On behalf of FreedomWorks’ activist community, I urge you to contact your representative and ask him or her to cosponsor the Federal Reserve Sunshine Act, H.R. 8007, introduced by Reps. Mark Green (R-T.N.) and Tulsi Gabbard (D-Hawaii). This bill would simply eliminate the provision of the recently-passed Coronavirus Aid, Relief, and Economic Security (CARES) Act that allows the Federal Reserve to hold closed-door meetings about its newly-created $450 billion bailout fund, which is more vital now than ever as we continue to observe the alarming lack of transparency that has come along with the Federal Reserve’s new authorities.

The coronavirus -- and the economic lockdowns that have been imposed on the country as a result -- has left very few unharmed in its wake. Despite an encouraging recent jobs report, millions remain out of work and require financial assistance from the government. As a result, Congress has spent trillions of dollars trying to assuage this situation.

The passage of Phase III of the COVID-19 stimulus package has reopened the floodgates of federal spending. The nearly $2 trillion package covers everything from essential immediate assistance for small businesses to a $50 billion bailout for the airline industry. All told, the package will more than double the deficit overnight, and the impact on the debt will be enormous. What’s worse is that many on Capitol Hill are already preparing for Phase IV.

It is no secret that limited-government proponents dislike the Federal Reserve, or “the Fed,” and the influence that this central bank wields. It attempts to “play God” in our economy by its control over monetary policy and almost always does far more harm than good. What could not be more secretive currently, though, is the way that the Fed operates. Fortunately, there is significant support in Congress for a bill -- the Federal Reserve Transparency Act -- that would require a Government Accountability Office (GAO) audit of the Fed.