The House of Representatives passed, by an overwhelming margin, the Federal Reserve Transparency Act (H.R. 24), a measure that would require a meaningful audit of the United States’ central bank.
There was some question whether House Republican leaders would bring the measure to the floor for a vote, but, thanks to grassroots efforts to encourage members to cosponsor the bill, its popularity couldn’t be ignored. The Federal Reserve Transparency Act, which had gained more than 218 cosponsors, passed the lower chamber in a 333 to 92 vote.
“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,” said Rep. Paul Broun (R-GA), who introduced the measure in January 2013. “This lack of accountability and transparency has led to grievous consequences — and it must end.”