Skillicorn pushes for audit of Fed
Illinois state Representative Allen Skillicorn (R-East Dundee) thinks there is really only one way the country can be sure of having its financial house in order.
“How can we trust and depend on our nation’s monetary system without an audit?” Skillicorn said in a press release in which he also called on President Donald Trump and congress to pass the Federal Reserve Transparency Act of 2019. “The days of secrecy and lack of transparency are over. The people demand sunlight on the Federal Reserve,” he said.
As of now, the U.S. Government Accountability Office (GAO) is banned from auditing the Federal Reserve System (the Fed) in the areas of transactions with government of foreign countries, actions on monetary policy matters, deals fostered under the direction of the Federal Open Market Committee or parts of discussions stemming from dialogue between members of the Board and officers and employees of the Fed.
Among the co-sponsors of the measure is Rep. Jonathan Carroll (D-Northbrook), who is quoted in the press release: “We are calling Washington to support the U.S. Congressional Federal Reserve Transparency Act of 2019 and bring the FED out of the shadows.”