Federal Reserve Transparency Act of 2012

Floor Speech

Mrs. MILLER of Michigan. Mr. Speaker, in America we believe in freedom, in democracy and in the belief that in this country the people rule. And in order for the people to rule responsibly they must have knowledge and information about the handling of our economy.

Unfortunately, the American people are denied the basic information they need on one of the most important pillars of our economy, the Federal Reserve.

Today the Federal Reserve operates in secrecy. It creates money out of thin air, it can make purchases of questionable assets from friendly Wall Street firms and it can loan hundreds of billions of dollars to foreign governments and central banks--all out of the sight of the American people and even policy makers in Washington.

It is time to lift the veil of secrecy by passing H.R. 459, the Federal Reserve Transparency Act.

This bill will allow for a thorough audit of the Fed, including transactions with foreign governments, central banks and the decision making process in setting monetary policy.

We should never fear transparency in a free society--it is vital--and we should embrace it. Today I urge my colleagues to join me in supporting this bill which provides for a long overdue audit of the Fed.

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