SPRINGFIELD, Virginia- Today, Campaign for Liberty called on the U.S. Senate to pass Audit the Fed, Senator Rand Paul’s Federal Reserve Transparency Act, S. 2232.
Campaign for Liberty has called on the Senate to take up Audit the Fed repeatedly over the past five years. Thanks to Senate Majority Leader Mitch McConnell listening to the American people, the Senate will hold the first ever stand-alone vote on Audit the Fed at 2:30 PM ET on Tuesday, January 12.
“This vote would not happen without the efforts of Campaign for Liberty members and Senator Rand Paul, as well the willingness of Senate Leader Mitch McConnell to, unlike former Majority Leader Harry Reid, listen to the majority of Americans who support Audit the Fed,” said Campaign for Liberty President Norm Singleton.
"With over 75 percent of the American people supporting a full audit of the Federal Reserve, I urge all senators to stand with the American people and against Wall Street and the big banks.
"Over the past 100 years, the Federal Reserve has systematically destroyed the value of the dollar, thus impoverishing the American people. In addition, the Federal Reserve System is the driving force behind Congress's appetite for deficit spending and an out-of-control federal government.
"Any Senator who is serious about reducing the size of government, increasing government transparency, and increasing Americans' standard of living will vote 'YES' on S.2232, Audit the Fed."
About Audit the Fed
Currently the GAO is prohibited by law from auditing four areas of the Federal Reserve:
- transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization;
- deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations;
- transactions made under the direction of the Federal Open Market Committee; or
- a part of a discussion or communication among or between members of the Board and officers and employees of the Federal Reserve System related to clauses (1)–(3) of this subsection.
Audit the Fed removes these four exemptions and is supported by nearly 75 percent of the American people.
Congressman Thomas Massie (R-KY) introduced “Audit the Fed” in the 114th Congress on January 6th, 2015. The bill currently has 185 bipartisan cosponsors.
Ron Paul’s Audit the Fed bill, H.R. 459, gained 274 cosponsors and passed the House of Representatives in the 112th Congress on July 25, 2012, by an overwhelming three-fourths majority of 327-98 after a nationwide grassroots mobilization effort led by Campaign for Liberty. The legislation called for 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.”
Congressman Paul Broun (R-GA) reintroduced Dr. Paul’s Audit the Fed bill in January 2013 as H.R 24, “The Federal Reserve Transparency Act of 2013,” in the 113th Congress. The bill, which was cosponsored by 224 Representatives, passed the House of Representatives on September 17, 2014, by a vote of 333-92.
Senator Rand Paul (R-KY) introduced companion legislation in both the 112th and 113th Congresses, which gained 37 and 32 cosponsors, respectively. Then-Senate Majority Leader Harry Reid refused to allow Audit the Fed to be brought to the floor in either Congress for a vote despite repeatedly calling for an audit of the Federal Reserve throughout his career.
Tags: Audit the Fed, Federal Reserve