On Tuesday, Kentucky representative Thomas Massie reintroduced a bipartisan bill to audit the Federal Reserve.
Massie previously introduced Federal Reserve Transparency Act of 2015, though the bill died in committee.
The bill directed the Government Accountability Office to audit the Board of Governors of the Federal Reserve System and of the Federal Reserve Banks within 12 months of its passage and submit a detailed report to Congress of findings and conclusions within 90 days of completion.
“The bill repeals certain limitations placed upon audits of the Federal Reserve Board and Federal Reserve banks concerning: (1) international financial transactions, (2) deliberations or actions on monetary policy matters, (3) transactions made under the direction of the Federal Open Market Committee, or (4) a part of a discussion or communication among members of the Federal Reserve Board and officers and employees of the Federal Reserve System related to these matters.”
“This bill is authorized by Article 1, Section 8 of the Constitution, which gives Congress the power ‘to coin money, regulate the value thereof, and of foreign coin, and fix the standard of weights and measures,” and “to provide for the punishment of counterfeiting the securities and current coin of the United States,'” reads Massie’s reintroduced Federal Reserve Transparency Act (HR 24).
“It’s official!” Massie wrote in a tweet. “I just reintroduced my bipartisan bill to audit the Federal Reserve, HR 24.”
It’s official! I just reintroduced my bipartisan bill to audit the Federal Reserve, HR 24. #auditthefed pic.twitter.com/KxXj3JK4hp
— Thomas Massie (@RepThomasMassie) January 10, 2023
“We must audit the Fed and restore transparency and fiscal sanity to our nation’s checkbook!” Kentucky Senator Rand Paul wrote in a quote tweet.
“Proud to join this effort to increase government transparency!” said Virginia representative Bob Good.
The Kentucky representative listed cosponsors of HR 24, including Arizona representatives Andy Biggs and Paul Gosar; Georgia representative Marjorie Taylor Greene; and Florida representative Matt Gaetz, among others.
.@repmarymiller, @repalexmooney, @repralphnorman, @repscottperry, @congbillposey, @reprutherfordFL, @repfinstad, @RepPatFallon, @RepBarryMoore, @RepMarkGreen, @RepSpartz
The American people benefit when we work to increase government transparency. #auditthefed (2/2)
— Thomas Massie (@RepThomasMassie) January 10, 2023
“I am PROUD to cosponsor my friend [Thomas Massie’s] bill to audit the federal reserve!” said Alabama representative Barry Moore. “American taxpayers deserve transparency and accountability in government. Passage of this bill would be a monumental step in that direction.”
“Thank you for your leadership, Thomas!”
The Federal Reserve Transparency Act of 2009 was originally introduced by Texas representative Ron Paul and designed to “[repeal] the authority of the Comptroller General to carry out an onsite examination of an open insured bank or bank holding company only if the appropriate federal regulatory agency has consented in writing. (Retains the authority of the Comptroller General to audit a federal agency.)”
The bill also directed the Comptroller General to complete an audit of the Board of Governors of the Federal Reserve System and of the federal reserve banks by the end of 2010 and provide a detailed report to Congress, though it died in committees shortly after.
