Congressman Tom Reed voted this afternoon in favor of legislation requiring a full audit of the Federal Reserve. "It's a simple matter of transparency in government," Reed said. "There is absolutely no reason why the Federal Reserve's balance sheet and liabilities should be hidden from the public. The financial health of the Federal Reserve impacts every taxpayer."
The law removes restrictions on the ability of Government Accountability Office to fully audit the Federal Reserve and would require a full audit within one year. The "Fed" has tripled its balance sheet to $3 trillion since 2008, when the current economic crisis began.
A bipartisan majority passed the legislation; it now moves on to the Senate for consideration.