Federal Reserve Transparency Act of 2012

Floor Speech

BREAK IN TRANSCRIPT

Mrs. BLACKBURN. I thank the gentleman from California for the time. And I want to commend the gentleman from Texas (Mr. Paul) for his excellent work on this issue.

Recently, I had a constituent say to me in a townhall meeting they thought it was time for Congress to start putting some mandates on the Federal Government. They're tired of government mandates on them. Why don't we mandate, why don't we hold them accountable?

This is a piece of legislation that does exactly that. It requires the GAO to conduct a full audit of the Board of Governors of the Federal Reserve System and of the Federal Reserve banks by the Comptroller General before the end of the year. That is significant. A timeline to do a job, to be held accountable to the people of this great Nation for how they spend their time, their money, the decisions they make that affect us.

It is imperative that we get this economy back on track. The actions that we will vote on today are part of that, having a Federal Reserve that is accountable--accountable to our constituents, accountable to the people of this Nation. I commend the gentleman for a move toward transparency and accountability.

BREAK IN TRANSCRIPT

Source