Federal Reserve Transparency Act

Ron Paul was disappointed with the Senate's version of the bill, stating it "guts the spirit of a truly meaningful audit of the most crucial transactions of the Fed".

[5] The audit would include the Fed's "discount window", its funding facilities, its open market operations, and its agreements with foreign bankers.

"[7] The bill's sponsor, Congressman Ron Paul (R-TX), countered by stating that the present audit process exempts the Fed's "most crucial activities".

[10] Its 11 original cosponsors were Neil Abercrombie (D-HI), Michele Bachmann (R-MN), Roscoe Bartlett (R-MD), Paul Broun (R-GA), Dan Burton (R-IN), Walter B. Jones (R-NC), Steve Kagen (D-WI), Ted Poe (R-TX), Bill Posey (R-FL), Denny Rehberg (R-MT), and Lynn Woolsey (D-CA).

In an April 2009 editorial, Paul thanked the Fed for its responsive attempt to enhance transparency and accountability, but called it "window dressing at best, and it's utterly useless at worst".

The amendment was also opposed by Federal Reserve Chairman Ben Bernanke, Treasury Secretary Tim Geithner and others from the Obama administration.

[19] Ryan Grim, a contributor for the left-leaning news blog The Huffington Post suggested Watt's amendment was an attempt to create less transparency than before at the Federal Reserve.

Fed chair Ben Bernanke had told Sanders that publishing the names would make the banks feel stigmatized and potentially reluctant to borrow further.

Senator Judd Gregg called the Paul-Grayson amendment "pandering to populism", saying the audit requirements would be detrimental to monetary policy.

[26] "I strongly oppose Audit the Fed," said Federal Reserve chief Janet Yellen, saying that it would "bring short-term political pressures to bear" on the central bank and dissuade it from making the "hard choices" needed to curb inflation.

During an episode of the Glenn Beck program which broadcast April 15 from a rally at the Alamo in San Antonio, Pat Gray interviewed a local supporter of the Transparency Act, drawing cheers from the crowd.

In a letter to Chairman Barney Frank of the House Financial Services Committee, Ranking Member Spencer Bachus and its members, several progressives such as bloggers Jane Hamsher of Firedoglake, Yves Smith of Naked Capitalism, author Naomi Klein, labor leaders President Richard Trumka of the AFL–CIO, the SEIU's President Andy Stern, the United Steelworkers's President Leo Gerard, economists Dean Baker, James K. Galbraith, Rob Johnson, and professors William K. Black, Thomas Ferguson, and L. Randall Wray, pushed for passage of the bill and against the adoption of the amendment proposed by Rep.

[32] CFL president John Tate promotes the bill in conjunction with dealing with "the silent, destructive tax of monetary inflation", this thought was echoed in the Kansas City Star.

[33] Ron Paul, Andrew Napolitano, and state representative Jim Guest promoted the bill "at length" at the crowded first CFL regional conference in St. Louis, Missouri (March 27–29), affirming Americans' "right to know where their tax dollars are going, especially those going to companies from the stimulus package".

[34] Pro-gambling group Gambling911.com is also interested in the Transparency Act, as an opportunity to audit the Federal Reserve, and also promoted the CFL "Freedom Celebration" regional conference.