Calls on Congress and President of United States to enact "Federal Reserve Transparency Act of 2021," H.R.24 and S.573.
Impact
If enacted, SCR77 could lead to significant changes in how the Federal Reserve operates, as it would facilitate complete audits of the Federal Reserve's accounts and operations. This greater transparency could help in fostering informed discussions regarding the monetary policy tools utilized by the Federal Reserve and the extent of oversight that the central bank requires. The anticipated audit aims to clarify the scale of the Federal Reserve's monetary activities, which includes its response to economic crises through actions such as quantitative easing and providing emergency funding.
Summary
SCR77 is a Senate Concurrent Resolution from New Jersey, introduced to urge Congress and the President to pass the 'Federal Reserve Transparency Act of 2021', also referred to as H.R.24 and S.573. This act is aimed at lifting the restrictions that currently prevent the Comptroller General of the United States from conducting a thorough audit of the Federal Reserve. The resolution emphasizes the importance of accountability in federal banking practices and the need for transparency in the Federal Reserve's monetary activities, particularly its impact on the national money supply.
Contention
Notably, there are concerns regarding the independence of the Federal Reserve and the potential implications of increased oversight. Critics of the Federal Reserve's current operational independence argue that it can lead to a lack of accountability regarding monetary policy decisions. Supporters of SCR77 contend that such transparency is crucial for public understanding and trust in the Federal Reserve's actions. However, detractors may view this push for transparency as a challenge to the institution's necessary independence, raising discussions about the balance between oversight and operational autonomy in central banking.
Urges Congress to enact "Presidential Security Resources Reimbursement Act of 2024" to reimburse State and local units for public safety expenses incurred during major presidential and vice presidential candidates' visits.
Urges Congress to enact "Presidential Security Resources Reimbursement Act of 2024" to reimburse State and local units for public safety expenses incurred during major presidential and vice presidential candidates' visits.