Ending secrecy at the Federal Reserve
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.