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Sen. Paul Introduces Audit the Fed Bill

February 5, 2013 in Uncategorized

WASHINGTON, D.C. – Sen. Rand Paul has introduced the bipartisan Federal Reserve Transparency Act of 2013. Known widely as ‘Audit the Fed,’ the bill calls to eliminate restrictions on Government Accountability Office (GAO) audits of the Federal Reserve and mandating the Fed’s credit facilities, securities purchases, and quantitative easing activities would be subject to Congressional oversight.

‘The Fed’s operations under a cloak of secrecy have gone on too long and the American people have a right to know what the Federal Reserve is doing with our nation’s money supply,’ Sen. Paul said. ‘Audit the Fed has significant bipartisan support in Congress and across the country and the time to act on this is now.’

During the 112th Congress, Audit the Fed legislation (H.R. 459) passed the House of Representatives handily, 327-98.

Sen. Paul’s version, S. 209, currently has 19 bipartisan co-sponsors in the Senate and companion legislation was introduced earlier this year in the House of Representatives and currently has over 100 co-sponsors.

Below is text of Sen. Paul’s legislation:
S.209
A BILL to require a full audit of the Board of Governors of the Federal Reserve System and the Federal Reserve banks by the Comptroller General of the United States, and for other purposes.
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ”Federal Reserve Transparency Act of 2013”.

SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.
(a) IN GENERAL.-Notwithstanding section 714 of title 31, United States Code, or any other provision of law, an audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) of such section 714 shall be completed within 12 months of the date of enactment of this Act.
(b) REPORT.-
(1) IN GENERAL.-A report on the audit required under subsection (a) shall be submitted by the Comptroller General to the Congress before the end of the 90-day period beginning on the date on which such audit is completed and made available to the Speaker of the House, the majority and minority leaders of the House of Representatives, the majority and minority leaders of the Senate, the Chairman and Ranking Member of the committee and each subcommittee of jurisdiction in the House of Representatives and the Senate, and any other Member of Congress …read more
Source: RAND PAUL  

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