As a member of the Financial Services Committee, Bill has been a leader in the effort to make Washington more transparent. His most recent action involves legislation crafted to reform the Federal Reserve by lifting the veil of secrecy surrounding the Fed and making its process more open and accountable to the American people.
The Federal Reserve has an enormous impact on the economy. Traditionally, the Fed’s role has been to set interest rates and determine monetary policy for the nation. However since passage of Dodd-Frank, the Fed has also taken on the role of “super regulator.”
Bill is taking the Federal Reserve head on because he believes the Fed needs to explain its actions to the American people. Bill has long supported an audit of the Fed. In fact, should the Fed fail to adopt a more open and transparent approach, Bill’s legislation would trigger an audit of the Federal Reserve.
Bill spoke recently with Patrick Center of WGVU to discuss why these transparency and accountability measures are necessary. The interview is available online here.