U.S. Rep. Paul Broun, M.D. (GA-10) today released the following statement after H.R. 24, the Federal Reserve Transparency Act (Audit the Fed), passed in the U.S. House of Representatives with strong bipartisan support. H.R. 24 has over 220 cosponsors and passed overwhelmingly by a 333-92 margin.
Said Rep. Paul Broun, "Today's passage of the Audit the Fed bill brings us one step closer towards bringing much-needed transparency to our nation's monetary policy. For the past 100 years, the Federal Reserve, a quasi-government agency, has acted under a veil of secrecy -- controlling our monetary policy and thus, our economy. While in recent years, the Fed has been granted a greater role in overseeing the regulation of our financial system, current law specifically prohibits audits of the Federal Reserve's deliberations, decisions, or actions on monetary policy. This lack of accountability and transparency has led to grievous consequences - and it must end.
"I applaud my colleagues, Republicans and Democrats alike, for their support of this vital bill, and I commend my good friend and former colleague Dr. Ron Paul for his leadership on this important issue. I strongly encourage Senate Majority Leader Harry Reid to recall his past support for this legislation -- which he stated as recently as 2010 -- and to bring this bill before the Senate for a vote, so we may deliver the transparency and government accountability the American people need and deserve."