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Audit the Fed Bill May Land On Obama's Desk This Year

Senator Rand Paul (R-Ky.) has reintroduced the Federal Reserve Transparency Act of 2015 (S.264) along with 30 bipartisan cosponsors. Better known as “Audit the Fed”, the bill would require a full and thorough audit of the Federal Reserve.

"A complete and thorough audit of the Fed will finally allow the American people to know exactly how their money is being spent by Washington. The Fed's currently operates under a cloak of secrecy and it has gone on for too long. The American people have a right to know what the Federal Reserve is doing with our nation's money supply. The time to act is now," Sen. Paul said in a press release.

Auditing the Fed is a common sense issue. Despite it having an enormous amount of power over the economy, the central bank has barely any oversight. Even Congress doesn’t really know what it’s up to.

FreedomWorks has long supported efforts to bring transparency to the opaque central bank. The good news is that 2015 could be the year that the real audit finally happens.

In the House, Congressman Thomas Massie (R-Ky.) introduced identical legislation (H.R. 24) earlier this month. So far, the bill has 103 cosponsors.

If the past few congressional sessions are any indication, the bill should pass with ease in the House. Last year, it overwhelmingly passed: 333-92.

The problem was that Senate leadership refused to take up the issue.

Well, Harry Reid is no longer in charge.

New Senate Majority Leader Mitch McConnell (R-Ky.) has pledged that he would bring Audit the Fed up for a vote. Let’s hold him to that and ensure that this important issue passes both houses!

Can you imagine if the Audit the Fed bill landed on Obama's desk this year?