Bill to Audit the Fed

Statement

I commend the Members of the U.S. House of Representatives for overwhelmingly passing H.R. 459, a requirement to Audit the Federal Reserve. Eighty-nine Democrats joined all but one Republican last week in a 327 -- 98 bipartisan vote. The bill enjoys a veto-proof majority in the House.

Shedding the light of day on the Federal Reserve has been part of my campaign for Congress. Last year's partial audit of the Federal Reserve occurred only because Congress required it by law. From this partial audit, the public learned that the Federal Reserve had extended $16 trillion of 0% interest loans, mostly to large banks, 2/3 of which were foreign based entities.

If we are serious about addressing our nation's spending crisis, transparency of the Federal Reserve has to be part of the equation.

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