Congressman Phil Gingrey, MD Georgia's 11th district

Gingrey:  “Audit the Fed” provides transparency, accountability

I voted today in support of Rep. Ron Paul’s bill, H.R. 459, the Federal Reserve Transparency Act of 2012, of which I am a co-sponsor. This bipartisan legislation, which passed the House of Representatives on a 327-99 vote, would require the Government Accountability Office (GAO) to conduct a complete audit of the Federal Reserve within 12 months. It also eliminates existing restrictions, which currently prevent Congress from examining how the Federal Reserve manages the nation’s money.

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. Read my entire floor statement supporting “Audit the Fed.”