The Paul-sponsored Federal Reserve Transparency Act repeals limitations on audits of the Federal Reserve. As the law currently stands it provides detractors clear grounds to question Federal Reserve motivations. From Title 31 Section 714 of the United States Code: 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. The legislation would strike the above from current law.
Posted on: Mon, 04 Nov 2013 21:10:07 +0000
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