Senator Rand Paul (R-KY) has reintroduced the “Audit the Fed” bill, with Senator Rick Scott (R-FL) and other Republicans joining the effort to expose the Federal Reserve’s ethics scandals, lack of transparency, and $2.5 billion luxury headquarters renovation.
Paul has put forward the Federal Reserve Transparency Act, widely known as “Audit the Fed,” to require a full audit of the Federal Reserve’s Board of Governors and regional Federal Reserve banks by the Government Accountability Office. Backed by a group of Republican senators and taxpayer watchdogs, the bill aims to give Congress deeper oversight of how the central bank manages trillions in taxpayer-backed liabilities.
“No institution holds more power over the future of the American economy and the value of our savings than the Federal Reserve,” said Paul. “It’s long past time for Congress to stop shirking its duty and hold the Federal Reserve accountable.”
In tandem with the bill’s release, Paul unveiled the latest edition of his “Waste Report,” revealing that the cost of the Fed’s renovation of its Washington, DC, headquarters has ballooned to $2.5 billion, $600 million more than originally projected.
Senator Rick Scott (R-FL), a leading supporter of the bill, took aim at Chairman Jerome Powell’s leadership. “If the goal were to lose trillions of dollars and get mired in scandals, Jay Powell would be the gold standard—but that’s not the goal,” Scott stated. “Powell has been a total disaster at the Federal Reserve, accruing over a trillion dollars in losses and mismanaging the central bank at the expense of American families.”
“Now, he’s blowing $2.5 billion on a luxury renovation at the Fed’s headquarters—that’s more than an NFL stadium or a brand-new skyscraper!” Scott added. “American taxpayers deserve answers and accountability. President Trump is right: Jay Powell has been very bad for our country, and it’s time for him to go.”
The bill would mandate the Government Accountability Office to conduct a full audit of the Federal Reserve System within one year of enactment and report its findings to Congress within 90 days. It repeals statutory exemptions that previously prevented audits of the Fed’s monetary policy decisions, foreign transactions, and open market operations, expanding congressional oversight of the central bank.
The legislation is cosponsored by Senators Marsha Blackburn (R-TN), Jim Risch (R-ID), Todd Young (R-IN), Ted Cruz (R-TX), and John Barrasso (R-WY), and endorsed by organizations including the National Taxpayers Union Foundation, Frontiers of Freedom Institute, and Young Americans for Liberty.
“For too long, the Federal Reserve has operated behind closed doors while making decisions that impact the American economy,” remarked Blackburn. “This legislation is necessary to shine a light on the Fed’s operations.”
Senator Risch echoed those concerns, saying, “Congress must hold the Fed accountable and pull back the curtain on the actions of this unelected Washington establishment.”
The call for a full audit comes just days after Fed Chair Jerome Powell, under mounting pressure from the Trump administration, requested that the Federal Reserve’s Inspector General review the soaring costs of the D.C. headquarters renovation. The $2.5 billion project has drawn scrutiny from Budget Director Russ Vought and the National Capital Planning Commission, who are investigating compliance with federal planning laws and whether Powell’s testimony to Congress was misleading.
The probe follows a comparison published in the New York Post likening the overhaul to the Palace of Versailles: “’The Federal Reserve is building the Palace of Versailles on the National Mall,’ said Andrew T. Levin, professor of economics at Dartmouth College in New Hampshire, referring to the long-deposed French monarchy’s official residence just outside Paris.”
It has also intensified speculation that President Trump may move to replace Powell before his term ends in 2026.
Front view of the courtyard of the Palace of Versailles, Versailles, France (Sebastian Luna via Pexels)
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