U.S. Sen. Rand Paul (R-KY) has been a leading voice in the push for fiscal transparency amid a seemingly unchecked rise in the federal debt. He has pushed for a range of accountability measures, most notably an audit of the Federal Reserve aimed at exposing the inner workings of the nation’s central bank.
While Paul’s efforts to advance an “Audit the Fed” bill in the past have been stymied by partisan pushback, he continues to advocate on behalf of the plan he believes would help bring America’s monetary system back under control.
In a recent op-ed, the Kentucky Republican expounded on his belief that such legislation is needed now more than ever.
The American people have a right to see behind the veil of secrecy at the Fed. I will continue to do what I can to lift that veil. I urge my fellow senators to join me. https://t.co/s8Kos1PfDt
— Rand Paul (@RandPaul) January 25, 2024
Paul cited recent reports showing that nearly three-fifths of Americans are struggling to afford groceries and that a typical household needs to earn $11,434 more per year than it did in just three years ago in order to offset the impact of sharp and widespread cost increases.
“The inflationary consequences of the Fed’s actions are transforming basic needs into unattainable luxuries,” he wrote.
He went on to lay out the argument that the Federal Reserve has strayed far from its stated goals upon its implementation.
“While Congress was the body that established the Fed and assigned a portion of its monetary policy powers, ‘independence’ has become synonymous with ‘secrecy,’” the senator wrote. “Enacting Audit the Fed would finally deliver answers to the American people about how Washington is spending their money.”
Paul recently teamed up with Sen. Chuck Grassley (R-IA) to re-introduce the legislation also known as the Federal Reserve Transparency Act.
“The Fed’s actions significantly affect our economy and Americans’ spending flexibility,” Grassley said in support of the measure. “It only makes sense that Congress and the taxpayer have insight into the factors that influence inflation and interest rates, which directly impact Iowans’ pocketbooks. Our bill would provide a sensible window into Fed practices.”
Several other Republican lawmakers have signed on in support of the bill, including Sens. Ted Cruz of Texas, Mike Lee of Utah, Todd Young and Mike Braun of Indiana, Jim Risch of Idaho, Roger Marshal of Kansas, John Barrasso of Wyoming and Marsha Blackburn of Tennessee.
