Today, Congressman Diane Black (R-TN) released the following statement after the bipartisan passage of HR 459, The Federal Reserve Transparency Act, which would require the Government Accountability Office to conduct a full audit of the Federal Reserve and submit a report to Congress within 12 months of enactment. Rep. Black is a cosponsor of HR 459.
"It is unacceptable that the Federal Reserve's most costly decisions impacting the lives of every American are currently exempt from Congressional oversight and public scrutiny. The House of Representatives and the public overwhelmingly support a complete audit of the Federal Reserve. Today, the House-passage of the Federal Reserve Transparency Act sends a message loud and clear to the Democrat-controlled Senate to take action on this common-sense and much-needed piece of legislation.
From lending billions of dollars to central banks to purchasing questionable assets from favored financial institutions, the role of the Federal Reserve has expanded in unprecedented and dangerous ways. With the prospect of further quantitative easing and European bailouts, transparency and accountability have never been more necessary."