Today, U.S. Representative Jim Renacci (OH-16) released the following statement on his intent to vote in favor of H.R. 459, Rep. Ron Paul's "Audit the Fed" bill:
"Since the 2008 financial crisis, the Federal Reserve has nearly tripled its balance sheet to $3 trillion. That's the equivalent of 20 percent of the entire American economy. Yet the Fed has never allowed a full review of its monetary policy and agreements with foreign central banks -- both of which make up the bulk of its operations. Actions taken by the Fed affect every single American. I support this bill and co-sponsored it because I agree with Dr. Paul that the American people deserve full transparency at the Federal Reserve."
If signed into law, H.R. 459 would require a full audit of the Federal Reserve to take place within 12 months of the bill being enacted. It would also permanently remove restrictions on all future audits.
Rep. Renacci is serving his first term in the U.S. House of Representatives, where he is a member of the Financial Services Committee. Prior to his election he worked as a Certified Public Accountant in the health care industry, and owned and operated over 60 other businesses in the automotive and sports management fields.