Federal Reserve Transparency Act

Floor Speech

Mr. Speaker, I am proud today to stand up in support of legislation that I cosponsored that the House will consider later today, H.R. 24, the Federal Reserve Transparency Act.

As the creator of U.S. monetary policy, the Federal Reserve is one of the most influential institutions in our government. Unfortunately, it is also mentioned as one of the most secretive institutions of government. This act would require the Federal Reserve System to submit itself to a full, fair, and open audit process.

President Harry Truman, from the great Show-Me State, once said that ``secrecy and a free democratic government don't mix.'' In all of government, including the Federal Reserve, openness, transparency, and accountability are absolutely required. Hundreds of my fellow Missourians have contacted me asking to fully audit the Federal Reserve in just the first 15 months that I have been in office.

Mr. Speaker, it is time to audit the Fed.

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