Notable Audit the Fed Details
Reason’s Brian Doherty outlines some important provision details in Ron Paul’s Audit the Fed bill which passed House committee last week:
This morning, the U.S. House of Representatives Oversight and Government Reform Committee unanimously passed Ron Paul’s latest “Audit the Fed” bill, H.R. 459.
The bill would eliminate certain restrictions that now exist on any audits done on the Federal Reservefrom 31 U.S.C. 714, such as:
Audits of the Board and Federal reserve banks may not include—
(1) transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization;
(2) deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations;
(3) transactions made under the direction of the Federal Open Market Committee; or
(4) a part of a discussion or communication among or between members of the Board and officers and employees of the Federal Reserve System related to clauses (1)–(3) of this subsection.
Again, the above are the existing restrictions that H.R. 459, if it eventually passes the full House and then becomes law in unaltered or unamended form, will eliminate from Fed audits.