“This is another step forward in the fight to fix Washington’s broken culture.”
(WASHINGTON – July 25, 2012) Representative Frank Guinta (R, NH-01) voted today in support of H.R. 459, the Audit the Fed Act. It was approved by the House of Representatives in a bipartisan vote of 327 to 98. Representative Guinta was an early cosponsor of the bill.
As its name suggests, the Audit the Fed Act would authorize the U.S. Government Accountability Office (GAO) to conduct a one-time full audit of the Federal Reserve System (commonly called “the Fed”) and report the findings to Congress. The GAO currently cannot audit the Fed’s transactions for or with foreign central banks, governments and international organizations (such as the International Monetary Fund); deliberations, actions or monetary policy matters; Federal Open Market Committee transactions; or discussions and communications of the Fed related to those activities.
Representative Guinta said:
“This is another step forward in the fight to fix Washington’s broken culture. Whenever massive amounts of taxpayer money are involved, there should be no exemption from transparency and accountability. That is especially true for the Fed, which has tripled the size of its balance sheet since the financial crisis began in 2008 to $3 trillion dollars, equivalent to 20 percent of the U.S. economy. It has loaned nearly $16 trillion over that time; Granite Staters and all Americans have the right to know where that money went. The Fed turns 100 years old next year. A full, top-to-bottom audit would be a great way to mark its centennial.”
The bill now goes to the Senate for consideration.