Rep. Joe Barton (R-Ennis/Arlington) issued the following statement after voting for H.R. 459, the Federal Reserve Transparency Act. The Congressman is an original co-sponsor of the bill, which passed with bipartisan support by a vote of 327 to 98.
"This legislation will shine a light on what is going on behind closed doors at the Federal Reserve. The Fed has never been audited and my question from the beginning has always been, "What do they have to hide?' The Fed has a lot of power over monetary policy and its decisions affect us all. This bill will give the American people the long overdue transparency we deserve. I believe that this will ultimately result in a stronger economy and I urge my colleagues in the Senate to act quickly on this legislation."
H.R. 459 directs the Comptroller General to complete, before the end of 2012, an audit of the Board of Governors of the Federal Reserve System and of the Federal Reserve banks, followed by a detailed report to Congress.
It also repeals specified limitations on the audit. The chief sponsor and author of the bill is Rep. Ron Paul (R-TX).