Congressman Kenny Marchant (TX-24) released the following statement after he voted for and the House passed H.R. 459, the Federal Reserve Transparency Act by a vote of 327 to 98.
"Today the House passed the Federal Reserve Transparency Act with strong bipartisan support. This bill provides for a full audit of the Federal Reserve System by the Comptroller General followed by a detailed report to Congress. Passage of this legislation is an important step in increasing transparency and providing the American people with a better understanding of the Federal Reserve's decision-making. Passage of this legislation could not have come at a better time. After several years of the Fed's heightened intervention in the economy, Congress and the American people ought to know more about its actions. This is an institution made up of unelected bureaucrats who have vast -- and until now -- largely unchecked powers to make monetary policy. I applaud my House colleagues for supporting this important bill and thank Congressman Paul for his many years of work on this issue."