Sen. Rand Paul (R-KY) introduced legislation on Thursday that called for auditing the Federal Reserve. The senator’s proposal comes after Federal Reserve Chairman Jerome Powell has faced scrutiny for $2.5 billion in renovations he authorized for two Fed buildings in Washington, D.C.

Paul’s bill, the Federal Reserve Transparency Act, would require a complete audit of all of the Federal Reserve’s operational activities and mandate an enhancement of its decision-making through increased congressional oversight. The audit would be completed by the Comptroller General of the United States and include an inspection of “the Board of Governors of the Federal Reserve System and of Federal Reserve banks,” according to the bill. The audit would need to be completed in less than “12 months after the date of enactment” of Paul’s legislative proposal. 

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Paul’s proposal coincided with the release of the latest “Waste Report,” which highlights excessive and reckless spending of taxpayer money. This edition specifically highlighted expenditures by the Federal Reserve, particularly the financial impact of the aforementioned renovations. 

“No institution holds more power over the future of the American economy and the value of our savings than the Federal Reserve,” Paul said in a press release. “It’s long past time for Congress to stop shirking its duty and hold the Federal Reserve accountable.”

If approved, the Federal Reserve Transparency Act would necessitate a comprehensive analysis of the audit’s findings along with “such recommendations for legislative or administrative action as the Comptroller General of the United States may determine to be appropriate.” 

The audit report would be made available to the House Speaker, the majority and minority leaders in the House and Senate, the chairs and ranking members of House and Senate committees and subcommittees of jurisdiction, and other members of Congress who wanted to see it. It must be finalized no later than 90 days after its completion, according to the bill’s text. 

Paul’s bill is cosponsored by Sens. John Barrasso (R-WY), Ted Cruz (R-TX), and Rick Scott (R-FL).

Other Republican senators share Paul’s enthusiasm for auditing the Federal Reserve and believe it was a long-overdue imperative action.

“It is Congress’ duty to hold the Fed accountable,” said Sen. Marsha Blackburn (R-TN). “For too long, the Federal Reserve has operated behind closed doors while making decisions that impact the American economy. Throughout my service in Congress, I have worked to audit the Fed, and this legislation is necessary to shine a light on the Fed’s operations and provide transparency to Congress and American taxpayers.”

Sen. Todd Young (R-IN) echoed these sentiments. 

“I support this effort to provide more transparency to the American people and more insight into how the Federal Reserve operates,” Young said. “This bill is a common-sense step towards good government.”