BOISE, Idaho – U.S. Senators Jim Risch of Idaho and Rand Paul of Kentucky have introduced the Federal Reserve Transparency Act, commonly referred to as the “Audit the Fed” legislation. This bill aims to mandate a comprehensive audit of the Federal Reserve’s operations and enhance congressional oversight of its decision-making processes.

“Idahoans deserve to know what the Federal Reserve is doing to our nation’s economy,” said Risch. “Congress must hold the Fed accountable and pull back the curtain on the actions of this unelected Washington establishment.”

Paul emphasized the significant influence of the Federal Reserve, stating, “No institution holds more power over the future of the American economy and the value of our savings than the Federal Reserve. It’s long past time for Congress to stop shirking its duty and hold the Federal Reserve accountable.”

The proposed legislation would require the independent Government Accountability Office (GAO) to perform a full audit of the Board of Governors and the Federal Reserve Banks within one year of the bill’s enactment. The GAO would then be required to report its findings to Congress within 90 days of completing the audit.

CBS2 Staff