U.S. Rep. Rodney Alexander, R-Quitman, today released the following remarks after the House passed H.R. 459, the Federal Reserve (Fed) Transparency Act of 2011, or more famously known as "Audit the Fed."
"Here's the problem: Congress has constitutional authority over the nation's money, which it has entrusted to the Fed; however, under current law, Congress is prohibited from examining how the Fed manages these funds. This bill passed today solves this problem by allowing the Government Accountability Office to conduct a full audit of the Fed, yielding the transparency rightfully granted to Congress under the U.S. Constitution.
"As an alternative to allowing continued investments in companies deemed too big to fail and an unprecedented series of economic interventions, how about we hold them accountable? The proposal--introduced by Rep. Ron Paul with a long list of bipartisan support, including my own--requires a full audit of the Federal Reserve, providing taxpayers a clear report of how their hard-earned dollars are being used by an institution that has vast and mounting influence over our country's economy.
"Tax dollars are sent to Washington in full faith that the federal government will act as good stewards to promote, protect, and provide for the public. Instead, the Fed lent out nearly $16 trillion throughout the financial crisis, which is more than the size of our entire economy. Needless to say, the Fed's decisions affect every American citizen as they are responsible for footing the bill. Our nation's financial backers are counting their losses and have been for some time."