The bill that would audit the Federal Reserve of the United States is gaining greater support among Congress members, The Financial Times reports.
Republicans, who took control of both houses of Congress this year, say that the Fed lacks transparency and want to expose its monetary policy decisions to external audits.
Republican senators Rand Paul and Ted Cruz introduced a bill that would force the Fed to reveal its documents. Both of them are potential 2016 presidential candidates from the Republican Party. Republican Senate Majority Leader Mitch McConnell also backs the bill.
Monetary Policy and Trade Subcommittee Vice Chairman Bill Huizenga said the Fed is a “massive labyrinth of very opaque gears and levers” and that “very few people understand the why; the how.”
Congressmen are expected to ask Federal Reserve Chairwoman Janet Yellen all these questions during her appearance before Congress that will take place soon.
