WASHINGTON — Rep. Ron Paul will hold a hearing Tuesday on the results of the government's audit of the Federal Reserve's emergency lending programs introduced amid the financial crisis.
The hearing will be held at 10 a.m. before the House domestic monetary policy subcommittee. Scheduled to testify are Orice Williams Brown from the Government Accountability Office, which conducted the government's audit; Robert Auerbach, a University of Texas professor who is the author of a book titled "Deception and Abuse at the Fed"; and Mark Calabria, director of financial regulation studies at the Cato Institute.
Despite the GAO's audit the Fed's emergency lending programs, Paul wants more transparency from the Fed. The Republican presidential candidate has reintroduced legislation that calls on the GAO to conduct a full audit of the central bank.
"With limited transparency, oversight, and accountability, it is high time that Congress bring the Fed's actions into public view," Paul said in a written statement released Thursday. "The American people demand, and deserve, nothing less."
