Congressman Rob Bishop (UT-01) voted in support of the Federal Reserve Transparency Act of 2012 [H.R. 459], which passed today in the House with bipartisan support. Bishop is a co-sponsor of the measure, which would give the Government Accountability Office greater oversight over the Federal Reserve including the ability to conduct a full audit of the agency.
"The Federal Reserve, with its impact on the flow of credit and money in this country, obviously has a huge influence on our overall economy. We are in the midst of a serious economic crisis and Congress deserves to see a detailed report about the policies and workings of this agency. A full audit of the Fed based on openness and transparency, and without restrictions, will help guide decisions going forward and ensure that taxpayer dollars are managed appropriately," said Congressman Bishop.