Paul’s bill would undo the exemption that shields monetary policy from GAO audits
The Federal Reserve is mobilizing against Sen. Rand Paul’s increasingly popular effort to audit the central bank.
“This is about interfering with the making of monetary policy. I respect the gentleman from Kentucky, but he’s wrong,” said Federal Reserve Bank of Dallas President Richard Fisher on Fox Business Monday evening.
“We are audited out the wazoo.”
Fisher was one of several Fed officials to speak out Monday against Paul’s bill to have the Government Accountability Office audit the Fed’s monetary policy deliberations and report to Congress.
In a separate appearance on Fox Business, Philadelphia Fed President Charles Plosser said the Fed audit is “scary” because it would mean that “you are going to have political interference in the short term to try to influence and shape policy decisions” that should be left to the independent central bank.