U.S. Congressman Frank A. LoBiondo (NJ-02) today voted in favor of H.R. 459, the "Federal Reserve Transparency Act," introduced by Representative Ron Paul (TX-14) which would require the Government Accountability Office (GAO) to audit the Federal Reserve's Board of Governors and 12 regional banks and the subsequent report be issued to Congress with any recommendations for legislative or administrative action. LoBiondo was an original cosponsor of the legislation which passed the House by a vote of 327 to 98.
"This good government legislation that would shine the light on critical monetary policies being debated and decided behind closed doors by a select few is long overdue," said LoBiondo. "I strongly support greater transparency so that the American people have a factual and complete picture of the nation's financial institutions."
The bipartisan "Federal Reserve Transparency Act" would also eliminate some of the existing restrictions on Federal Reserve audits, including those on transactions with foreign banks and governments, deliberations over monetary policy, and communications between board members.
The legislation now moves onto the Senate for consideration.