Rep. Tom Graves (R-GA-09) released the following statement today, after voting for H.R. 459, the Federal Reserve Transparency Act of 2011, which effectively audits the Federal Reserve. The Federal Reserve's financial statements are audited annually, but the Fed's monetary policy operations are exempt from audit. H.R. 459 requires a full audit of the Federal Reserve, including the Fed's open market operations, which determine interest rates. The bill would require the Government Accountability Office (GAO) to conduct the first thorough audit of the Federal Reserve in the central bank's nearly 100-year history.
"This legislation represents a significant opportunity for transparency. The Federal Reserve's role in changing the monetary supply, and its ability to affect the value of the dollar, is so significant to the American economy that the Fed should not be cloaked in secrecy and immune to Congressional oversight. The American people have the right to know exactly what the Fed is doing with their money."