Isakson, Perdue Co-sponsor ‘Audit the Fed’ legislation
WASHINGTON – U.S. Senators Johnny Isakson, R-Ga., and David Perdue, R-Ga., today co-sponsored S.264, the Federal Reserve Transparency Act of 2015, legislation introduced by U.S. Senator Rand Paul, R-Ky., that would require the Government Accountability Office (GAO) to conduct a comprehensive and independent audit of the Federal Reserve.
The Federal Reserve Transparency Act of 2015 would mandate an audit of the Federal Reserve by the Comptroller General of the United States, who is the head of GAO, be reported to the leadership of Congress, along with the leadership of the committees of jurisdiction. The audit would be completed by the end of 2015.
“I have long been an advocate of sunshine laws, and better oversight by Congress of all agencies of the federal government,” said Isakson. “This legislation will help us determine areas that need improvement and shed additional light on a system that has a significant impact on the U.S. economy via the national, monetary policy decisions it makes. There is more need for accountability across the board.”
“This bipartisan, commonsense legislation is exactly what Georgians expect out of Washington,” said Perdue. “Every aspect of our government should operate in a transparent manner which is accountable to the people, and the Federal Reserve is no different. A timely and comprehensive audit of the Federal Reserve will finally unveil the full scope of consequences their policies have on our economy.”
Isakson has previously co-sponsored the bipartisan Federal Transparency Act in 2014 to require an audit to be completed within 12 months of the bill’s enactment. In 2013, Isakson co-sponsored S.209, the Federal Reserve Sunshine Act of 2013, which would have mandated an audit of the Federal Reserve by the Comptroller General of the United States to be reported to the leadership of Congress, along with the leadership of committees of jurisdiction.
Click here to read the Federal Reserve Transparency Act of 2015.
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