Representative Massa Reaches Across The Aisle To Congressman Ron Paul

Press Release

Today Congressman Eric Massa (D-NY) reached across the aisle to co-sponsor The Federal Reserve Transparency Act, H.R. 1207, which is being presented by Congressman Ron Paul (R-TX). This bill has many objectives, but its primary goal is to deliver transparency and accountability of the Federal Reserve to the American public.

The Federal Reserve Transparency Act eliminates restrictions on General Accounting Office (GAO) audits of the Federal Reserve and opens Fed operations to enhanced scrutiny. This would open up the Fed's funding facilities, such as the Primary Dealer Credit Facility, Term Securities Lending Facility, and Term Asset-Backed Securities Lending Facility to Congressional oversight. Additionally, audits could include discount window operations, open market operations, and agreements with foreign central banks, such as the ongoing dollar swap operations with European central banks. By opening all Fed operations to a GAO audit and calling for such an audit to be completed by the end of 2010, the Federal Reserve Transparency Act would achieve the much-needed transparency of the Federal Reserve System.

"The Federal Reserve Transparency Act is common sense legislation and I am happy to help lead the effort to pass this bill," said Congressman Eric Massa. "I want to thank Congressman Ron Paul for presenting this bi-partisan legislation to bring greater transparency and accountability to the Federal Reserve. The American public deserves to know what the Fed is doing and by opening all Fed operations to the General Accounting Office, we will gain the ability to see their actions in the light of day."

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