Sen. Cruz Cosponsors Audit the Fed Legislation
Calls for increased accountability of the Federal Reserve
November 12, 2015
WASHINGTON, D.C. — Last week, U.S. Sen. Ted Cruz (R-Texas), along with 20 of his colleagues, cosponsored Sen. Rand Paul’s (R-Ky.) most recent Federal Reserve Transparency Act of 2015 (S. 2232), establishing congressional oversight of the Federal Reserve and requiring a full audit by the Government Accountability Office (GAO). This measure aims to improve the accountability of the U.S. central bank and better reveal how taxpayers’ dollars are spent.
The bill was reintroduced last week and placed directly on the Senate calendar, making it immediately available for floor action.
“The Federal Reserve needs to fully open its books so Congress and the American people can see what has been going on. This is a crucial first step to getting back to a more stable dollar and a healthy economy for the long term,” Sen. Cruz said.
“Right now, the Fed is adjusting monetary policy according to whims, getting it wrong over and over again, and causing booms and busts. If you look at the crash of 2008, the Fed’s policy destabilizing our money contributed powerfully both to the bubble and collapse. By auditing the Fed, the American people can fully understand the scope and consequences of the agency’s extraordinary monetary policy since 2008—and then know what reforms are needed to improve the Fed’s operations and accountability.”