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Home | News | Government

New ‘Audit the Fed’ Bill Calls for Full Transparency from Central Bank

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U.S. Senator Rand Paul (R-Kentucky) has reintroduced bipartisan legislation that calls for more transparency from the U.S. Federal Reserve Board of Governors, according to an announcement on Paul's website. The Federal Reserve Transparency Act of 2015, or S. 264, commonly known as Audit the Fed, calls for elimination of the restrictions placed on the Government Accountability Office (GAO)'s audits of the Fed. The bill also mandates that several divisions of the Fed be subject to Congressional oversight, including credit facilities, securities purchases, and quantitative easing activities.

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Watt Scheduled to Testify Before House Financial Services Committee on Tuesday

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Federal Housing Finance Agency (FHFA) Director Mel Watt is scheduled to testify before the House Financial Services Committee on Tuesday in a hearing entitled "Sustainable Housing Finance: An Update from the Director of the Federal Housing Finance Agency." In his testimony, Watt is expected to defend last month's decision to lift the suspension of the allocation of Fannie Mae and Freddie Mac funds into the Housing Trust Fund and the Capital Magnet Fund. The suspension was enacted in November 2008, two months after the government seized control of Fannie Mae and Freddie Mac.

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Florida Man Receives 21-Month Prison Sentence for Fraud

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A Florida man has been sentenced to 21 months in federal prison for a fraud scheme perpetrated against businesses and individuals seeking lines of credit, according to an announcement on Friday from Christy Romero, the Special Inspector General for the Troubled Asset Relief Program (SIGTARP).

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