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Real Fed Transparency

August 21, 2009 - by Donny Shaw

As I’ve written about many times on this blog, Rep. Ron Paul [R, TX-14] has a bill in the House to audit the Federal Reserve that has gained a lot of support, both in the grassroots and with members of Congress. It now has 282 co-sponsors, including every Republican and 104 Democrats. Financial Services Committee Chairman Barney Frank [D, MA-4] has said it will get committee hearings this fall.

Essentially, the bill would repeal special secrecy protections for the Fed and calls for a full Government Accountability Office audit of the central bank to be completed before the end of 2010 and submitted to Congress for review.

OpenCongress user emarble, in the comments on the bill text, has a good suggestion for improving the bill:

In addition to increased congressional oversight, it would be nice if this provision included “all citizens who request it.” I propose the report on the audit be made available to the general public in electronic form, thereby making the Federal Reserve completely transparent.

The Fed isn’t truly transparent unless all the information in the audit is available to be viewed by the general public. Hopefully when this bill goes to committee for mark-up or to the floor for a vote someone will offer an amendment to this effect.

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