levels of inflation and slow economic growth. It is time the Federal Reserve operates in a manner that is transparent and accountable to the taxpayers."
Senator Rand Paul's Audit the Fed bill is a short 4 pages, comprehensive and an easy read:PAGE 1 MIR24015 LJF S.L.C.
118TH CONGRESS
2D SESSION S. ll
To require a full audit of the Board of Governors of the Federal Reserve
System and the Federal reserve banks by the Comptroller General of
the United States, and for other purposes.
IN THE SENATE OF THE UNITED STATES
_____________________
Mr. PAUL introduced the following bill; which was read twice and referred to
the Committee on ___________________
____________________________
A BILLTo require a full audit of the Board of Governors of the
Federal Reserve System and the Federal reserve banks
by the Comptroller General of the United States, and
for other purposes.
1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled,
3 SECTION 1. SHORT TITLE.
4 This Act may be cited as the ‘‘Federal Reserve
5 Transparency Act of 2024’’.
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1 SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE
2 BOARD OF GOVERNORS OF THE FEDERAL RE3 SERVE SYSTEM.
4 (a) IN GENERAL.—Notwithstanding section 714 of
5 title 31, United States Code, or any other provision of law,
6 the Comptroller General of the United States shall com7 plete an audit of the Board of Governors of the Federal
8 Reserve System and the Federal reserve banks under sub9 section (b) of that section not later than 12 months after
10 the date of enactment of this Act
11 (b) REPORT.—
12 (1) IN GENERAL.—Not later than 90 days after
13 the date on which the audit required pursuant to
14 subsection (a) is completed, the Comptroller General
15 of the United States—
16 (A) shall submit to Congress a report on
17 the audit; and
18 (B) shall make the report described in sub19 paragraph (A) available to the Speaker of the
20 House, the majority and minority leaders of the
21 House of Representatives, the majority and mi22 nority leaders of the Senate, the Chair and
23 Ranking Member of the committee and each
24 subcommittee of jurisdiction in the House of
25 Representatives and the Senate, and any other
26 Member of Congress who requests the report.
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1 (2) CONTENTS.—The report required under
2 paragraph (1) shall include a detailed description of
3 the findings and conclusion of the Comptroller Gen4 eral of the United States with respect to the audit
5 that is the subject of the report, together with such
6 recommendations for legislative or administrative ac7 tion as the Comptroller General of the United States
8 may determine to be appropriate.
9 (c) REPEAL OF CERTAIN LIMITATIONS.—Subsection
10 (b) of section 714 of title 31, United States Code, is
11 amended by striking the second sentence.
12 (d) TECHNICAL AND CONFORMING AMENDMENTS.—
13 (1) IN GENERAL.—Section 714 of title 31,
14 United States Code, is amended—
15 (A) in subsection (d)(3), by striking ‘‘or
16 (f)’’ each place the term appears;
17 (B) in subsection (e), by striking ‘‘the
18 third undesignated paragraph of section 13’’
19 and inserting ‘‘section 13(3)’’; and
20 (C) by striking subsection (f).
21 (2) FEDERAL RESERVE ACT.—Subsection (s)
22 (relating to ‘‘Federal Reserve Transparency and Re23 lease of Information’’) of section 11 of the Federal
24 Reserve Act (12 U.S.C. 248) is amended—
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1 (A) in paragraph (4)(A), by striking ‘‘has
2 the same meaning as in section 714(f)(1)(A) of
3 title 31, United States Code’’ and inserting
4 ‘‘means a program or facility, including any
5 special purpose vehicle or other entity estab6 lished by or on behalf of the Board of Gov7 ernors of the Federal Reserve System or a Fed8 eral reserve bank, authorized by the Board of
9 Governors under section 13(3), that is not sub10 ject to audit under section 714(e) of title 31,
11 United States Code’’;
12 (B) in paragraph (6), by striking ‘‘or in
13 section 714(f)(3)(C) of title 31, United States
14 Code, the information described in paragraph
15 (1) and information concerning the transactions
16 described in section 714(f) of such title,’’ and
17 inserting ‘‘the information described in para18 graph (1)’’; and
19 (C) in paragraph (7), by striking ‘‘and sec20 tion 13(3)(C), section 714(f)(3)(C) of title 31,
21 United States Code, and’’ and inserting ‘‘, sec
22 tion 13(3)(C), and".