U.S. Senator Dean Heller (R-NV) issued the following statement following House passage of the Federal Reserve Transparency Act of 2011 (H.R. 459).
"The Federal Reserve is a major influence over our country's economy, and the ability to audit this institution would bring much-needed accountability. It is essential that Congress exercise its constitutional responsibility to conduct oversight and scrutinize monetary policy in an open and transparent way. I am a strong supporter of this bill, and I hope the Senate will take action on this legislation," said Senator Heller.
The Federal Reserve Transparency Act requires the Government Accountability Office (GAO) to conduct a full audit of the Federal Reserve within one year. In the past, Senator Heller has been a supporter of auditing the Federal Reserve. He was a cosponsor of H.R. 459 when he was in the House and is currently a cosponsor of the Senate companion bill (S. 202).