Mr. MARCHANT. Mr. Speaker, I rise today as an original cosponsor of the Federal Reserve Transparency Act of 2011, authored by my colleague from Texas, Ron Paul. I commend Congressman Paul for his years of diligence in pursuing this issue. It has long since been time for the Federal Reserve to commit to an audit.
This legislation requires the Comptroller General to complete an audit of the Federal Reserve Board of Governors and of the Federal Reserve Bank. Many of my constituents have been calling and writing and asking me for this significant new transparency of the Federal Reserve. I agree with them on the urgent need for accountability. This legislation is an important step forward in achieving that goal.
I urge all of my colleagues to join me in supporting the Federal Reserve Transparency Act.