|
Washington
-
U.S.
Senator
Tim
Scott
(R-SC),
a
member
of
the
Senate
Banking
Committee,
today
voted
for
the
Federal
Reserve
Transparency
Act
of
2015,
widely
known
as
"Audit
the
Fed.”
Senator
Scott
is
a
cosponsor
of
this
important
legislation,
which
would
require
a
full
audit
by
the
Comptroller
General
of
the
Board
of
Governors
of
the
Federal
Reserve
System
and
the
Federal
Reserve
banks.
“It
is
far
past
time
to
fully
open
the
books
at
the
Federal
Reserve,
whose $4.5
trillion
balance
sheet
has
serious
implications
for
every
American,”
said
Senator
Scott.
“The
American
people
have
a
right
to
know
exactly
how
this
powerful
entity
is
spending
taxpayer
dollars
and
influencing
day
to
day
monetary
policies
in
the
global
market.
The
Federal
Reserve
Transparency
Act
of
2015,
widely
known
as
“Audit
the
Fed”,
is
a
strong
step
forward,
and
that’s
why
I
was
proud
to
cosponsor
and
vote
for
it.”
Cloture
on
the
bill
failed
today
by
a
vote
of
53-44,
as
60
votes
were
needed.
The
bill
eliminates
a
statutory
restriction
that
prohibits
GAO
from
auditing
certain
facets
related
to
monetary
policy,
including
deliberations
and
discussions
related
to
monetary
policy
matters
and
transactions
made
under
the
direction
of
the
Federal
Open
Markets
Committee.
In
addition
to
the
audit
findings
and
conclusion,
a
report
is
to
be
submitted
to
Congress
containing
recommendations
for
legislative
or
administrative
action
as
deemed
appropriate
by
the
Comptroller
General.
The
legislation
was
introduced
by
Senator
Rand
Paul
(R-KY)
with
twenty
five
cosponsors
in
the
Senate
and
by
Congressman
Thomas
Massie
(R-KY)
in
the
House
of
Representatives
with
185
bipartisan
cosponsors.
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