U.S. Senator Rand Paul says his proposed Federal Reserve Transparency Act would give Congress more oversight over the Fed’s activities and lift current restrictions on federal audits of the central banking system.
The Kentucky Republican says too much of the Fed’s work now takes place behind closed doors.
“The federal reserve is one of the most secretive institutions in our history. For decades, the people in charge of ‘the fed,’ politicians and various experts, have insisted that such secrecy was integral to its independence and effectiveness, but the results of complete secrecy have been fed policies that are questionable at the least.” –Sen. Rand Paul
Paul claims structural flaws in the way the Fed operates have resulted in the system aiding and abetting questionable practices by big banks and big government.
