Ellmers Statement on Passage of "Audit the Fed" Legislation

Statement

Congresswoman Renee Ellmers released the following statement from her office in Washington this afternoon:

"Today's passage of the Federal Reserve Transparency Act of 2012 is a milestone for transparency and accountability in our federal government and the power it wields. The Federal Reserve holds unrivaled control over our nation's economy and has been conducting its affairs with little obligation to hardworking American taxpayers. I am proud to support this bill and call on leaders in the Senate to allow their members to vote on its passage."

Key Provisions in H.R. 459 The Federal Reserve Transparency Act of 2012:

Allows GAO to conduct a full audit of the Fed

Removes four restrictions on GAO audits of the Federal Reserve which pertain to monetary policy, allowing for a full audit of the Fed.

Requires a one-time audit within 12 months.

Requires a one-time audit to be completed by GAO and a report submitted to Congress within 12 months of enactment.

Additional audits can be performed in future without restrictions on what GAO can examine.

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