Rep. Phil Gingrey (GA-11)
Extension of Remarks
H.R. 459 – Federal Reserve Transparency Act of 2012
Mr. Speaker, I rise in strong support of H.R. 459, the Federal Reserve Transparency Act of 2012, and I would like to commend our colleague from Texas, Dr. Ron Paul, who has worked tirelessly as the author of this legislation for a number of years.
With its ability to control monetary supply policy, the Federal Reserve is arguably the most powerful entity of the federal government. Yet, despite this power, current law specifically prevents Congress from fully auditing the monetary policy actions the Fed takes that impact each of us on a daily basis.
Mr. Speaker, as a proud cosponsor of H.R. 459, I believe I believe it is well past time to change that policy. This legislation would simply require the Comptroller General to conduct a full audit of the Federal Reserve before the end of 2012.
At a time when the Federal Reserve has expanded its balance sheet to $3 trillion as of last month, the American people deserve to have transparency and accountability when it comes to our monetary supply policy. I urge all of my colleagues to support H.R. 459, and I yield back the balance of my time.