Newsletter: Long's Short Report - Time to Audit the Fed

Press Release

I supported legislation to audit the Federal Reserve because the public is owed a greater understanding of the Federal Reserve's activities. A number of questions have arisen about the internal operations and lack of transparency of the Federal Reserve System. An audit would ensure that the Federal Reserve is held accountable to taxpayers for its actions.

The Federal Reserve Transparency Act (H.R. 24) would give Congress and the public greater understanding of the Federal Reserve's activities and increase accountability. On September 17, 2014, my House colleagues and I voted to pass this bipartisan legislation by a vote of 333-92.

The Federal Reserve Transparency Act would require the Government Accountability Office (GAO) to audit the Federal Reserve, opening Federal Reserve operations to enhanced scrutiny and congressional oversight in an effort to provide taxpayers with a greater understanding of the Federal Reserve's activities. The information revealed in an audit could then provide the basis for additional reforms to the Federal Reserve System.

The Constitution of the United States charges Congress with the duty to coin money and regulate its value. Since the Federal Reserve Act of 1913, Congress has chosen to do this through the Federal Reserve System. Since that time a number of questions have arisen about the internal operations of the Federal Reserve, and many people have expressed concerns that Congress has delegated too much of its responsibility to the Federal Reserve. I believe it is important for the United States to maintain a strong and stable currency on which our economy can rely.

It is imperative that the Federal Reserve be held accountable for its actions. An audit of the Federal Reserve will provide taxpayers with the transparency they have been demanding.

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