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Federal Reserve Transparency Act of 2012

Floor Speech

Location: Washington, DC


Mr. AMASH. I would like to thank Chairman Issa and thank and congratulate Dr. Ron Paul for his tireless work on this issue for many decades.

Mr. Speaker, what is the Federal Reserve? I think even many Members of this body couldn't answer that question. And yet Congress has delegated its constitutional authority to this committee of bankers and Presidential appointees. To no institution in our country's history has Congress given so much power while knowing so little.

As our central bank, we've entrusted the Federal Reserve with managing inflation. That means the Fed can change the value of Americans' life savings, their retirement accounts and their mortgages. Lately, the Fed has taken on the role of ``lender of last resort.'' It has made unprecedented market interventions, promising billions of dollars to the country's largest financial institutions. When investors wouldn't buy mortgages, the Fed did. When creditors became wary of Congress' spending binge, the Feds stepped in.

Years ago, Congress enacted an audit statute, but it prevents an audit of monetary policy. The government's accountants understandably were outraged, saying they couldn't ``satisfactorily audit the Federal Reserve system without authority to examine the Fed's largest assets.''

Congress should be wary of all types of central planning. We should be especially vigilant against unaccountable groups that profoundly affect Americans' lives and liberty.

Pass this bill, and let's audit the Fed.


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