New ‘Audit the Fed’ Bill Calls for Full Transparency from Central Bank

By Brian Honea

U.S. Senator Rand Paul (R-Kentucky) has reintroduced bipartisan legislation that calls for more transparency from the U.S. Federal Reserve Board of Governors, according to an announcement Paul’s website. The Federal Reserve Transparency Act of 2015, or S. 264, commonly known as Audit the Fed, calls for elimination of the restrictions placed on the Government Accountability Office (GAO)’s audits of the Fed. The bill also mandates that several divisions of the Fed be subject to Congressional oversight, including credit facilities, securities purchases, quantitative easing activities.

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