Paul Broun introduces Audit the Fed

Federal Reserve

Ron Paul may no longer be in Congress, but other conservative members are stepping up to carry issues he pushed in the past. On Facebook yesterday, Rep. Paul Broun (R-GA) announced that he reintroduced legislation to audit the Federal Reserve:

Today I reintroduced H.R. 24, the “Audit the Fed” legislation originally authored and championed by former Congressman Ron Paul (R-TX). My plan is to pick up right where Congressman Paul left off. Our economy is far from recovering, and the recent fears regarding the potential impacts of the ‘fiscal cliff’ and its aftermath prove that the American people must continue to demand transparency from the entity charged with ensuring stable economic and monetary policy.

You can read the official statement from Rep. Broun’s office here.

The legislation will open up certain information to the Government Accountability Office excluded from audits in subsection (b) of 31 USC 714, including agreements and transactions with foreign central banks and discussions between the Treasury Department.

The House overwhelmingly passed the Audit the Fed bill last year. Unfortunately, Senate Majority Leader Harry Reid (D-NV) refused to bring it to the floor for a vote, despite his past support of more transparency of the Federal Reserve.

[UPDATE] It appears that Rep. Steve Stockman (R-TX) has also introduced legislation that would require an audit of the Federal Reserve.

 


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