04:05 GMT27 January 2020
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    US Senator Rand Paul said that new legislation would prevent the Federal Reserve from concealing vital information about the way it runs from the Congress.

    WASHINGTON (Sputnik) New legislation would prevent the Federal Reserve from concealing vital information about the way it runs from the Congress, US Senator Rand Paul said in a press release on Wednesday about the bill he reintroduced.

    "On Tuesday, US Senator Rand Paul reintroduced his Federal Reserve Transparency Act, widely known as the 'Audit the Fed' bill, to prevent the Federal Reserve from concealing vital information on its operations from Congress," the release stated.

    In the release, Paul noted Federal Reserve Chairwoman Janet Yellen refuses to be held accountable to Congress for her actions.

    "The US House has responded to the American people by passing 'Audit the Fed' multiple times, and President-elect Trump has stated his support for an audit," Paul added.

    The Federal Reserve Transparency Act would require the Government Accountability Office (GAO) to audit the Reserve's Board of Governors and banks within a year of the bill's passage.

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