The Federal Reserve Transparency Act would eliminate restrictions on GAO audits of the Federal Reserve and open Fed operations to Congressional oversight. Additionally, audits could include discount window operations, open market operations, and agreements with foreign central banks, such as the ongoing dollar swap operations with European central banks.
Since its inception, the Federal Reserve has always operated in the shadows, without sufficient scrutiny or oversight, while Congress has kept its hands off and its eyes closed. The Federal Reserve has presided over the near-complete destruction of the United States dollar. Since 1913 the dollar has lost over 95% of its purchasing power, aided and abetted by the Federal Reserve’s loose monetary policy. The Federal Reserve Transparency Act would achieve much-needed transparency of the Federal Reserve System.
However, House and Senate negotiators failed to include the full language of my legislation in the conference report for the financial reform bill, and the full Congress missed yet another opportunity to demand accountability from the Federal Reserve by defeating the Republicans