Amid ongoing uncertainty about the near-term future of Jay Powell, Chairman of the Federal Reserve, one Florida lawmaker wants to crack open the central bank’s books.
Teaming with Rand Paul of Kentucky, Naples Republican Rick Scott is sponsoring the Federal Reserve Transparency Act.
The legislation calls for the Comptroller General of the United States to complete an audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks within 12 months of the bill becoming law.
“American taxpayers deserve answers and accountability, which is why I’ve already introduced bipartisan legislation to require an independent, Senate-confirmed Inspector General at the Fed, and am proud to be leading this effort to deliver a full audit of the Fed’s books,” Scott said Friday.
Upon completion of the audit, the report would be provided to legislative leadership, to committees, and to any member who sought the work product.
Scott, a frequent critic of Powell’s tenure at the Fed, says the organization “has been plagued by ethics scandals, regulatory failures, and a complete lack of transparency” under his watch.
Earlier this week, a rumor spread that President Donald Trump sought to fire Powell, a move for which there would not be clear statutory authority. While Trump summarily denied that action was imminent, the brief period in which the move was floated as an immediate possibility spooked equity markets and led to momentary upticks in the valuations of gold and silver.
Trump has called for interest rates to be lowered and has insisted Powell has been “too late” to do so.
Also, in recent days, White House and administration officials have accused Powell of mismanaging a $2.5 billion renovation project at the Fed, adding to months of efforts by Trump try to rid himself of the politically independent central banker.
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