Update on Senator Corker and the Proposed Federal Reserve Audit

You’ll recall that at our October monthly meeting we discussed a piece of legislation that TN Senator Bob Corker recently sponsored entitled the Federal Reserve Accountability Act (FRAA). I shared with you my concerns that, when contrasted with Senate Bill 604 (another proposed bill to audit the Fed), the FRAA fell short in the scope of the proposed audit of the Federal Reserve.

Well, this past week I received an unexpected phone call from Senator Corker, and he offered to explain his thought process and goals as it relates to the FRAA. Senator Corker indicated that while S604 was purportedly more comprehensive in its audit of the Fed, at the same time S604 does not adequately address some areas that were either undefined or not sufficiently enumerated as it relates to the scope of the audit. Following a recent meeting between Senator Corker and Congressman Ron Paul (in which Congressman Paul also acknowledged some shortcomings in HR 1207 – the House “sister” Bill to S604), Senator Corker hopes to see a revision to or improvement in the language of either his Bill or S604 to a point that the Federal Reserve will be audited in a manner that will allow full and complete disclosure but not jeopardize the daily workings and policy formulation by the Fed.

I appreciated Senator Corker’s willingness to discuss this matter and will be watching closely to see just how this whole matter plays out in the near term. As I have any new information in regard to this, I’ll be sure to update you.

Mark West CTP

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