WASHINGTON, D.C. — Senator Steve Daines today helped reintroduce the Federal Reserve Transparency Act of 2015, widely known as “Audit the Fed.”
The bill eliminates restrictions on Government Accountability Office audits of the Federal Reserve and mandates that the Federal Reserve’s credit facilities, securities purchases, and quantitative easing activities be subject to congressional oversight.
“The Federal Reserve System was established one hundred years ago with the intent of managing our country’s money supply for greater financial stability. We need to conduct a serious review of our nation’s monetary policy with a view of returning to normalcy,” Daines stated. “We must have an open and honest dialogue on the monetary issues facing our nation and ensure that the Fed is transparent and accountable. It’s time to Audit the Fed.”
In the House, Daines was a cosponsor of H.R. 24, the Federal Reserve Transparency Act of 2014.
The Federal Reserve Transparency Act of 2015 was introduced by Senator Rand Paul (R-KY) and cosponsored by: U.S. Senators Mitch McConnell (R-KY), Kelly Ayotte (R-NH), John Barrasso (R-WY), Roy Blunt (R-MO), John Boozman (R-AR), Shelley Capito (R-WV), John Cornyn (R-TX), Mike Crapo (R-ID), Ted Cruz (R-TX), Steve Daines (R-MT), Cory Gardner (R-CO), Chuck Grassley (R-IA), Dean Heller (R-NV), Johnny Isakson (R-GA), Mike Lee (R-UT), Rob Portman (R-OH), James Risch (R-ID), Marco Rubio (R-FL), Tim Scott (R-SC), Pat Toomey (R-PA), and David Vitter (R-LA).
Click here to read the Federal Reserve Transparency Act of 2015 in its entirety.