Scott: “It’s Time to Open the Books at the Fed”

Washington – U.S. Senator Tim Scott (R-SC), a member of the Senate Banking Committee, today voted for the Federal Reserve Transparency Act of 2015, widely known as “Audit the Fed.” Senator Scott is a cosponsor of this important legislation, which would require a full audit by the Comptroller General of the Board of Governors of the Federal Reserve System and the Federal Reserve banks.

“It is far past time to fully open the books at the Federal Reserve, whose$4.5 trillion balance sheet has serious implications for every American,” said Senator Scott. “The American people have a right to know exactly how this powerful entity is spending taxpayer dollars and influencing day to day monetary policies in the global market. The Federal Reserve Transparency Act of 2015, widely known as “Audit the Fed”, is a strong step forward, and that’s why I was proud to cosponsor and vote for it.”

Cloture on the bill failed today by a vote of 53-44, as 60 votes were needed.

The bill eliminates a statutory restriction that prohibits GAO from auditing certain facets related to monetary policy, including deliberations and discussions related to monetary policy matters and transactions made under the direction of the Federal Open Markets Committee. In addition to the audit findings and conclusion, a report is to be submitted to Congress containing recommendations for legislative or administrative action as deemed appropriate by the Comptroller General.

The legislation was introduced by Senator Rand Paul (R-KY) with twenty five cosponsors in the Senate and by Congressman Thomas Massie (R-KY) in the House of Representatives with 185 bipartisan cosponsors.