Paul has introduced the Federal Reserve Transparency Act of 2013, also known as the ‘Audit the Fed’ bill. The proposed legislation calls for eliminating restrictions on Government Accountability Office audits of the Federal Reserve and mandating that the Fed's credit facilities, securities purchases, and quantitative easing activities be subject to Congressional oversight.
‘The Fed's operations under a cloak of secrecy have gone on too long and the American people have a right to know what the Federal Reserve is doing with our nation's money supply,’ Paul says. ‘Audit the Fed has significant bipartisan support in Congress and across the country and the time to act on this is now.’
Paul's bill currently has 19 bipartisan co-sponsors in the Senate. A companion legislation was introduced last month in the House of Representatives, and that bill currently has over 100 co-sponsors.