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Sen. Rand Paul (R-Ky.) reissued calls to audit the Federal Reserve Thursday, saying the private entity’s lack of transparency has persisted far too long.
“We’ve waited long enough,” Paul wrote on X Thursday. “It’s time to remove the cloak of secrecy and audit the Federal Reserve.”
Paul’s message comes as he introduces S. 2327, the Federal Reserve Transparency Act, urging Congress to require a “full audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks.”
“The Federal Reserve wields massive influence over our economy, but operates in secrecy with minimal oversight from Congress,” Sen. Paul said in a previous video touting his bill. “During the financial crisis, the Fed secretly loaned over $16 trillion to domestic and foreign banks.”
“My Federal Reserve Transparency Act will mandate full audits to expose Federal Reserve’s dealings, to reveal the secrets, to ensure accountability to the American people.”
Sen. Paul has also called on Americans to realize the Fed’s policies directly affect the economy, benefitting big banks, while increasing the nation’s debt and saddling future generations with the burden.
Sen. Paul also highlighted the Fed’s building renovations, to the tune of over $2.5 billion, as another reason for an audit.
“Without accountability and transparency, the Fed has manipulated the economy and squandered resources. The reality is undeniable. The urgency is real. The moment is now. It’s time we audit the Fed.”
In other Fed news, President Trump has attempted to fire Federal Reserve Governor Lisa Cook, with Federal Housing Finance Agency Director Bill Pulte referring her to the Justice Dept. over suspicions of mortgage fraud.
In response, Cook has sued the Trump administration, calling the president’s actions an “unprecedented and illegal attempt” to undermine the institution’s independence.
Meanwhile, Trump has continued to urge Federal Reserve Chair Jerome Powell to lower interest rates in order to encourage borrowing by Americans and businesses, accusing him of suppressing economic growth.
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