In a time when many community banks and mid-sized banks are being overregulated, U.S. Congressman Mike McIntyre announced that he voted for he Federal Reserve Transparency Act bill when it passed the U.S. House. McIntyre has been a supporter of the bill for many years and was pleased to lend his support to this measure.
Congressman McIntyre stated, "Our local banks have suffered and that causes a ripple effect in the community including harming small businesses which are our job creators! This is a strong step to ensure that our community banks are treated fairly by the Federal Reserve! More oversight and transparency to the Federal Reserve System is critical to our taxpayers, our economy, and our future! It is good news that this bill has passed, and we must keep working to making it the law of the land."
The Federal Reserve Transparency Act would remove existing restrictions on Government Accountability Office (GAO) audits of the Federal Reserve Board and Federal Reserve banks. The bill requires GAO to conduct an audit of all activities of the Board of Governors of the Federal Reserve System and Federal Reserve banks and report to Congress within 12 months of enactment. It would also require GAO to audit the Federal Reserve System's review of the loan files of homeowners who were in foreclosure in 2009 or 2010.