Rep. Sandy Adams voted today in support of a measure to increase transparency at the United States Federal Reserve. The legislation, the Federal Reserve Transparency Act of 2011, also known as the Audit the Fed Bill, was authored by Rep. Ron Paul (TX-14) and would require a full audit of the Board of Governors of the Federal Reserve System and the Federal Reserve banks by the Comptroller General of the United States before the end of 2012. Adams is a co-sponsor of the measure that passed the House today on a bipartisan vote of 327-98.
"I view the word representative as a job description, not a title, and I share the concerns of Central Florida families and small businesses about recent monetary actions by the Federal Reserve. Whether it is secret loans to prop up failing banks, or yet another round of money printing, we understand the need for increased transparency and oversight of the Federal Reserve. Congress must ensure the federal government is implementing rules and legislation that are in the best interest of the United States, and that includes effective oversight of a regulatory agency that has power over trillions in American currency. With the unprecedented fiscal measures implemented by the Federal Reserve over the past few years, it is imperative Congress take steps to ensure our tax dollars are being utilized in the appropriate manner, something that cannot be determined without an audit. I am proud to support this commonsense legislation and I encourage the Senate to bring it up for a vote."