Wednesday, July 25, 2012

Billy Long: The Federal Reserve must be held accountable

(From Seventh District Congressman Billy Long)

U.S. Rep. Billy Long voted in support of auditing the Federal Reserve.  

            The economic downturn has helped spur new interest in the often arcane area of monetary policy.  As a result, the Federal Reserve, which has often escaped scrutiny, is now facing pressure to be more open about what steps it is taking to manage the nation’s finances.

            “It is imperative that the Federal Reserve be held accountable for their actions,” Long said. “An audit of the Federal Reserve will provide taxpayers with the transparency they have been demanding.”

            Long is a cosponsor of the Federal Reserve Transparency Act (H.R. 459). The legislation would eliminate restrictions on Government Accountability Office (GAO) audits of the Federal Reserve, opening Federal Reserve operations to enhanced scrutiny and congressional oversight in an effort to provide taxpayers with a greater understanding of the Federal Reserve’s activities.  The information revealed in an audit could then provide the basis for additional reforms to the Federal Reserve System.

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