Congressman Tom Marino (R-PA) released the following statement after House passage of H.R. 459, the Federal Reserve Transparency Act of 2011, on Wednesday:
"I am proud to stand with my colleague, Rep. Ron Paul (R-TX) in support of H.R. 459. This legislation, which will allow the U.S. Government Accountability Office to conduct a full audit of the Federal Reserve's monetary policies and lending operations, is a much needed step towards increased government accountability and transparency.
"The Federal Reserve is one of the most secretive and powerful agencies in Washington. Unfortunately, in its nearly hundred-year existence, the Fed has kept American taxpayers in the dark about how its board of seven, unelected members decide how to dole out emergency lending, broker deals with foreign banks and governments, and manage our nation's monetary policies.
"It's time for the Federal Reserve to be held accountable, and it's time someone took a look at its $3 trillion balance sheet. We must continue to hold these government agencies responsible for their spending and we must continue to protect the American taxpayer."
Congressman Marino is one of 274 bi-partisan cosponsors of the Federal Reserve Transparency Act, and he voted in favor of the legislation on Wednesday when it passed the House 327-98 (Roll no. 513).