More Power for the Fed

Congressman Ron Paul

7/7/2010

Last week I was pleased to see my Republican colleagues take up the cause to fully and completely audit the Federal Reserve by including my language from the Federal Reserve Transparency Act in a Motion to Recommit the financial regulation reform bill. Although this effort was defeated by the Democrat majority, there were many good reasons to support it.

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.

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