On the recordJuly 24, 2012
The ability to provide oversight of the Federal Reserve's dealings is hindered by current law that prohibits the Government Accountability Office from auditing aspects of the Bank's activities including monetary policy matters and transactions with foreign entities. H.R. 459 would remove these and other restrictions on GAO audits of the Federal Reserve, increasing transparency. It defies common sense that there is currently no full oversight over the Federal Reserve, which sets the monetary policy that impacts every American citizen and holds a balance sheet of $3 trillion. H.R. 459 will increase transparency of the Federal Reserve by allowing a full audit of all aspects of the bank's dealings including the decision- making behind its monetary policy. The ability to fully audit the Federal Reserve is long overdue, and this bill is a victory for all who strive for a more transparent government.
