Today, Congressman Bob Latta (R-Bowling Green) voted in favor of H.R. 459, the Federal Reserve Transparency Act, sponsored by Congressman Ron Paul (R-TX), which will remove current restrictions on how the non-partisan Government Accountability Office (GAO) can audit the Federal Reserve and allow for a complete audit of the Fed. Under current law, a full audit from the GAO is prohibited, specifically on agreements with foreign central banks and governments and monetary policy operations.
"Since 2008, the Federal Reserve, an unelected central bank, has lent nearly $16 trillion in a series of bailouts and economic interventions. While its monetary policy decisions affect every American, the Federal Reserve remains unaccountable to the American taxpayers and to Congress," said Congressman Latta.
Monetary policy decisions and agreements with foreign central banks make up the bulk of the Fed's operations, but are exempt from audit. This bill would require a one-time, full audit to be completed by GAO and for a report to be submitted to Congress within 12 months of its enactment.
"As our national debt continues to spiral out of control, the American people deserve greater transparency into the Fed's monetary policy decision process and it should be held accountable to the American taxpayers," Latta concluded.
The bill is cosponsored by Congressman Latta and has over 250 bi-partisan cosponsors.