The unelected officials at the Federal Reserve lack sufficient regulatory oversight. They leave Congress and the public in the dark when they control interest rates through monetary policy. The New York Times reported, “The Fed, led by Janet L. Yellen, the chairwoman, predicted in December that it would raise rates three times this year.”
Rep. Thomas Massie (R-Ky.) and Sen. Rand Paul (R-Ky.) have re-introduced legislation to “Audit the Fed,” which would allow the Government Accountability Office (GAO) to oversee the Fed’s monetary spending. Via Rand Paul’s website, “Audit the Fed would amend section 714b of Title 31 of the U.S. Code to allow the GAO to fully audit:
As our country’s central banking system, the Fed is the largest owner of US. Debt to foreign entities.
Previous attempts to Audit the Fed sailed through the House but were blocked in the Senate. With a new administration beginning, our chances at passing the bill are better than ever. President-elect Donald has voiced his support for this legislation, signaling at our nearly $19 trillion in national debt.
What happens when I sign