Today Congressman Scott Rigell voted for and the House passed H.R. 459 to require a full audit of the Board of Governors of the Federal Reserve System and the Federal Reserve banks by the Comptroller General of the United States before the end of 2012.
"We must hold every aspect of government accountable for the way it spends our tax dollars," said Rigell, who cosponsored the legislation. "Like so many Americans, I find it deeply troubling that the Federal Reserve has not been audited since its inception in 1913. It is time for that to change."
Under current law, the Federal Reserve System is exempt from being audited. H.R. 459 removes that exemption and replaces it with the requirement for an audit prior to the end of December 2012. Further, it ensures that the results of the audit are available for Congress to evaluate.