Summary

A bill to require a full audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks by the Comptroller General of the... Read More

Status

This bill was introduced on Jan 26, 2011, in a previous session of Congress, but was not passed.

Bill Text

A BILL

To require a full audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks by the Comptroller General of the United States before the end of 2012, and for other purposes.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the ``Federal Reserve Transparency Act of 2011''.

SEC. 2. AUDIT REFORM AND TRANSPARENCY FOR THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM.

(a) In General.--Notwithstanding section 714 of title 31, United States Code, or any other provision of law, an audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks under subsection (b) of such section 714 shall be completed before the end of 2012. (b) Report.-- (1) In general.--A report on the audit required under subsection (a) shall be submitted by the Comptroller General to the Congress before the end of the 90-day period beginning on the date on which such audit is completed and made available to the Speaker of the House of Representatives, the majority and minority leaders of the House of Representatives, the majority and minority leaders of the Senate, the chairman and ranking member of the committee and each subcommittee of jurisdiction in the House of Representatives and the Senate, and any other Member of Congress who requests it. (2) Contents.--The report under paragraph (1) shall include a detailed description of...

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State: CA

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Organizations Supporting

—The Federal Reserve Transparency Act of 2011 has been introduced in both houses. In the House, Rep. Ron Paul (R-TX) has introduced it as H.R. 459. In the Senate, Sen. Rand Paul (R-KY) has introduced it as S. 202. —The Federal Reserve Transparency Act would eliminate the current audit restrictions placed on the Government Accountability Office (GAO) and require a full and thorough audit of the Federal Reserve. —Since its inception in 1913, the Federal Reserve has never been audited. It has always operated under a certain veil of secrecy. Our dollar has lost 97 percent of its value since its creation. —Many economists have found that the central banks loose monetary policy played a major role in the current economic crisis. It is more crucial than ever that the Federal Reserve's monetary policy decisions be open to congressional oversight. Without a comprehensive audit, we will never know how the Fed is manipulating our money behind closed doors. —The American people overwhelmingly support auditing the Federal Reserve. We will not settle for a one-time watered down audit of the Federal Reserve which was included in the misguided Dodd-Frank financial overhaul law passed last summer. —According to a recent Rasmussen Report poll, 74 percent of adults are in favor of a comprehensive audit the Federal Reserve. In the last congressional session, Rep. Ron Paul's audit the Federal Reserve legislation won a bipartisan group of 320 cosponsors before passing the House. —With opaque bank bailouts done through "quantitative easing" among other programs, the Federal Reserve has violated the trust granted to it that allowed for secretive operations. With sound money crucial to our future prosperity, we must push for a full audit to bring much-needed transparency and accountability to the overreaching central bank. http://action.freedomworks.org/4166/tell-your-representatives-to-cosponsor-federal-reserve-transparen/

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FreedomWorks 3 years ago

We support S. 202 (and H.R. 459), the Federal Reserve Transparency Act of 2011

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WinLiberty 3 years ago

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Bill Summary

A bill to require a full audit of the Board of Governors of the Federal Reserve System and the Federal reserve banks by the Comptroller General of the United States before the end of 2012, and for other purposes.

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