Today, U.S. Congressman Phil Roe, M.D. (TN-01) released the following statement on passage of the bipartisan H.R. 459, the Federal Reserve Transparency Act of 2011:
"Openness and transparency have been victims in government proceedings, especially when it comes to the financial crisis. Backroom dealings do not result in better legislation, and the American people are rejecting this method of governance. That is why I am proud to cosponsor and support passage of the Federal Reserve Transparency Act because this legislation will allow a much needed audit of the Federal Reserve.
"Since the financial crisis first started, the Federal Reserve has tripled its balance sheet to $3 trillion. Over the course of the financial crisis, it lent out nearly $16 trillion, which is more than the GDP of the economy. The actions of the Federal Reserve affect all Americans, and hardworking taxpayers have a right to know where and how their money is being spent."
The Federal Reserve Transparency Act would allow the Government Accountability Office - Congress' investigative arm - to audit the Federal Reserve. This legislation also requires a one-time audit within 12 months of enactment.