Political Quotes

“Mr. Speaker, I yield myself such time as I may consume. I rise, Mr. Speaker, in opposition to H.R. 24. Let me be clear. I support transparency surrounding the operations of the Federal Reserve. Transparency helps ensure that the Federal Reserve is implementing policies that will achieve the objectives given to it by Congress: supporting maximum employment, price stability, and moderate, long-term interest rates. I emphasize, however, that the Federal Reserve has been subject to audit since 1978. Further, the Dodd-Frank Wall Street Reform and Consumer Protection Act, which I supported, significantly expanded the authority of the Government Accountability Office to examine the Federal Reserve's operations. It also required the Federal Reserve to make public a wider range of data than it had previously disclosed. For example, Dodd-Frank authorized GAO to begin auditing discount window operations and required the Federal Reserve to begin releasing information about emergency credit transactions and discount lending programs. Critically, however, Dodd-Frank ensured that transparency surrounding the Fed's operations was expanded in a way that would not compromise the Fed's ability to review and alter monetary policy without fear that its internal deliberations would be made public. Mr. Speaker, if enacted, this bill would severely curtail the independence that has been a hallmark for the Federal Reserve and has been essential to its ability to strengthen our country.…”