Rep. David B. McKinley, P.E. (R-W.Va.) voted to increase public accountability of the Federal Reserve by supporting Rep. Ron Paul's bipartisan legislation.
The Federal Reserve is the central banking system of the United States. Its monetary policies deal with employment, stable prices and long-term interest rates.
"It's only common sense to give Congress and the American people a full accounting of the Federal Reserve," said Rep. McKinley. "I commend Rep. Ron Paul for his tireless work on this issue. The Fed should not be permitted to operate in the dark without oversight by Congress and accountability to the people. The American people deserve no less than a full and complete audit."
Since the 2008 financial crisis, the Federal Reserve's balance sheet tripled in size to $3 trillion, or 20% of the national economy. The Fed also transacted over $16 trillion in loans throughout the crisis--an amount surpassing the entire U.S. economy. "This is a perfect example why public accountability is needed," said Rep. McKinley.
"Unfortunately, Democratic Senate Majority Leader Harry Reid said he will not take up this legislation that received overwhelming bipartisan support in the House."
If passed, this legislation would require the Comptroller General to conduct a full audit of the Federal Reserve before the end of 2012. Rep. McKinley was an original co-sponsor of the bill, which passed Wednesday by a 327 to 98 vote.