On behalf of our activist community, I urge you to contact your and senators and ask them to vote YES on the Paul amendment to the Economic Growth, Regulatory Relief, and Consumer Protection Act, S. 2155, to audit the Federal Reserve. The text of the amendment is the Federal Reserve Transparency Act, S. 16, sponsored by Sen. Rand Paul (R-Ky.).
The Federal Reserve, which currently operates under a veil of secrecy and the myth of independence, wields immense power over the United States’ economy, and many economists cite the central bank’s loose monetary policy as playing a major role in the 2007-2008 financial crisis. Americans deserve to know the logic behind the Federal Reserve’s decisions, and the Paul amendment would open its books to Congress.
The Paul amendment instructs the Comptroller General of the United States, who serves as the director of the Government Accountability Office (GAO) to complete an audit of the Federal Reserve within 12 months of its enactment. A report of the findings of the audit would be required within 90 days of its completion.
The amendment would require the Federal Reserve to provide information to the GAO, currently excluded from audits under 31 USC 714(b), including discussions between the Federal Reserve and the Treasury Department, as well as transactions with foreign banks.
Nearly three-quarters of Americans support an audit of the Federal Reserve. Moreover, the president has expressed support for an audit of the central bank. For these reasons, I urge you to call your senators and ask them to vote YES on the Paul amendment to the Economic Growth, Regulatory Relief, and Consumer Protection Act, S. 2155. FreedomWorks will count the vote on our 2018 Congressional Scorecard. The scorecard is used to determine eligibility for the FreedomFighter Award, which recognizes Members of the House and Senate who consistently vote to support economic freedom and individual liberty.
Adam Brandon, President, FreedomWorks