Alaskan Congressman Don Young voted today for H.R. 459, the Federal Reserve Transparency Act -- a bill that would authorize a complete audit of the United States Federal Reserve by the Government Accountability Office (GAO). This bill requires the GAO to conduct such an audit within 12 months of the enactment date of this law and deliver the report to Congress within 90 days of the completion date.
"The American people deserve to know what the Fed is doing -- especially when they're using taxpayer dollars," said Rep. Young. "Whether we're talking about monetary policy, interest rates or even executive compensation -- the Federal Reserve's reach into both the financial and banking sectors has grown tremendously in the last few years. Congress has an oversight responsibility and considering the GAO regularly inspects other government entities, there is no reason why they should not conduct a full audit of the Federal Reserve."
"I want to especially thank my good friend Congressman Ron Paul for his tireless work on Federal Reserve issues and congratulate him on passing this critical legislation today."
H.R. 459 passed the House overwhelmingly with a bipartisan vote of 327-98.