Sean Patrick Maloney: “our bipartisan amendment clarifies the intent of Congress that the Government Performance and Results Act should apply…”

“our bipartisan amendment clarifies the intent of Congress that the Government Performance and Results Act should apply to the Federal Reserve System. The Federal Reserve has disputed this legal interpretation, but has so far agreed to voluntarily comply with all requirements of the Results Act. This amendment would simply make the congressional intent on coverage clearer. This Congress, when they enacted this, intended it to cover all agencies. The Federal Reserve has claimed that they are unique because they are off-budget and so-called independent, yet all other independent agencies are covered, such as, to give two examples, FDIC and Social Security. The statutory language and history surrounding the Federal Reserve Act of 1913 makes it clear that the Federal Reserve is a creature of Congress and a Federal agency for all intents and purposes. I believe, as well as the Office of Management and Budget and the General Accounting Office, that the Results Act does cover the Fed and, if fully implemented, would help improve Fed operations.”