End­ing se­crecy at the Fed­eral Re­serve

The Washington Times Weekly - - Commentary -

the in­sti­tu­tion has added more than $800 bil­lion in debt to the gov­ern­ment’s bal­ance sheets.

This is un­sus­tain­able, and it is clear the Fed­eral Re­serve is struc­turally flawed. We need trans­parency and ac­count­abil­ity. The Amer­i­can peo­ple de­serve to know how their money is be­ing man­aged.

This week, I in­formed Mr. Reid that I plan to hold the nom­i­na­tion of Janet Yellen as the chair­man of the Fed­eral Re­serve un­til the Fed­eral Re­serve Trans­parency Act is brought to the Se­nate floor for a vote. My bill calls for the elim­i­na­tion of all re­stric­tions placed on Gov­ern­ment Ac­count­abil­ity Of­fice au­dits of the Fed­eral Re­serve. The Fed’s credit fa­cil­i­ties, se­cu­ri­ties pur­chases and quan­ti­ta­tive-eas­ing ac­tiv­i­ties would also be sub­ject to con­gres­sional over­sight. The Fed­eral Re­serve needs to be au­dited and re­formed to pre­vent Mrs. Yellen — or any other fu­ture nom­i­nee — from us­ing the enor­mous power of the Fed to aid and abet the al­lies of big gov­ern­ment.

The Amer­i­can peo­ple have a right to know what this in­sti­tu­tion is do­ing with the na­tion’s money sup­ply. The Fed­eral Re­serve does not need pro­longed se­crecy; it needs to be au­dited.

Mr. Reid can­not stall this bill any longer, and I en­cour­age ev­ery mem­ber of Congress to join me in sup­port­ing a thor­ough au­dit of the Fed­eral Re­serve.

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