On the recordJuly 24, 2012
I thank the gentleman for yielding, and I thank Dr. Paul for his leadership on this very important issue. Mr. Speaker, the Federal Reserve lent out $16 trillion during the fiscal crisis. That's larger than the entire U.S. economy--or worse, our Federal debt. Trillions of taxpayer dollars, and we have very little understanding of where it went. Congress holds the purse, but we have no oversight over how the Fed manages the funds. This is why I've cosponsored a bipartisan effort to audit the Fed in full. It's our responsibility. Current monetary policy audits of the Fed are insufficient. Most Fed operations consist of transactions with foreign central banks, and yet they are exempt from review. When corruption is suspected, a common refrain is: follow the money. With the historic sovereign debt crisis brewing in Europe, we must look closely at our own balance sheet. We must follow the money. As a CPA, I know we need more transparency in Washington. It should start with the Federal Reserve. {time} 1550
