Sen. Rand Paul has introduced the bipartisan Federal Reserve Transparency Act of 2013. Known widely as "Audit the Fed," the bill calls to eliminate restrictions on Government Accountability Office (GAO) audits of the Federal Reserve and mandating the Fed's credit facilities, securities purchases, and quantitative easing activities would 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," Sen. Paul said. "Audit the Fed has significant bipartisan support in Congress and across the country and the time to act on this is now."
During the 112th Congress, Audit the Fed legislation (H.R. 459) passed the House of Representatives handily, 327-98.
Sen. Paul's version, S. 209, currently has 19 bipartisan co-sponsors in the Senate and companion legislation was introduced earlier this year in the House of Representatives and currently has over 100 co-sponsors.
Below is text of Sen. Paul's legislation:
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