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Press Release Published: Jun 27, 2012

Oversight Committee Advances Bills on Federal Reserve Auditing, Spending Transparency, Federal Worker Accountability and Jobs for Veterans

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WASHINGTON- The House Oversight and Government Reform Committee advanced several pieces of legislation to improve transparency of federal spending, accountability of federal employees, and federal job opportunities for veterans.

“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,” Committee Chairman Darrell Issa, R-Calif., said in a statement released earlier today on the passage of H.R. 459.

The Committee approved the following bills by voice vote:

• H.R. 459, the Federal Reserve Transparency Act, introduced by Rep. Ron Paul, R-Texas. On a bipartisan voice vote the House Oversight and Government Reform Committee advanced the legislation which would open the Federal Reserve to a full Government Accountability Office audit. The legislation was amended to update the timeline for implementation and to include an audit of the review of loan files of homeowners in foreclosure in 2009 and 2010 required as a part of the enforcement actions taking by the Board of Governors of the Federal Reserve System.

• H.R. 4155, the Veteran Skills to Jobs Act, introduced by Rep. Jeff Denham, R-Calif. The legislation will ensure that military training is taken into account when veterans apply for a federal occupational license.

• H.R. 4631, the Government Spending Accountability and Transparency Act (GSA Act), introduced by Rep. Joe Walsh, R-Ill. The legislation caps federal non-military travel spending at 70% of Fiscal Year 2010 levels, and requires detailed itemized report of federal conference spending.

• H.R. 6016, the Government Employee Accountability Act, introduced by Rep. Mike Kelly, R-Pa. The bill provides additional tools for agencies to use when their senior executives have engaged in serious or flagrant misappropriation of funds, misconduct, neglect of duty, or malfeasance, and to take prompt action when the senior executive may have committed a crime.

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