WASHINGTON, D.C. – U.S. Senator Rand Paul today sent a letter to the inspector general of the Federal Reserve (Fed) outlining his concerns with lobbying by the Fed and its officials against legislation to bring transparency to the Fed. This letter comes on the heels of new legislation announced last week by Sen. Paul, the Bring Accountability Now to the Fed Act, which would prohibit lobbying by the Fed and Fed officials.
 
A copy of the letter can be found below.
 
LETTER TEXT:
 
Mark Bialek
Inspector General
Office of Inspector General
Board of Governors of the Federal Reserve System
20th Street and Constitution Avenue NW
Mail Stop K-300
Washington, DC 20551
 
Dear Inspector General Bialek,
 
I am troubled that the Board of Governors, as well as Board members and employees, appear to be lobbying Congress and the public against legislation pending before Congress to bring greater transparency and accountability to the Federal Reserve. The Federal Reserve, as an entity of the government and operating under authority granted by Congress, should not use its funds to lobby members of Congress or influence Congress’s efforts to create a more transparent and fundamentally sound monetary policy.
 
I request your office investigate whether the Board, any Board members, or Board employees have engaged in improper or illegal lobbying, as well as respond to the following questions:
 
1.    How much does the Federal Reserve spend on public relations?
2.    How much does the Federal Reserve spend on lobbying Congress?
3.    How much does the Federal Reserve spend on conferences, travel, or
       other entertainment?
 
                                                            Sincerely,
 
                                                            Sen. Rand Paul