AFA of PA ACTION ALERTdollars and cents

January 12, 2016


Auditing the Federal Reserve


A cloture vote is expected in the Senate around 2:30 this afternoon (Tuesday). The website notes S 2232 – The Federal Reserve Transparency Act of 2015 or more popularly known as Audit the Fed — “. . . directs the Government Accountability Office to: (1) commence and complete an audit of the Board of Governors of the Federal Reserve System and of the Federal Reserve Banks within 12 months of enactment of this Act, and (2) report findings and conclusions to Congress within 90 days of completing the audit. The bill also repeals certain limitations upon such an audit.”

According to the Federal Reserve’s website it was created by the Congress to provide the nation with a safer, more flexible, and more stable monetary and financial system. The Federal Reserve was created on December 23, 1913, when President Woodrow Wilson signed the Federal Reserve Act into law. Today, the Federal Reserve’s responsibilities fall into four general areas.

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