Sen. Ted Cruz Cosponsors Rand Paul’s ‘Audit The Fed’ Bill

Sen. Ted Cruz (R-TX) and 20 other of his colleagues have co-sponsored Sen. Rand Paul’s (R-KY) Federal Reserve Transparency Act of 2015, according to a statement released by Cruz.

The bill, which was reintroduced a week ago, is available now for floor action. The bill will create oversight over the Federal Reserve and would allow the Government Accountability Office (GAO) to audit the agency. Although the Federal Reserve is subject to audits, many critics claim that they aren’t thorough enough.

“The Federal Reserve needs to fully open its books so Congress and the American people can see what has been going on” said Cruz in a written statement. “This is a crucial first step to getting back to a more stable dollar and a healthy economy for the long term.”

“Right now, the Fed is adjusting monetary policy according to whims, getting it wrong over and over again, and causing booms and busts,” Cruz added.

If you look at the crash of 2008, the Fed’s policy destabilizing our money contributed powerfully both to the bubble and the collapse. By auditing the Fed, the American people can fully understand the scope and consequences of the agency’s extraordinary monetary policy since 2008—and then know what reforms are needed to improve the Fed’s operations and accountability.”

Federal Reserve Chairwoman, Janet Yellen, is opposed to congressional oversight. At a Senate Banking Committee hearing earlier this year, she said that she opposed Sen. Rand Paul’s bill over concerns of political pressure.

“I want to be completely clear that I strongly oppose Audit the Fed,” she said. “Audit the Fed is a bill that would politicize monetary policy and it would bring short-term political pressures to bear on the Fed.”