Lance Votes To Audit The Fed

Press Release

Congressman Leonard Lance (NJ-07) today praised House passage of H.R. 24, the Federal Reserve Transparency Act, which will require government audits of Federal Reserve monetary policy, as well as scrutinize figures the central bank has lent and will lend to specific banks.

"Americans deserve to know how their money is being lent and spent by the Federal Reserve. I believe this long overdue measure will bring much-needed transparency and accountability to our government's finances and potentially eliminate waste. Today's strong bipartisan vote demonstrates great interest in the strong fiscal health of our Nation's monetary policy," said Lance, a cosponsor of the measure which passed with a strong bipartisan majority of 333 to 92.

The Seventh District lawmaker has long supported an audit of the Fed. Lance, then a member of the House Financial Services Committee, joined former colleague Congressman Ron Paul (TX-14) and others in passing legislation 327 to 98 in the 112th Congress to require an independent audit of the Board of Governors of the Federal Reserve and the Federal Reserve banks. The U.S. Senate failed to consider the bill despite its strong support in the House.

"Today's overwhelming bipartisan support should send a clear message to our friends in the U.S. Senate that it is time to ensure the Fed is held to the same reporting standards as the rest of the federal government," concluded Lance.

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