Blunt Urges Financial Services Committee Action On Audit The Fed Bill

Press Release

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

The bill, of which Blunt was an early cosponsor, requires the government's oversight arm to complete a full audit of the Federal Reserve by the end of 2010. The House Financial Services Committee heard expert testimony regarding the legislation during a hearing today.

"It's more important than ever to demand an increased level of transparency from all of our financial institutions in these uncertain economic times," Blunt said. "The Federal Reserve has taken extreme measures to deal with our economy and financial markets. Decisions made in secret must be explained."

"I urge my colleagues on the Financial Services Committee to send this 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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