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Public Statements

Federal Reserve Transparency Act of 2012

Floor Speech

By:
Date:
Location: Washington, DC

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Mr. FARENTHOLD. Mr. Speaker, the Constitution grants us the power to coin money and regulate the value thereof, and we've delegated this to the Fed. Unfortunately, we've tied our hands behind our back with respect to seeing what they're doing, and it's our duty to conduct oversight. A moment ago, Mr. Frank said the audit was just fist pounding and chest pounding. I disagree. It's the first step. It is our doing our homework to determine what needs to be done to reform the Fed.

Chairman Bernanke said this bill would be a ``nightmare scenario'' of political meddling in monetary affairs. I disagree. I think the current situation is a nightmare scenario in unaccountable government. As Justice Brandeis said, ``Sunshine is always the best disinfectant.'' As a member of the Oversight and Government Reform Committee, we demand transparency from agencies like the GSA, the TSA, and other Fed agencies.

I join my friend and neighbor in Congress, Dr. Paul, in demanding for the American people that sunshine be shined into the Fed and this audit be conducted. I urge my colleagues to support this bill because the American people have a right to know.

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