On Wednesday, July 25, 2012, Representative Scott DesJarlais, M.D. voted in favor of H.R. 459, the Federal Reserve Transparency Act of 2011, introduced by Representative Ron Paul (TX-14). This legislation would remove restrictions on Government Accountability Office audits of the Federal Reserve pertaining to monetary policy and requires a full audit to be completed by GAO and submitted to Congress within 12 months.
“Our constitution is clear that Congress has authority over our nation’s monetary policy,” said Rep. DesJarlais. “Since the 2008 financial crisis, the fed has lent out nearly $16 trillion through a series of bailouts, loans to foreign governments and other economic interventions. Clearly, there is a critical need for transparency to ensure that decisions are being made that do not jeopardize our nation’s economy. I applaud my colleague, Rep. Paul, for his ongoing efforts in addressing this issue and hope that the Senate will act quickly to pass this bipartisan legislation.”
This legislation passed the United States House of Representatives with a vote of 327-98.
Congressman Chuck Fleischmann made the following remarks after voting for H.R. 459, the Federal Reserve Transparency Act.
“Between purchasing toxic assets during the 2008 financial crisis, to the current purchase of trillions of dollars of US debt, it is clear that the Federal Reserve faces significant exposure that could harm our economy. An audit of the Fed is desperately needed to provide transparency to Congress and the American people. With the Federal Reserve pumping over $65 billion into the European economy, it is long past time that we examine the fed’s role in our financial system.”
Rep. Fleischmann is also a cosponsor of H.R. 459.