Two congressmen introduced the Federal Reserve Accountability and Transparency Act in order to increase oversight of the Federal Reserve.

Monetary Policy and Trade Subcommittee Vice Chairman Bill Huizenga, R-Mich., and Capital Markets and Government Sponsored Enterprises Subcommittee Chairman Scott Garrett, R-N.J., released the fed reform legislation, which includes a pathway to audit the Fed and enhances the Federal Reserve’s accountability to Congress.

"Over the past several years, the Federal Reserve has gained unprecedented power, influence and control over the financial system while remaining shrouded in mystery to the American people," said Huizenga. 

"H.R. 5018 lifts this veil of secrecy by increasing accountability and transparency by limiting Fed officials 'blackout periods' to discuss policy with Congress, opening the rulemaking process, and requiring the Fed to provide a cost-benefit analysis for every regulation it issues,” he added.

Included in the bill, the Federal Reserve is required to conduct cost-benefit analysis when it adopts new rules.