Congressman Doc Hastings

Washington, Jul 25 - Today, the House of Representatives passed H.R. 459, the Federal Reserve Transparency Act, with a bipartisan vote of 327 to 98.  This legislation will give the Government Accountability Office (GAO) the authority it needs to conduct a full examination of our central banking system. Currently, The Federal Reserve’s monetary policy operations are exempt from GAO audits.

“Since 2008, the Federal Reserve has lent out nearly $16 trillion in a series of bailouts and economic interventions with no oversight from Congress,” said Congressman Doc Hastings, a cosponsor of the bill. “Today’s vote will bring much needed transparency to the day-to-day operations of the Federal Reserve and will ensure Congress has oversight of this financial institution that wields so much influence over our economy.”

The Federal Reserve System was created by Congress in 1913 to address disruptions in the financial system. Today, the Federal Reserve is charged with moderating long-term interest rates, stabilizing prices, and ensuring maximum employment.