Imagine a financial behemoth at the center of the biggest economy on the planet. It secretly pulls the strings of America’s fiscal destiny, and the consequences of its actions ripple through the lives of countless individuals, yet its inner workings are almost entirely unknown and not subject to any form of checks or balances. This is not the plot of a dystopian novel but the current reality of America’s Federal Reserve system.
Now is the time to bring this financial giant into the light. Auditing the Federal Reserve is a fiscal necessity and a congressional imperative. That is why I have reintroduced the Federal Reserve Transparency Act as my first legislation of 2024.
In 2011, one of my first actions as a U.S. senator was to reveal the operations of this secret, unaccountable institution by introducing the Federal Reserve Transparency Act. This act, widely known as “Audit the Fed,” echoes a long-championed initiative spearheaded in the House of Representatives by my father, Congressman Ron Paul, R-Texas, and represents a crucial step toward accountability and fiscal sanity.
Year after year, I continue to fight for complete and persistent audits of the Federal Reserve. In 2023, I forced a vote on my Federal Reserve Transparency Act as an amendment to the Senate’s bloated spending bill. This initiative garnered the support of more than 40 senators across party lines. With several of my fellow senators as cosponsors, I recently reintroduced Audit the Fed once more as a standalone piece of legislation.
Though I
