Senator Rand Paul re-introduces ‘Audit the Fed’ bill
WASHINGTON (Reuters) – Republican Senator Rand Paul, a potential 2016 presidential candidate, on Wednesday re-introduced a bill that would expose the Federal Reserve’s monetary policy discussions and decisions to a congressional audit.
The Fed fears that a full GAO audit would reveal too much detail of monetary policy decisions made by the Federal Open Market Committee. Fed officials have said such exposure would complicate their public communications, hurt their credibility and stoke financial market volatility. The central bank also fears that efforts to impinge on its independence would hurt U.S. monetary policy.