Your Washington – GA 3 – Desk
From Congressman Lynn Westmoreland
The U.S. House of Representatives has passed H.R. 24, the Federal Reserve Transparency Act of 2013. H.R. 24 would require the Government Accountability Office to conduct an official audit of the Federal Reserve System and Federal Reserve banks within one year of the bill’s enactment. The GAO would then present its findings in a report to Congress 90 days after the audit is completed. Congressman Westmoreland supported this bill.
“Government agencies, such as the Federal Reserve, have become these large, bureaucratic corporations,” stated Westmoreland. “There is always room to increase accountability and oversight, and improving transparency is the place to start. The president promised this administration would be the most transparent yet, but the reality is it’s been anything but that.
“An audit of the Federal Reserve would provide more clarity on where the American people’s hard-earned tax dollars are actually going, and make sure it is going into the right hands. I support this audit, as I have in the past, so that we can see more accountability within our government agencies.”
Congressman Westmoreland serves on the House Financial Services Committee as Committee Whip, and encourages Senate Majority Leader Harry Reid to bring this bill to the floor for a vote.
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