Today Congressman Dan Lungren (R-Gold River, Ca) voted for H.R. 459, the Federal Reserve Transparency Act. The bill, which Lungren co-sponsored, would require the Government Accountability Office (GAO) to audit the Federal Reserve within 12 months. It passed by a vote of 327-99. Lungren gave the following statement:
"The Federal Reserve was created to stabilize the country's financial and monetary system as well as make it more flexible. Since its inception in 1913 the Federal Reserve's role has expanded dramatically. The Federal Reserve has made trillions of dollars in asset purchases and works closely with other central banks around the world. It is important to have some level of transparency to shed sunlight on this important institution within our economic system."