U.S. Representative Rob Woodall (R-GA-07) issued the following statement in support of H.R. 459, the "Federal Reserve Transparency Act," which passed the House on Wednesday, July 25, by a vote of 327 -- 98.
"The Federal Reserve is an oft-cited source of confusion and uncertainty for the American people. With the Federal Reserve's increasing influence in our nation's monetary policy, hundreds of my own constituents have called on me to express their concerns about what goes on behind its closed doors. We need to hold this entity, which has so much power over the nation's economic welfare, as accountable as possible. I am a proud co-sponsor of H.R. 459, and am pleased that the majority of my colleagues feel as strongly as I do about ensuring the Federal Reserve operates with transparency and accountability. The people--from whom all federal authority flows--deserve an opportunity to understand the Federal Reserve's operations and how this decision-making affects our nation's fiscal well being."