Today, Congressman Sullivan voted in support of H.R. 459, the Federal Reserve Transparency Act of 2011. This legislation, of which Sullivan is a proud cosponsor, would require the GAO to complete a full audit of the Federal Reserve and its banks, followed by a detailed report to Congress. Following House passage of the bill, Sullivan offered the following statement:
"This legislation is all about openness and transparency -- today we sent a clear message that the American people deserve to know the truth about what is going on inside the Federal Reserve. The Fed has almost complete control over the movement of money and credit, and their monetary policy decisions play a key role in our economy, affecting every single American -- therefore, it's important that we open up the books so the American people can see the details of its operations and how decisions are made. Alarmingly, the Fed has lent out nearly $16 trillion over the course of the financial crisis--and taxpayers deserve to know how that money has been spent. Auditing the Fed will not solve our financial crisis, but it is a critical first step towards diagnosing the problem."