H.R. 24, the Federal Reserve Transparency Act (Audit the Fed), passed in the U.S. House of Representatives with strong bipartisan support.
The measure has more than 220 cosponsors and passed overwhelmingly by a 333-92 margin. It faces mixed odds in the U.S. Senate.
“Today’s passage of the Audit the Fed bill brings us one step closer towards bringing much-needed transparency to our nation’s monetary policy,” U.S. Rep. Paul Broun, R-Ga., said in a statement. “For the past 100 years, the Federal Reserve, a quasi-government agency, has acted under a veil of secrecy –controlling our monetary policy and thus, our economy. While in recent years, the Fed has been granted a greater role in overseeing the regulation of our financial system, current law specifically prohibits audits of the Federal Reserve’s deliberations, decisions, or actions on monetary policy. This lack of accountability and transparency has led to grievous consequences – and it must end.