Blunt Urges Committee Action On Ron Paul Bill To Audit Federal Reserve

Press Release

Missouri Congressman Roy Blunt today applauded legislative movement on the Federal Reserve Transparency Act (HR 1207), which would eliminate restrictions on government audits of the Federal Reserve and provide greater transparency of the organization's operations.

"During these difficult economic times, it's more important than ever to demand an increased level of transparency from all of our financial institutions," Blunt, an early cosponsor of the legislation, said. "The Federal Reserve has taken extreme measures to deal with our economy and financial markets; decisions that have been made in secret must be explained."

The bill, which requires the government's oversight arm to complete a full audit of the Federal Reserve by the end of 2010, will be considered by the House Committee on Financial Services tomorrow.

"The hearing scheduled for tomorrow is an encouraging development. I urge my colleagues on the Financial Services Committee to approve this important effort at transparency and send the bill to the House floor for a vote," Blunt continued. "The sooner we get started with a full and thorough audit of the Fed's use of tax dollars the better."

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