U.S. Rep. Mike Rogers, MI-08, issued the following statement today after voting to fully audit the Federal Reserve by the end of 2012 by passing the bipartisan Federal Reserve Transparency Act.
"The value of every dollar in our pocket goes down every time the Federal Reserve prints more money, resulting in a diminished ability to purchase everything from appliances to groceries because the dollar can't buy what it did in the past.
"Despite the impact of the Federal Reserve on every single American's money and daily life, it is the most secretive agency in the entire federal government. As Chairman of the House Intelligence Committee, I have found it to be less transparent than our nation's premier intelligence-gathering organizations, including the Central Intelligence Agency.
"It's long overdue for the Fed to come clean to Congress and the general public about how it uses taxpayer dollars to set interest rates, the extent of its Quantitative Easing program that could lead to a spike in inflation, and how the Fed reaches agreements with the central banks of other nations. Almost 100 years of printing money at will with no accountability is long enough."