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Public Statements

Federal Reserve Transparency Act of 2012

Floor Speech

By:
Date:
Location: Washington, DC

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Mr. MICA. Mr. Speaker, I rise in strong support of legislation that will provide greater transparency within our Federal Reserve System.

H.R. 459, the Federal Reserve Transparency Act, requires an audit of that agency. As a cosponsor, I urge my colleagues to join me in voting for this crucial piece of legislation. In order to get our financial house in order, we must take all necessary steps to ensure the Federal Reserve, which sets the conditions for the free market to thrive; is operating in the most efficient manner possible. The auditing of the Federal Reserve is the first step in inspecting this important level of government for financial and regulatory waste and inefficiency.

It was recently revealed that the New York District Federal Reserve had previous knowledge of dangers threatening our financial markets before the financial market collapsed in 2007. The New York Fed, led then by Treasury Secretary Timothy Geithner, had knowledge that certain rates were being manipulated but failed to act. Auditing the Federal Reserve will pinpoint responsibility, foster accountability and provide Congress and the American people with transparency over this powerful Federal entity. Our Nation's central bank should not be exempt from financial audit, especially with the immense financial power it controls. In its hands lies the fate of our country's financial stability.

As I have worked to uncover waste throughout government as Chairman of the House Transportation Committee and as a senior member of the House Oversight and Government Reform Committee, I must insist that our Nation's financial operators be subject to the same level of scrutiny. An audit is the first positive step in that direction, and I will continue to work for passage of the Federal Reserve Transparency Act.

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