U.S. Senator Orrin Hatch (R-Utah) has cosponsored legislation introduced by Sen. Rand Paul (R-Ky.) that will audit the Federal Reserve System. The Federal Reserve Transparency Act would ensure that the Government Accountability Office (GAO) can fully audit the Federal Reserve by removing restrictions currently in place, and would ensure that the Fed's credit facilities, securities purchases, and quantitative easing activities would be subject to Congressional oversight.
"Over the last several years, the Fed has continued to grow with virtual unchecked authority, no oversight, and an unlimited checkbook," Hatch said. "Congress came close last year to making the Fed accountable to taxpayers, and hopefully this year we can shine some light onto the Fed's activities and give taxpayers the information they deserve from our country's central bank."
Hatch supported similar legislation last Congress which passed the House of Representatives on a bipartisan 327-98 vote.