U.S. Congressman Tom Cole (OK-4) released the following statement after House passage of H.R. 459, the Federal Reserve Transparency Act. This legislation would allow the Government Accountability Office (GAO) to conduct a full audit of the Fed and report its findings within 12 months. Under current policy, the GAO is unable to audit Fed activities related to monetary policy matters or transactions for or with foreign central banks, governments, and international organizations.
"For far too long the Federal Reserve has operated under a veil of secrecy and without proper oversight. This government agency has enormous influence over the nation's economy and over the finances of every single American. Greater scrutiny and transparency are appropriate to guard against excessive intervention in our monetary policy. This bill reasserts congressional oversight and will help shine the light of day on an agency that has become too accustomed to operating in the shadows."