(WASHINGTON)–On a bipartisan voice vote the House Oversight and Government Reform Committee advanced H.R. 459, the Federal Reserve Transparency Act, introduced by Rep. Ron Paul, R-Texas. The bill is supported by a bipartisan coalition of more than 220 Democratic and Republican members of the House.
Chairman Issa said, “President Reagan’s first OMB director recently pointed out it took 93 years for the federal reserve to build a balance sheet of $900 billion dollars, but only seven weeks to add the next $900 billion after Lehman crashed in 2008. The Fed’s balance sheet now stands at nearly $3 trillion. It is long past time for a real audit.”
“The public has a right to know how government spends taxpayer dollars and they have a right to know how government agencies—especially the Federal Reserve—leverage that revenue to create trillions in new debt. This measure will bring vital transparency to long-secret Federal Reserve activities affecting public interests,” Chairman Issa added.
The bill is anticipated to be voted on by the full House of Representatives later this summer. During the Committee mark-up on the legislation, Rep. Dennis Kucinich (D-OH) spoke prominently in support of the measure citing a desire for greater transparency in government operations.
Additional information on the hearing and legislation is available here.