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Fitzpatrick: Audit the Federal Reserve

Press Release

Date: July 31, 2018
Location: Washington, DC
Issues: Monetary Policy

Congressman Brian Fitzpatrick (PA-08) reaffirmed his support for H.R. 24 -- The Federal Reserve Transparency Act, also known as "Audit the Fed." This bipartisan bill would require the Comptroller General to conduct a full examination of the Board of Governors of the Federal Reserve System and the Federal Reserve banks.

"We have made great progress on unleashing the American economy by reining in Washington's disastrous regulatory chokehold on our small businesses and simplifying our ridiculously complex tax code on middle class families. Now it's time to lift the veil of secrecy at the Fed and give the American People the transparency they deserve," said Fitzpatrick. "The Federal Reserve must be transparent for its transactions with foreign banks and its potential devaluation of our currency."

"The American public deserves more insight into the practices of the Federal Reserve," said Congressman Thomas Massie, author of H.R. 24. "Behind closed doors, the Fed crafts monetary policy that will continue to devalue our currency, slow economic growth, and make life harder for the poor and middle class. It is time to force the Federal Reserve to operate by the same standards of transparency and accountability to the taxpayers that we should demand of all government agencies."

The legislation would amend section 714b of Title 31 of the U.S. Code to allow the GAO to fully audit:

transactions for or with a foreign central bank, government of a foreign country, or nonprivate international financing organization;
deliberations, decisions, or actions on monetary policy matters, including discount window operations, reserves of member banks, securities credit, interest on deposits, and open market operations;
transactions made under the direction of the Federal Open Market Committee; or
a part of a discussion or communication among or between members of the Board and officers and employees of the Federal Reserve System related to clauses (1)--(3) of this subsection.
Fitzpatrick co-sponsored "Audit the Fed" in March 2017.


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