Rand Paul introduces bill to audit the Federal Reserve after $2.5B renovation uproar

By Washington Examiner Staff | Washington Examiner

Sen. Rand Paul (R-KY) introduced legislation on Thursday calling for an audit of the Federal Reserve. The senator’s proposal comes after Federal Reserve Chairman Jerome Powell has faced scrutiny for the $2.5 billion in renovations he authorized for two federal buildings in Washington, D.C.

Paul’s bill, the Federal Reserve Transparency Act, would require a complete audit of all of the Federal Reserve’s operational activities and mandate an enhancement of its decision-making through increased congressional oversight.

The Comptroller General of the United States would complete the audit and include an inspection of “the Board of Governors of the Federal Reserve System and of Federal Reserve banks,” according to the bill. The bill stipulates that the audit must be completed less than “12 months after the date of enactment” of Paul’s legislative proposal. 

Paul’s proposal coincided with the release of the latest “Waste Report,” which highlights excessive and reckless spending of taxpayer money. This edition specifically highlighted expenditures by the Federal Reserve, particularly the financial impact of the aforementioned renovations. 

“No institution holds more power over the future of the American economy and the value of our savings than the Federal Reserve,” Paul said in a press release. “It’s long past time for Congress to stop shirking its duty and hold the Federal Reserve accountable.”

If approved, the Federal Reserve Transparency Act would necessitate a comprehensive analysis of the audit’s findings along with “such recommendations for legislative or administrative action as the Comptroller General of the United States may determine to be appropriate.” 

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