Nearly 60 Republican lawmakers are renewing a 40-year push to bring the Federal Reserve System under the heel of Congress now that the GOP is in control of the House of Representatives.
Led by Rep. Thomas Massie, Kentucky Republican, the lawmakers argue the Federal Reserve System is not adequately transparent about monetary policy.
Furthermore, the system’s board of governors and its 12 Federal Reserve banks each have their own in-house auditing team responsible for reviewing financial statements. Those statements are then published publicly and subject to an external review by private-sector accounting companies like Deloitte.
“The Fed currently operates under a cloak of secrecy and it has gone on for too long,” said Sen. Rand Paul, a Kentucky Republican whose father introduced the first Audit the Fed bill in 1983. “The American people have a right to know what the Federal Reserve is doing with our nation’s money supply.” “The absence of direct political control over our decisions allows us to take these necessary measures without considering short-term political factors,” said Fed Chairman Jerome Powell.
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