This petition is now closed.
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
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:
- transactions for or with a foreign
central bank, government of a foreign country, or nonprivate international
- 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
our country’s central banking system, the Fed is the largest owner of US. Debt
to foreign entities.
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.
To 115th Congress:
The Federal Reserve has gone too long without adequate oversight, despite their influence over the American economy. Their interest rate decisions determine the value of the American dollar, and such a monumental task warrants outside review.
We urge the 115th Congress to come together and Audit the Fed, thereby ensuring the financial stability for all Americans. This wouldn’t make everyone financially stable – but it would make sure the Fed’s decisions are sound, and in the nation’s best interest.