WASHINGTON, DC – Looking to improve the transparency and accountability of the Federal Reserve, Congressman Alan Grayson (D-FL09) added an amendment to The Fed Oversight Reform and Modernization (FORM) Act that requires an annual audit of the Fed. The FORM Act passed the House today 241-185.
“Right now, no law provides for any independent audit of the Fed,” Congressman Grayson said. “Without an annual audit, Congress is at a great disadvantage to address how to avoid waste, fraud, and abuse. The taxpayers are at a greater disadvantage due to a lack of accountability. My amendment is a simple change that would ensure that Congress, and the American people, will know, once and for all, what the Fed is doing with our money.”
“A 2011 G.A.O. audit of the Fed, the only independent Fed audit in its 102-year history, detailed how the United States provided at least $16 trillion in loans to bail out American and foreign banks and businesses,” Congressman Grayson continued. “It also showed the Fed lacked a system to handle conflicts of interests, despite the potential for abuse. This amendment will help ensure that the Fed is acting lawfully and in the best interests of the American people.”
Called “the most effective member of the House” by Slate, Congressman Grayson has had more amendments passed than any other current member of the House.
