WASHINGTON, D.C. – U.S. Sen. Ted Cruz, R-Texas, today cosponsored the Federal Reserve Transparency Act of 2015 (S. 264), to require a full audit of the U.S. central bank. The bill was reintroduced for consideration by Sen. Rand Paul, R-KY.
“At long last, it’s time for a complete audit of the Federal Reserve, so the American people can fully understand the scope and consequences of the agency’s extraordinary monetary policy since 2008,” Cruz said.
“The Fed has expanded its balance sheet fivefold, yet economic growth is still tepid, businesses are sitting on cash, and median income and household wealth are depressed. Americans are living with near-zero interest rates on their savings while entrepreneurs and small businesses report credit is still hard to get.
“Quantitative easing has contributed to the dollar’s volatility in recent years, which destabilizes the financial system and distorts investment. Other than elevating the stock market and key prices such as oil until lately, the Fed’s policies have not resulted in a long-term cure for our sick economy.
“Enough is enough. The Federal Reserve needs to fully open its books so Congress and the American people can see what has been going on. This is a crucial first step to getting back to a more stable dollar and a healthy economy for the long term.”
The bill has 30 co-sponsors in the Senate.
In the last Congress, the House of Representatives passed similar legislation by a bipartisan vote of 333 to 92.
The Founding Fathers warned of the dangers of a Central Bank – they were right.