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Public Statements

Federal Reserve Transparency Act of 2012

Floor Speech

Location: Washington, DC


Mr. CLAY. Mr. Speaker, I rise in support of H.R. 459. This bill directs the Comptroller General to conduct an audit of the Federal Reserve.

Since 1982, the GAO has had authority to audit the Federal Reserve Board and Bank, subject to exceptions for monetary policy-related decisions and activities.

In 2009, Congress provided authority for the GAO to audit actions by the Fed under section 13(3) of the Federal Reserve Act to lend to any single and specific partnership or corporation, notwithstanding the generally applicable monetary policy-related exceptions.

In 2010, the Dodd-Frank Wall Street Reform Act added new audit authorities. In addition, GAO has conducted a number of other reviews of Federal Reserve activities; but we need a full audit, and I urge my colleagues to vote for the bill.


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