Rep Tim Walberg voted in favor of H.R. 459, the Federal Reserve Transparency Act to permit a full audit of the United States Federal Reserve by the Government Accountability Office (GAO). The bill passed by a bipartisan vote of 327 to 98.
H.R 459 would remove restrictions on GAO audits of the Federal Reserve including transactions for or with foreign entities, policies that affect monetary policy and transactions made under the direction of the Federal Open Market Committee. The legislation would also require a one-time audit to be completed by the GAO and a report submitted to Congress within a year.
"Americans deserve to know how their tax dollars are being spent by the Federal Reserve. Since the 2008 financial crisis, the Federal Reserve has tripled its balance sheet to $3 trillion yet continues to operate without proper oversight. The Federal Reserve Transparency Act will provide Congress and the American people with the oversight they deserve," said Rep Walberg following the vote.