Audit the Fed” Passes the House

07/31/2012 10:15

(WASHINGTON) – On Wednesday, the U.S. House of Representatives passed by a margin of 327-98 the Federal Reserve Transparency Act, also known as “Audit the Fed.” Congressman Tim Huelskamp is one of 274 cosponsors of the legislation. This legislation would allow the Government Accountability Office to conduct a full audit of the Federal Reserve. As it stands, the GAO is prohibited from auditing any transactions with or for foreign banks, governments, or international organizations; matters relating to monetary policy; and transactions made under the Federal Open Market Committee. If passed by the Senate and signed by the President, this bill would require a one-time audit within the next year.

“Transparency and accountability are absent from the Federal Reserve,” Congressman Huelskamp said. “Yet, the American people and our economy are affected – often negatively – by the Fed’s decisions to inflate our currency and bail out financial institutions. We can no longer be left in the dark about what goes on. In the wake of the Fed tripling its balance sheet to $3 trillion and loaning more than $16 trillion since 2008, the American people deserve to know how the nation’s central bank is or is not managing its congressionally-delegated authority to conduct America’s monetary policy. Auditors must have access to review and scrutinize the entirety of the Federal Reserve’s books, balance sheets, and meeting notes.”

Congressman Tim Huelskamp is a freshman representing the First District of Kansas.  He serves on the House Budget,

Agriculture, and Veterans’ Affairs Committees, and he is a member of the House Republican Study Committee.